WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) issued the following statement after the release of the Trustees of the Social Security and Medicare trust funds annual report examining how much longer these programs can pay full benefits promised to taxpayers without significant benefit cuts. The report states that Social Security will become insolvent in 2033, forcing an automatic 23% benefit cut for all current and future beneficiaries. The Medicare Trust Fund will become insolvent in 2033, three years earlier than previously predicted.
“In eight years, millions of Americans who rely on Social Security and Medicare will be left stranded if Washington does nothing,” said Dr. Cassidy. “If we borrow to pay for benefits, we will rack up hundreds of trillions of dollars in debt. Congress must do everything we can to address a cliff we all see coming.”
Read the full report here.
%20issued%20the%20following%20statement%20after%20the%20release%20of%20the%20Trustees%20of%20the%20Social%20Security%20and%20Medicare%20trust%20funds%20annual%20report%20examining%20how%20much%20longer%20these%20programs%20can%20pay%20full%20benefits%20promised%20to%20taxpayers%20without%20significant%20benefit%20cuts.%20The%20report%20states%20that%20Social%20Security%20will%20become%20insolvent%20in%202033,%20forcing%20an%20automatic%2023%25%20benefit%20cut%20for%20all%20current%20and%20future%20beneficiaries.%20The%20Medicare%20Trust%20Fund%20will%20become%20insolvent%20in%202033,%20three%20years%20earlier%20than%20previously%20predicted.%20%20%20%20%E2%80%9CIn%20eight%20years,%20millions%20of%20Americans%20who%20rely%20on%20Social%20Security%20and%20Medicare%20will%20be%20left%20stranded%20if%20Washington%20does%20nothing,%E2%80%9D%20said%20Dr.%20Cassidy.%20%E2%80%9CIf%20we%20keep%20borrowing%20to%20pay%20for%20benefits,%20we%20will%20rack%20up%20hundreds%20of%20trillions%20of%20dollars%20in%20debt.%20Congress%20must%20do%20everything%20we%20can%20to%20address%20a%20cliff%20we%20all%20see%20coming.%E2%80%9D%20%20%20Read%20the%20full%20report%20here.%20%20%20%20Background%20Cassidy%20has%20championed%20his%20%E2%80%9CBig%20Idea%E2%80%9D%20to%20save,%20strengthen,%20and%20secure%20America%E2%80%99s%20retirement%20system.%20He%20released%20the%20inaugural%20Bill%20on%20the%20Hill%20video%20where%20he%20asked%20Capitol%20Hill%20visitors%20from%20across%20the%20country%20their%20thoughts%20on%20the%20looming%20benefit%20cuts%20to%20Social%20Security%20and%20presented%20his%20%E2%80%9CBig%20Idea.%E2%80%9D%20%20%20Cassidy%20has%20discussed%20the%20%E2%80%9CBig%20Idea%E2%80%9D%20at%20a%20public%20forum%20with%20AARP%20delivered%20a%20keynote%20speech%20at%20the%20National%20Institute%20on%20Retirement%20Security%E2%80%99s%20(NIRS)%2015th%20Annual%20Retirement%20Policy%20Conference%20on%20the%20future%20of%20Social%20Security.%20He%20also%20outlined%20his%20Social%20Security%20plan%20in%20a%20fireside%20chat%20with%20the%20Bipartisan%20Policy%20Committee,%20and%20authored%20op-eds%20in%20the%20Washington%20Examiner%20,%20the%20Wall%20Street%20Journal%20,%20State%20Affairs,%20and%20Washington%20Post.){kind=link}
Background
Cassidy has championed his “Big Idea” to save, strengthen, and secure America’s retirement system. He released the inaugural Bill on the Hill video where he asked Capitol Hill visitors from across the country their thoughts on the looming benefit cuts to Social Security and presented his “Big Idea.”
Cassidy has discussed the “Big Idea” at a public forum with AARP and delivered a keynote speech at the National Institute on Retirement Security’s (NIRS) 15th Annual Retirement Policy Conference on the future of Social Security. He also outlined his Social Security plan in a fireside chat with the Bipartisan Policy Committee, and authored op-eds in the Washington Examiner , the Wall Street Journal , State Affairs, and Washington Post.
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