WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) issued the following statement after the release of the Trustees of the Social Security and Medicare trust funds annual report examining how much longer these programs can pay full benefits promised to taxpayers without significant benefit cuts. The report states that Social Security will become insolvent in 2033, forcing an automatic 21% benefit cut for all current and future beneficiaries. The Medicare Trust Fund will become insolvent in 2036.
“The greatest threat to Americans not receiving their promised Social Security benefits is politicians choosing to do nothing. Not inflation or any other economic woes,” said Dr. Cassidy. “The next president must find the courage to be honest with Americans that Social Security needs help to avoid the automatic 21% cut in nine years.”
Weeks ago, U.S. Treasury Secretary Janet Yellen admitted to Cassidy during a U.S. Senate Finance Committee hearing that “[President Biden] doesn’t have a plan” to extend the solvency of Social Security.
Background
Cassidy led a bipartisan working group to preserve and protect Social Security. Last spring, he 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 “Big Idea” to save, strengthen, and secure America’s retirement system.
Cassidy has discussed the “Big Idea” at a public forum with AARP on the future of Social Security, outlined his Social Security plan in a fireside chat with the Bipartisan Policy Committee, and authored an op-ed in the National Review, Washington Examiner, and Wall Street Journal, and State Affairs.
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