Central Louisiana News

U.S. Senator Bill Cassidy, M.D. (R-LA) recently expressed his concerns in a Letter to the Editor in the Washington Post, highlighting the urgent need for a solution to the imminent insolvency of Social Security and Medicare. He pointed out that neither leading presidential candidate has proposed a plan to address this pressing issue.

"Neither candidate is willing to participate in the honest conversation our leaders must have to save our seniors from an automatic 21 percent Social Security benefit cut in 2033 or a devastating Medicare cut in 2036," wrote Dr. Cassidy.

Senator Cassidy brought attention to a bipartisan solution known as the “Big Idea” proposed in the Senate. This proposal aims to prevent the projected 21% Social Security benefit cut due in 2033, according to latest estimates from the Trustees of the Social Security and Medicare trust funds.

“I, along with a bipartisan group of 14 colleagues, want to invest $1.5 trillion into an investment fund separate from the Social Security Trust Fund. The fund would be invested into the U.S. economy, and any dividends would be reinvested and kept in escrow for 70 years. With the assumption that the rate of return follows historical averages, this plan would address the majority of the shortfall and allow us to pay promised benefits. No senior would see any cut in benefits,” continued Dr. Cassidy.

The senator stressed that doing nothing poses a significant threat to both programs while pointing out that political action need not be controversial or toxic.

“President Ronald Reagan and House Speaker Thomas P. ‘Tip’ O’Neill Jr. (D-Mass.) worked together in the 1980s to address Social Security’s solvency… They achieved this bipartisan compromise the year before both were reelected in 1984, proving that ­voters will reward doing the right thing,” concluded Dr. Cassidy.

In his letter, Dr. Cassidy also criticized the current presidential candidates' approach to the issue, stating that neither President Biden nor former president Donald Trump has a plan to address the impending insolvency of Social Security and Medicare.

Dr. Cassidy has been an active advocate for preserving and protecting 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.