Cassidy Releases Statement on Dire Outlook for Social Security

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 forecasting each respective program's ability to pay full benefits to taxpayers. The report projects the Social Security Trust Fund will become insolvent in 2032, earlier than previously anticipated. This will force an automatic 22% benefit cut for all current and future beneficiaries.

"Millions of retirees are facing a twenty to twenty-five percent cut in benefits which can throw them into poverty and put a greater strain on their families," said Dr. Cassidy. "This latest report from the trustees is proof that Congress must step up now to protect Social Security before it's too late. It's only going to cost more and be more difficult to solve the longer we wait."

Background

Cassidy has outlined his plan to rescue Social Security from insolvency by creating a sovereign wealth fund independent of the Social Security Trust Fund. Cassidy recently laid out his vision during a U.S. Senate Budget Committee hearing in March, as well as last year at a public forum with the AARP and a keynote address to the National Institute on Retirement Security's (NIRS) 15^th Annual Retirement Policy Conference on the future of Social Security. He has written extensively on his proposal in the Washington Post, the Wall Street Journal, State Affairs, and the Washington Examiner.

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