IT'S OFFICIAL. THERE WILL BE NO COST LIVING ADJUSTMENT TO SOCIAL SECURITY BENEFITS IN 2016
Michael Phelan, Socal Secudrity Works
Patrick,
It’s official. There will be no cost of living adjustment to Social Security benefits in 2016.
And while the majority of Americans are seeing no COLA or wage increase to offset rising out-of-pocket expenses, Wall Street executives and CEOs of America’s largest firms are raking in record incomes. In fact, recent reports show that top CEOs are making 300 times more than the typical worker. Yet, these very same CEOs and Wall Street execs are the ones lobbying Congress to cut our modest Social Security benefits.
Tell Congress that it answers to the American people, not Wall Street CEOs. It’s time to expand, not cut Social Security!
Recently, Republican presidential candidate, governor of Ohio and former Lehman Brothers’ executive John Kasich laughed about potential cuts to Social Security, telling the audience to “get over it.” It’s that type of out-of-touch attitude that permeates Wall Street and some factions within Washington.
These are millionaires and billionaires who have no idea what it’s like to live on the average annual Social Security benefit of just $14,375. They have no idea what it’s like to spend 37% of your monthly Social Security check on out-of-pocket health care costs. They have no idea what it’s like to rely almost entirely on Social Security as your primary source of income as do two-thirds of retirees.
We won’t accept the Wall Street model of cuts and privatization. We know that all it will take is for the wealthy to start paying the same rate as the rest of us and we can increase benefits for the majority of Social Security recipients and extend the lifespan of the Social Security trust fund.
Please, stand with Social Security Works today and tell Congress to expand, not cut Social Security.
At a time when Wall Street and Big Business are reaping record profits, it’s time that the American people receive a raise too.
Thank you,
Michael Phelan
Social Security Works
michael.phelan@socialsecurityworks.org