On the recordDecember 1, 2015
last month I joined Senator Warren and others in introducing the Seniors And Veterans Emergency Benefits Act, also known as the SAVE Benefits Act. This legislation is needed because for the first time in over 40 years, our seniors, veterans, and people with disabilities won't receive a cost-of-living adjustment, or a COLA, for 2016. We are here again to urge our colleagues to support this much needed legislation that would provide a 3.9-percent COLA increase next year. There is a reason we hit upon the 3.9-percent number as the appropriate increase. I will get to that. Many of our people who rely on Social Security and other Federal benefits are on fixed incomes. Every extra dollar helps them buy basic necessities. These Americans worked hard and earned modest benefits. However, based on the current benefit formula this year, they are out of luck. They won't see any increase in their income. But here is the thing. That is not the case for our Nation's top CEOs. According to analysis by the Economic Policy Institute, CEOs of some of America's biggest, richest corporations not only earn an average of $16 million per year, but they received a 3.9-percent salary bump in 2014; hence our 3.9-percent COLA increase for recipients of the SAVE Benefits Act. What does a 3.9-percent increase mean to these CEOs? About $635,000 more a year in their pockets--far more than most workers who rely on Social Security saw in 1 year or 10 years or perhaps even in their lifetimes.…
