On January 1st, for just the third time since 1975, seniors who receive Social Security won’t be getting an annual cost of living adjustment. Neither will millions of other Americans whose veterans’ benefits, disability benefits, and other monthly payments are pegged to Social Security.
So today, US Senator Elizabeth Warren introduced the Seniors and Veterans Emergency Benefits Act (SAVE Benefits Act) to give seniors, vets, and other Social Security recipients a one-time 3.9% payment in 2016 — the same raise that America’s top CEOs received last year. The bill is paid for entirely by closing a tax loophole that allows corporations to write off obscene executive bonuses as a business expense for “performance pay” — a loophole that would generate so much revenue “…that we could give every senior this $581 check and still have money left over to extend the life of the Social Security trust fund. Watch Warren’s floor speech introducing this bill and ask your representatives to give seniors and veterans the support they need on January 1st.
This bill is really important inasmuch as it would act as an economic stimulus at a time when the economy is beginning to stagger toward recession. We’re looking at about 18 months or less. That recession will be the worst since the Great Depression, and it likely will bring on grassroots coalitions in a way not seen since the Great Recession.
The great threat looming against a US economic recovery is the Trans-Pacific Partnership (TPP), the largest income and wealth redistribution scam (from the 99 to the 1 percent) in US history, which is falsely being labeled an international trade agreement. This massive scam is the brain child of Wall Street President Barack Obama, and Wall Street Senator’s Ron Wyden, Mitch McConnell and Orrin Hatch, among other toadies of Wall Street. Hopefully, the TPP can be defeated.