WASHINGTON — Following an announced Social Security cost-of-living adjustment (COLA) of close to zero for 2017, U.S. Senator Chris Murphy (D-Conn.) on Tuesday urged Congress to pass the Seniors and Veterans Emergency (SAVE) Benefits Act, which would boost Social Security and other critical benefits for seniors, veterans, and Americans with disabilities. Despite a continued rise in cost of living expenses for seniors, the Social Security Administration announced a minor 0.3% COLA—or about a $5 monthly increase—for Social Security recipients next year.

Specifically, the SAVE Benefits Act would give about 70 million seniors, veterans, persons with disabilities and others nationwide a one-time payment equal to $581, a 3.9 percent increase of the average annual Social Security benefit– the same percent increase that top CEOs receive for performance-based compensation. This emergency payment would be paid for by closing a tax loophole that allows corporations to write off these executive bonuses as a “business expense.” The legislation would also bolster the Social Security and Disability trust funds to better secure it for generations to come.

“We can help seniors afford their medication and put food on the table simply by closing a corporate loophole. It makes no sense why Congress isn’t doing that,” said Murphy. “I’ve heard from seniors across Connecticut who rely on Social Security that it’s getting tougher and tougher to make ends meet. But there’s still time to fix it. Congress should pass the SAVE Benefits Act where we are back in session next month to shore up the Social Security trust fund and give seniors a much-needed boost next year.”

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