WASHINGTON – May 6, 2024 – U.S. Senator Bill Cassidy, M.D. (R-LA) has issued a statement in response to the annual report released by the Trustees of the Social Security and Medicare trust funds. The report examines the financial health of these vital programs and warns of impending insolvency if significant action is not taken.
According to the report, Social Security is projected to become insolvent by 2033, necessitating an automatic 21% benefit cut for all current and future beneficiaries. Similarly, the Medicare Trust Fund is expected to become insolvent by 2036.
Senator Cassidy emphasized the urgent need for action, stating, “Choosing to do nothing is the greatest threat to Social Security. The next president must be honest with Americans that Social Security needs help to avoid the automatic 21% cut in nine years.”
This call for action follows recent remarks by U.S. Treasury Secretary Janet Yellen, who admitted during a U.S. Senate Finance Committee hearing that “[President Biden] doesn’t have a plan” to extend the solvency of Social Security.
Senator Cassidy has been actively engaged in efforts to preserve and protect Social Security. He led a bipartisan working group dedicated to this cause and has been vocal about the need for reform. Last spring, he launched the inaugural “Bill on the Hill” video series, engaging Capitol Hill visitors from across the country to discuss the looming benefit cuts to Social Security and presenting his “Big Idea” to save, strengthen, and secure America’s retirement system.
In addition to his outreach efforts, Senator Cassidy has participated in public forums and discussions with organizations such as AARP and the Bipartisan Policy Committee to outline his plan for Social Security reform. He has also penned op-eds in prominent publications, including the National Review, Washington Examiner, Wall Street Journal, and State Affairs, to raise awareness about the importance of addressing the challenges facing Social Security.