Baton Rouge – U.S. Senators Bill Cassidy, M.D. (R-LA), and Angus King (I-ME) today released the following statement about ongoing discussions to preserve and protect Social Security:
“The Social Security fund will be insolvent in less than a decade. If Congress chooses to do nothing, current law requires painful 24% cuts to benefits and a daunting future for fulfilling our promises. If we come together now, we can preserve and protect the retirement security of all Americans now and long into the future.
“Addressing this existential threat is a complicated math challenge and we are hearing out all possible pieces of that equation — like Ronald Reagan and Tip O’Neill did in 1983 — and leaning on a proven financial model to do so. Though there have been some incomplete and somewhat alarmist reports published, it’s important to look at all the components of a solution together, especially in the context of the crisis we face if nothing is done. There are dozens of considerations being weighed to protect Social Security, including locking early retirement at 62, an ironclad protection for lower-wage workers, and seeking avenues to increase benefits immediately. Under what we are discussing, millions would immediately receive more, and no one would receive less.
“These conversations are ongoing, and we welcome feedback and additional components. As soon as we have a fully developed plan, we’ll release it for discussion and debate. Taking action is our only option; inaction now will only make it harder later. We choose to save, strengthen, and secure Social Security.”