WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) joined Maria Bartiromo’s Wall Street on Fox Business last night to discuss the urgent need to address Social Security before the program becomes insolvent in 9 years. If Congress chooses to do nothing until the trust fund does not have enough money to pay out promised benefits, current law requires that the Social Security Administration (SAA) cut benefits by 24% to make up the difference.
“[W]e’re choosing to fix Social Security so that people who are on it now don’t get a 24% cut,” said Dr. Cassidy. “[C]hoosing to ignore it, which means under current law, people will get a 24% cut in what they’re getting from Social Security when the program goes insolvent in nine years. We’re choosing to save it.”
Cassidy recently reacted to a new Congressional Budget Office (CBO) report saying Social Security is heading toward a financial cliff in less than a decade, highlighting the urgency of the issue.