Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

Demonstrators form a symbolic chain to protest against a proposed change in the formula for determining annual Social Security benefits known as "chained CPI," Tuesday, July 2, 2013, in Philadelphia. (Photo: AP/Matt Rourke)

Why Seniors—Not CEOs—Deserve a Raise

Elizabeth Warren

 by TalkPoverty.org

Any conversation about tackling poverty in the United States should include protecting and expanding Social Security. The reason is pretty straightforward: Social Security is the most powerful tool available to lift people out of poverty. Nearly two-thirds of seniors depend on Social Security for the majority of their income, and millions more children and adults depend upon survivors and disability benefits. According to Center for Budget and Policy Priorities analysis of Census data, Social Security kept 21 million Americans out of poverty in the last year alone. All told, that’s more people than any other government program.

"Social Security isn’t a luxury — it’s a lifeline."Social Security works. No one runs out of benefits, and payments don’t rise and fall with the stock market. Despite scare tactics from Republicans in Congress, the facts are clear. Social Security has a $2.8 trillion surplus. If we do nothing, Social Security will be safe for the next 18 years, and after that will continue to pay three-quarters of benefits through the end of the century.

Of course, we don’t have to sit by and to do nothing. Since its beginning, Social Security has been adjusted from time to time, and that’s what we need to do now. With some modest adjustments, it is possible to keep the system solvent for decades more, even while increasing benefits.

For the millions of Americans who rely on Social Security, the situation got worse this year. For just the third time since 1975, seniors who receive Social Security—along with many who receive veterans’ benefits, Social Security disability benefits, and other monthly payments—aren’t receiving any annual increase from their cost of living adjustment (COLA). CEOs at the top 350 American companies received, on average, a 3.9 percent pay increase last year. But seniors and veterans? Not a dime more.

That’s why a group of us in Congress have introduced the Seniors and Veterans Emergency Benefits Act (SAVE Benefits Act). This bill would give a one-time payment of $581 to those people who aren’t receiving a COLA this year—a raise equal to the 3.9 percent pay increase the top CEOs received.

Social Security payments average only about $1,340 a month—and millions of seniors who rely on those checks are barely scraping by. A $581 increase could cover almost three months of groceries for seniors or a year’s worth of out-of-pocket costs on critical prescription drugs for the average Medicare beneficiary. That $50 a month is worth a heck of a lot to the 70 million Americans who would have just a little more in their pockets as a result of this bill. In fact, according to an analysis from the Economic Policy Institute, that little boost could lift more than one million Americans out of poverty.

"This is about our values — about how we protect each other, our families, and ourselves."For too long in Washington, Social Security has been under assault. We’ve heard over and over that we supposedly need to gut the program in order to “save” it. But for the 21 million Americans whose Social Security benefits are the only thing keeping them out of poverty, Social Security isn’t a luxury—it’s a lifeline. The absolute last thing we should do—at the very moment that Social Security has become so essential to millions of our seniors—is to allow the program to be dismantled inch by inch.

This isn’t just an argument about math, though. This is about our values—about how we protect each other, our families, and ourselves. In an uncertain world, protection against long-term disability and a guaranteed income for the families of survivors are core parts of the anti-poverty safety net that our Social Security system provides. And, equally important, after a lifetime of hard work, people deserve to retire with dignity—and that means protecting and expanding Social Security.


© 2021 TalkPoverty.org
Elizabeth Warren

Elizabeth Warren

Elizabeth Warren is a US Senator representing Massachusetts. She is the author of  "A Fighting Chance" (2015), and "This Fight Is Our Fight: The Battle to Save America's Middle Class"(2018).

This is the world we live in. This is the world we cover.

Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Simply Don't Exist.

Architect of Texas Abortion Ban Takes Aim at LGBTQ+ Rights While Urging Reversal of Roe

"Make no mistake, the goal is to force extreme, outdated, religious-driven values on all of us through the courts."

Jessica Corbett ·


Ahead of Canadian Election, Bernie Sanders and Rashida Tlaib Endorse NDP

"Bernie, you have fought courageously for public healthcare, affordable medication, making the rich pay their fair share, and tackling the climate crisis," said party leader Jagmeet Singh. "We're doing the same here."

Jessica Corbett ·


US Urged to End Drone Strikes After Pentagon Says Killing 10 Afghan Civilians Was 'Horrible Mistake'

"That was not a 'mistake,'" said journalist Anand Giridharadas. "War crimes are not oopsies."

Brett Wilkins ·


40+ NYC Activists Arrested for Protests Against Banks Fueling Climate Emergency

"We're sending a message loud and clear that the little action that politicians and greenwashing CEOs have taken so far does not begin to deal with the magnitude of this crisis."

Jessica Corbett ·


FDA Panel Recommends Pfizer Booster Shots for People 65+ and Especially Vulnerable

The scientific advisory committee voted down a recommendation for other adults.

Common Dreams staff ·

Support our work.

We are independent, non-profit, advertising-free and 100% reader supported.

Subscribe to our newsletter.

Quality journalism. Progressive values.
Direct to your inbox.

Subscribe to our Newsletter.


Common Dreams, Inc. Founded 1997. Registered 501(c3) Non-Profit | Privacy Policy
Common Dreams Logo