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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsElizabeth Warren wants to send seniors a check for $580
WASHINGTON -- Elizabeth Warren would like to send every senior citizen and disabled veteran in America a check for $580.
The Democratic senator from Massachusetts said she thinks seniors got a raw deal when the Social Security Administration announced last month that, because prices haven't risen in the past year, Social Security benefits wouldn't be going up, either.
"Social Security benefits are supposed to be indexed to inflation so that benefits rise when prices go up," says a press release announcing Warren's Seniors and Veterans Emergency Benefits Act. "But Congresss formula is volatile and does a poor job of reflecting what older Americans actually spend."
Arguing that the government's measurement of inflation is wrong, Warren's office said her bill would give seniors and veterans a one-time lump sum of about $580, or roughly 3.9 percent of their annual benefits. The percentage represents the average increase in compensation for CEOs last year, the release says.
-more-
http://www.msn.com/en-us/money/retirement/elizabeth-warren-wants-to-send-seniors-a-check-for-dollar580/ar-BBmROfN?li=AAa0dzB&ocid=edgsp
bravenak
(34,648 posts)They should get bonus payments year round.
Electric Mayhem
(14 posts)We got shafted and we still have to pay.
Yo_Mama_Been_Loggin
(108,157 posts)Nothing about disabled non-vets
DRSReaper
(1 post)That correct it most of the time never does. I have been disabled for over 25 years and every time their is or if a 1.5% cost of living Medicare Federal not state) takes all but 4 dollars. That is a great cost of leaving increase, NOT. I have gone may years with out even that $4 dollars. Don't get me started on Medicare. Once a $50 deductible now $150 and that is if you can find a doctor that takes it due to the hoops they now have to jump through, most now don't take Medicare.
I think capital hill and their goonies should read the millions of pages of the system and then think is this enough money for the years of being forgotten and by the way TAX FREE increase......
AirmensMom
(14,648 posts)I thought it looked like it was leaving out people on Social Security Disability, but I think it was trying to say it includes those receiving veterans benefits as well. The wording was unfortunate in that it made it look like only disabled veterans are included, not Social Security Disabled. That's how I read it anyway. I think this article makes it a little clearer.
http://thehill.com/policy/finance/259264-warren-sanders-team-up-on-bill-to-hike-social-security-checks
"Under his bill with Warren, Americans who receive benefits from Social Security, veterans benefits or equivalent state or local programs would receive a one-time payment."
loyalsister
(13,390 posts)Some disabilities are more honorable than others.
I know target Vets and seniors will make it more likely to go through. But, the subtextregarding differential valuation of people is unmistakable in rhetoric and when policies are proposed.
TheProgressive
(1,656 posts)BeanMusical
(4,389 posts)NCjack
(10,279 posts)seniors are at the bottom 99%. If I get it, I will give my to the food bank. Those folks are worse off than me.
Blue_In_AK
(46,436 posts)CharlotteVale
(2,717 posts)one of them, Mark Warner, voted with Republicans against a one time $250 Social Security stipend to make up for no COLA increase that year.
And yes, I did call his office about it and they played dumb, as has been my experience whenever I call my Senators' or representative's (also a DINO) office.
Just one reason why I don't trust the Democratic party on Social Security much more than I trust the Republican party.
yuiyoshida
(41,835 posts)good idea!
geek tragedy
(68,868 posts)eridani
(51,907 posts)Senators Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.) introduced legislation on Thursday that would provide tens of millions of Americans with an emergency payment while tackling a corporate loophole that boosts CEO pay.
The legislation, the SAVE Benefits Act (pdf), is in response to the blow dealt roughly 65 million Americans last month when the Social Security Administration announced that there would be no annual cost-of-living increase for 2016.
It would provide an emergency payment of about $580that's equal to 3.9 percent of the average annual Social Security benefitwhich could help some 70 million seniors, veterans, people with disabilities, and others meet critical needs, a statement from the senators explains.
The 3.9 percent isn't a random figurethat's the increase in CEO compensation for the top 350 U.S. firms
ast year. The average salary of those CEOs was $16.3 million.
"This discrepancy [between increased CEO compensation and lack of raise for Social Security beneficiaries] isnt an accident. Its the result of choices made by Congress," a fact sheet (pdf) for the Act states.
The legislation would fund the emergency payments by closing a tax loophole that allows publicly traded
companies to deduct so-called performance-based executive pay. Extra funds would be used to strengthen the Social Security and Disability trust funds. A 2013 report from advocacy group Public Citizen found that the loophole for just the 20 highest paid CEOs had cost taxpayers as much as $235 million in lost tax revenue.
CEOs got a raise. Seniors and veterans deserve one too.
http://act.boldprogressives.org/survey/petition_SAVE_act/?source=e151105_1756-fin-don&t=2&akid=29836.258.V1xjrj
Three weeks ago, the Social Security Administration made a quiet announcement.Next year, for just the third time since 1975, seniors who receive Social Security wont be getting an annual cost of living increase. Neither will millions of other Americans whose veterans benefits, disability benefits, and other monthly payments are pegged to Social Security.
Two-thirds of retirees depend on Social Security to pay for the basics, to put food on the table and keep a roof over their heads but seniors who usually get a small boost on January 1st wont see an extra dime next year. Thats why today, Im introducing the Seniors and Veterans Emergency (SAVE) Benefits Act a one-time payment equivalent to a Social Security benefits increase of 3.9%.
The Progressive Change Campaign Committee has been my strong partner over the years in our fight to protect and expand Social Security -- and action is needed again now to show Congress that seniors and veterans need an emergency boost on January 1st. Please sign up to show your support for the SAVE Benefits Act.
I'll be talking about this issue on MSNBC tonight and with my colleagues in the days and weeks ahead. I'd sure like to talk about the grassroots support for this idea from people like you.
Why give seniors and veterans a 3.9% Social Security boost? Well, times are tough for Americas seniors but they aren't tough for everyone. According to recent data, CEOs at the top 350 American companies received, on average, a 3.9% pay increase last year.
But heres the kicker: taxpayers like you subsidize huge pay packages for CEOs through billions of dollars in giveaways, including a crazy loophole that allows corporations to write off obscene executive bonuses as a business expense for performance pay.
Our new SAVE Benefits Act would give seniors and veterans a benefits boost without adding a single penny to the deficit simply by closing that performance pay loophole. In fact, closing that tax loophole would create enough revenue to give seniors and vets this 3.9% emergency boost and still have money left over for the Social Security Trust Fund to help extend the life of Social Security.
Think about what this change would mean. A one-time 3.9% Social Security payment is worth about $581 a person next year a little less than $50 a month. For someone barely scraping by on a $1,250 Social Security check each month, $581 would cover almost three months of groceries, or a years worth of out-of-pocket costs for a Medicare beneficiarys prescription drugs. According to an analysis, that little boost could lift more than 1 million Americans out of poverty. Thats a big deal.
This is about choices. We have the money to do this only right now that money goes to fund a loophole that benefits corporate CEOs. We could use exactly that same money to help out seniors and vets and make the Social Security system more stable. For me, its pretty straightforward: Our spending should reflect our values.
So lets just do it. Lets close the loophole and lets use the money to give seniors and vets the support they need on January 1st. Sign up now to show Congress that America supports the SAVE Benefits Act.
Recursion
(56,582 posts)Number9Dream
(1,562 posts)Gas prices do not outweigh increases in the cost of food, medicine, and property taxes.