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WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) talked to fellow Americans about Social Security on the Capitol grounds. In the first of the series, Bill on the Hill, Cassidy asked Capitol Hill visitors from across the country their thoughts on the looming 24% benefit cut to Social Security and presented his “Big Idea” to save, strengthen, and secure America’s retirement system.
“Social Security is going insolvent in nine years. When that happens, benefits are cut by 24% for all current and future beneficiaries,” said Dr. Cassidy. “We have a ‘Big Idea’ to save Social Security, and I am presenting it to these fellow Americans to see how they like it.”
Background
Cassidy is leading a bipartisan working group with U.S. Senator Angus King (I-ME) to preserve and protect Social Security.
At a Senate Finance Hearing in March, he questioned U.S. Treasury Secretary Janet Yellen on the Biden administration’s lack of a plan to address Social Security at a Senate Finance hearing. He also delivered a speech on the Senate floor calling on President Biden to honor his pledge to protect Social Security and meet with a bipartisan group of senators currently discussing options to save the program.
Last month, Cassidy outlined his Social Security plan in a fireside chat with the Bipartisan Policy Committee and he recently authored an op-ed in the National Review.
In March, the Trustees of the Social Security and Medicare trust funds moved up the Social Security insolvency deadline a full year. One month prior, the Congressional Budget Office updated its estimates saying Social Security is heading toward a financial cliff in 2032. They found Medicare and Social Security spending rapidly outpacing federal tax revenues further hastening the insolvency deadlines.
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