Central Louisiana News

WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) has proposed a comprehensive plan to rescue Social Security from financial turmoil. In an op-ed published in State Affairs, Dr. Cassidy outlined his "Big Idea" aimed at safeguarding the future of the Social Security program.

"Our ‘Big Idea’ would repeal the automatic benefits cut, while the investment fund would also offset any borrowing required to pay benefits in the meantime," stated Dr. Cassidy. He emphasized that with some adjustments, the plan could ensure the program's sustainability for generations to come.

Highlighting the urgency of the situation, Dr. Cassidy pointed out the impending crisis, stating, "The Social Security Trust Fund is going broke in nine years. When it does, there will be a 23% cut in benefits for every current and future retiree." He underscored the necessity of finding a bipartisan solution to prevent such drastic cuts.

The proposed plan not only addresses the immediate financial challenges but also aims to create a fairer system by eliminating provisions that penalize certain categories of workers. Dr. Cassidy explained, "This also gives us a chance to address the Windfall Elimination Provision and Government Pension Offset, which penalize state and local government workers who also worked in the private sector."

Furthermore, the plan includes the repeal of the "Retirement Earnings Test," which currently reduces the monthly benefit check for individuals who continue to work while receiving Social Security benefits.

Dr. Cassidy's "Big Idea" involves investing $1.5 trillion over five years into a separate investment fund to secure the future of Social Security. By implementing this strategy and making minor adjustments, the plan aims to ensure the long-term solvency of the program.

In his efforts to raise awareness and garner support for the initiative, Dr. Cassidy has engaged in various discussions and forums, including conversations with Treasury Secretary Janet Yellen and public events with organizations like AARP.

With Social Security facing a looming financial crisis, Dr. Cassidy's proactive approach and innovative proposal offer a ray of hope for millions of Americans relying on the program for their retirement security.