Mazie Hirono: “last month the Social Security Administration announced some disappointing news. For only the third time in 40 years…”

“last month the Social Security Administration announced some disappointing news. For only the third time in 40 years Social Security beneficiaries will not receive a cost- of-living or COLA increase in January 2016. In Hawaii, one out of four seniors relies on Social Security as their only source of income. They are struggling to keep a roof over their heads, pay for medicine, and buy groceries--basic necessities. Many Hawaii seniors have told me their stories about how costs for essential goods keep rising while the Social Security checks do not. Meanwhile, by contrast--and we heard this from my esteemed colleague the Senator from Massachusetts--the CEOs of the wealthiest companies in America are doing great. The average CEO at America's top 350 companies saw a raise of 3.9 percent just last year. Since the economic recovery of 2009, these CEOs have seen their pay increase by a whopping 54.3 percent. I have nothing against hard-working people, including CEOs, getting a raise. If CEOs came up with a good idea and they are managing a successful company, that is great for them, their companies, and one hopes for the company's employees, but did you know taxpayers are partly footing the bill for CEO pay raises? The Tax Code today has a ``performance pay'' loophole that provides tax subsidies for high-level corporate executive compensation packages. That is why I am proud to join Senator Warren and others in introducing the SAVE Benefits Act.…”