GOP senator forced out by Trump pushes $1.5 trillion investment for Social Security
Sen. Bill Cassidy (R-La.), who was defeated in the GOP primary earlier this year by a challenger backed by President Trump, is touting his Social Security reform proposal before leaving the Senate after the Trump administration predicted the entitlement program would not provide full benefits within seven years.
One Interview with CNBC For a story published Tuesday, the Louisiana Republican outlined his “big idea” for the program. His proposal calls for investing $1.5 trillion over five years in an investment fund separate from Social Security’s trust funds.
Cassidy added that in 65 to 70 years, money in the fund will grow to 60 percent to 65 percent of Social Security’s unfunded accrued liability.
“All risk is covered by the fund; people will receive the promised benefits,” Cassidy told CNBC on June 10.
Trustees of Social Security and Medicare earlier this month reported Social Security’s Old-Age and Survivors Insurance (OASI) Trust Fund will be able to pay 100 percent of total planned benefits by the fourth quarter of 2032, or one-quarter earlier than trustees. predicted last year.
Once the deadline is met, OASI funding will be able to cover 78 percent of the total planned benefits; This is a 1 percentage point increase over last year’s report.
After the trustees released their report, House Speaker Mike Johnson (R-La.) called on Republicans to take action on Social Security reform if they retain control of Congress in 2027.
However, some Republicans in the Senate rejected Johnson’s proposal, arguing that the issue was not an issue to be brought up in an election year. Sen. Josh Hawley (R-Mo.), for example, said he is nervous as lawmakers discuss addressing or reforming Social Security.
“Targeted? Reformed? That’s usually code for ‘cut.’ I’m not against that,” he said earlier this month.
On the other hand, Cassidy joined Sens. Thom Tillis (R.N.C.), Dick Durbin (D-Ill.) and Tim Kaine (D-Va.) in urging their congressional colleagues to address the looming deadline for Social Security.
One joint statement In a statement released June 10, the four senators called on Congress to “join us to do what we were elected to do, pass legislation on difficult issues, and protect this lifeline program for our children and grandchildren.”
Three of the four lawmakers are leaving the upper chamber: Tillis, Durbin and Cassidy, who finished third in the GOP primary last month, ahead of Trump-backed Rep. Julia Letlow (R-La.) and state Treasurer John Fleming (R-La.). Tillis, like Cassidy, fought Trump; He announced his retirement last summer.
The four added: “Congress has no shortage of ideas, we just need to actually debate and vote on them.”
One of those ideas is Cassidy’s proposal with Kaine. was swimming in the past. In a book co-authored last year, the two wrote: Washington Post opinion piece There is a “nationwide desire to implement a bipartisan, common sense plan” on Social Security.
The Louisiana senator said his idea was taken as an example. National Railroad Retirement Investment FundA federal trust created by Congress in 2001 to allow railroad workers to invest their pensions in private securities.
“If it doesn’t pass this Congress, I’m talking to my colleagues who will be here in the next Congress and seeing who’s interested in carrying the torch,” Cassidy said of his proposal.
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