WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) outlined his plan to save Social Security in light of looming benefit cuts at a U.S. Senate Budget Committee hearing. Cassidy’s proposal would protect benefits for current and future retirees and strengthen the program’s long-term solvency.
“Everyone watching—everyone sitting here—if they live to be retirement age will be affected by Social Security … This is just not luxury income. This is what people need to live,” said Dr. Cassidy.
“The question is, Mr. Chairman and Mr. Ranking Member, are we going to fulfill our obligations to the American people in a way which is actually both politically and by policy viable to fix social [security]—not just now, but for future generations,” continued Dr. Cassidy.
Background
In August, Cassidy introduced a resolution designating August 14th as National Save Social Security Day, commemorating the 90th anniversary of the Social Security Act and highlighting the program’s role in providing retirement security for generations of Americans.
Cassidy released a statement following the most recent Social Security Trustees’ annual report, which predicts that Social Security will become insolvent by 2033.
Cassidy’s plan to save Social Security infuses money into the program by creating a sovereign wealth fund—separate from the Social Security Trust Fund—which would consistently deliver benefits to those currently enrolled in Social Security and ensure the program remains solvent for future generations.
Cassidy 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 plan.
Cassidy has discussed his plan 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.
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