Central Louisiana News

U.S. Senator Bill Cassidy, M.D. (R-LA) recently delivered the keynote speech at the National Institute on Retirement Security’s 15th Annual Retirement Policy Conference. Speaking at the event, Senator Cassidy highlighted the urgent need for a bipartisan solution to prevent a 23% cut in Social Security benefits in the near future.

“In about eight years the only thing that will be going out is a 23% cut in benefits to those currently receiving and all future Social Security beneficiaries. What are we as Americans going to do about it?” said Dr. Cassidy during his address, emphasizing the pressing issue at hand.

Dr. Cassidy outlined the "Big Idea" proposed by his Senate Social Security working group, aiming to address the challenges facing Social Security and ensure its solvency for years to come. He stressed the importance of people understanding the proposal, noting, “We’ve come up with the ‘Big Idea’ that begins to address the issues of Social Security just like you are addressing your pension fund issues. People think this is a radical idea. No, this is what you’re already doing.”

The Senator also presented various new provisions intended to strengthen and improve the Social Security program, including measures to alleviate poverty and the repeal of certain provisions like the Windfall Elimination Provision (WEP), Government Pension Offset (GPO), and Retirement Earnings Test (RET).

Furthermore, Dr. Cassidy highlighted the bipartisan effort to reform the Supplemental Security Income (SSI) program, which has not been updated in nearly four decades. He mentioned the SSI Savings Penalty Elimination Act, designed to modernize asset limits for disabled and elderly Americans, allowing them to prepare for financial emergencies without risking the benefits they rely on.

Senator Cassidy's advocacy for Social Security reform is not new. He previously led a bipartisan working group with U.S. Senator Angus King (I-ME) and has actively engaged in discussions and initiatives to protect and strengthen Social Security. Last year, he questioned U.S. Treasury Secretary Janet Yellen on the Biden administration's approach to Social Security and called on President Biden to honor his commitment to safeguard the program.

The urgency of the situation was underscored by recent reports indicating the accelerated timeline towards Social Security insolvency. The Trustees of the Social Security and Medicare trust funds moved up the insolvency deadline by a full year, with projections showing a financial cliff in 2032.

Senator Cassidy's efforts and proposals signal a commitment to securing the future of Social Security and ensuring the well-being of American retirees.