Labor

Elizabeth Warren Pressures Washington For a Vote on Her Sanders-Backed Bill That Would Give Seniors a Raise

Warren is trying to get the Senate Majority Leader to hold a vote on the SAVE Benefits Act.

AFL-CIO Summit on Raising Wages, with Elizabeth Warren
Photo Credit: Flickr

This week Massachusetts Senator Elizabeth Warren delivered a petition of 800,000 signatures to Senate Majority Leader Mitch McConnell calling on him to hold a vote on her Social Security bill.

Warren, who was joined by Sen. Chuck Schumer, Sen. Tammy Baldwin and a group of activists, is trying to get a vote on her SAVE Benefits Act, a piece of legislation that would give 70 million seniors, veterans and disabled people a one-time payment of $581 to compensate for the dormant cost-of-living adjustment in government benefits during 2016. The cost-of-living adjustment went into effect in 1975 and this is only the third time Social Security recipients will not get their annual raise.

Since introducing the bill last year, Warren has pointed out that the adjustment would add up to a 3.9% increase, the same rate of increase the CEOs for the Top 350 firms received in 2014. "For 70 million seniors, veterans, and Americans with disabilities, there are no raises this year,” Warren said at a press conference outside the U.S. Capitol. “No cost of living increase in their Social Security checks. For seniors and vets and people with disabilities, there is no sweet taxpayer subsidy.”

Warren says the estimated $40 billion cost of the bill could be paid for by closing the “performance pay” loophole, which allows unlimited corporate tax deductions on performance-based pay.

The bill is co-sponsored by 18 other Senate Democrats including presidential candidate Bernie Sanders.

Michael Arria is an associate editor at AlterNet and AlterNet's labor editorFollow @MichaelArria on Twitter.

Sign Up!
Get AlterNet's Daily Newsletter in Your Inbox
+ sign up for additional lists
[x]
Select additional lists by selecting the checkboxes below before clicking Subscribe:
Activism
Drugs
Economy
Education
Election 2018
Environment
Food
Media
World