WASHINGTON – Today, U.S. Senator Bill Cassidy, M.D. (R-LA) is highlighting the 90th anniversary of the Social Security Act and the resolution he introduced earlier this week designating August 14th as National Save Social Security Day. Cassidy has a plan to use a Sovereign Wealth Fund to save the program.
“If we do nothing, Social Security will be insolvent in 7-8 years. Action must happen now. I have a plan that protects benefits and secures retirement for decades to come,” said Dr. Cassidy.
See here to watch Cassidy’s new video on his plan to save Social Security.
Background
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. He also outlined his Social Security plan in a fireside chat with the Bipartisan Policy Committee, and authored op-eds in the Washington Post and the Wall Street Journal.
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