Senator Bill Cassidy | Sen. Bill Cassidy Official Website
Senator Bill Cassidy | Sen. Bill Cassidy Official Website
WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) has emphasized the need for Congress to take immediate action to save Social Security from insolvency. Recent polling from AARP shows that 89% of Americans agree that Washington should act now to save the program.
"In plain terms, this is a crisis of catastrophic proportions that threatens to cast millions into destitution, eroding the safety net that generations," wrote Senator Cassidy in an op-ed published in the Washington Examiner.
Senator Cassidy highlighted the urgency of the situation, stating, "When 9 in 10 people deem a problem pressing, leaders have a moral duty to treat it as such."
Senator Cassidy also drew attention to the recent government funding standoff, stating, "If there’s one lesson to be gleaned from this weekend’s government funding standoff, it’s that procrastination is not a good strategy for resolving fiscal challenges. We should be proactive. That’s what people rightfully expect from Congress and their next president."
The op-ed by Senator Cassidy, titled "Most People Think Saving Social Security is Urgent — We Need Leaders Who Agree," highlights the pressing need for action to address the impending challenges facing Social Security. The program is hurtling toward a financial precipice, with only about nine years left before reaching the edge. By 2032, the Social Security trust fund will not have the necessary funds to fulfill its commitments, leading to a harsh 24% benefit cut for all recipients.
The op-ed also emphasizes the potential rise in poverty among the elderly, as well as the lack of retirement savings among a significant portion of the population. The majority of Americans recognize the urgency of the situation, with 89% demanding immediate action from Congress to rescue Social Security from insolvency.
Senator Cassidy proposes a comprehensive plan to avert the impending 2032 catastrophe, restore financial health to the program, and ensure fairness. The plan involves establishing a fund independent of the Social Security trust fund called the Save and Secure It Fund, which will be invested in the economy like a normal pension fund. The fund will shield beneficiaries and taxpayers from stock market fluctuations and repeal the 24% benefit cut currently in law. All this will be achieved without raising taxes or cutting benefits for seniors.
The Save and Secure It Fund is predicted to generate sufficient returns to offset 70% of Social Security’s shortfall. Additional measures, such as repealing unfair provisions and eliminating the retirement earnings test, are also proposed to ensure fairness and increase work incentives.
Senator Cassidy concludes the op-ed by stating, "If there’s one lesson to be gleaned from this weekend’s government funding standoff, it’s that procrastination is not a good strategy for resolving fiscal challenges. We should be proactive. That’s what people rightfully expect from Congress and their next president. Any candidate who doesn’t want to lead on a topic as important as rescuing Social Security isn’t qualified to be our nation’s leader."
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