GOP senator forced out by Trump pushes $1.5T investment for Social Security
Key takeaways
- In an interview with CNBC for a story published Tuesday, the Louisiana Republican outlined his big idea for the program.
- Over 65 to 70 years, the money in the fund would grow to 60 to 65 percent of Social Security s unfunded accrued liability, Cassidy added.
- All risk is borne by the fund; people would get their promised benefits, Cassidy told CNBC on June 10.
Why this matters: political developments that affect policy direction and public trust.
Bill Cassidy (R-La.), who was defeated by a Trump-backed challenger in a GOP primary earlier this year, is touting his proposal to reform Social Security before he leaves the Senate, after the Trump administration projected the entitlement program will not provide full benefits within seven years.
In an 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 in an investment fund separate from Social Security s trust funds over five years.
Over 65 to 70 years, the money in the fund would grow to 60 to 65 percent of Social Security s unfunded accrued liability, Cassidy added.