U.S. Senator Bill Cassidy, M.D. (R-LA) presented his proposal to protect Social Security benefits and address the program’s long-term solvency during a U.S. Senate Budget Committee hearing on Mar. 26.
Cassidy said that Social Security is essential for many Americans’ financial security in retirement and emphasized the urgency of finding a viable solution to prevent benefit cuts as the program faces insolvency.
“Everyone watching—everyone sitting here—if they live to be retirement age will be affected by Social Security … This is just not luxury income. This is what people need to live,” said Cassidy. He continued, “The question is, Mr. Chairman and Mr. Ranking Member, are we going to fulfill our obligations to the American people in a way which is actually both politically and by policy viable to fix social [security]—not just now, but for future generations.”
In August, Cassidy introduced a resolution designating August 14th as National Save Social Security Day, marking the 90th anniversary of the Social Security Act and recognizing its importance for retirees over generations. He also released a statement after the most recent annual report from the Social Security Trustees predicted that the program could become insolvent by 2033.
Cassidy’s plan proposes creating a sovereign wealth fund separate from the existing trust fund with an aim of maintaining steady benefits for current enrollees while ensuring future solvency. The senator has discussed this approach at public forums with organizations such as AARP and delivered keynote remarks at national conferences on retirement security.
Outside his legislative work on retirement issues, Cassidy co-founded the Greater Baton Rouge Community Clinic to deliver free health and dental care according to his official website. He serves on several Senate committees including Finance, Energy and Natural Resources, Veterans Affairs, Health, Education, Labor and Pensions; he also advances initiatives aimed at reducing health care costs and improving mental health systems according to his official website. Cassidy earned undergraduate and medical degrees from Louisiana State University according to his official website.
Looking ahead, Cassidy continues efforts related not only to strengthening Social Security but also supporting coastal restoration projects and reforms in mental health care according to his official website.
