Social Security's insolvency is No. 1 issue, says Sen. Bill Cassidy
Key takeaways
- Bill Cassidy (R-La.) said Sunday he is working on gaining consensus for his proposed reforms to Social Security, which he warns is growing closer to insolvency.
- Right now we re working on Social Security.
- Once the deadline hits, the OASI fund will be able to cover 78 percent of its total scheduled benefits, an increase of 1 percentage point relative to last year s report.
Why this matters: political developments that affect policy direction and public trust.
Bill Cassidy (R-La.) said Sunday he is working on gaining consensus for his proposed reforms to Social Security, which he warns is growing closer to insolvency.
Right now we re working on Social Security. Social Security is… going to [be] insolvent, and when that happens, there ll be a cut of 22 percent to 25 percent in someone s benefits if we follow the current law, Cassidy, who was defeated by a Trump-backed opponent in a primary earlier this year, told host Margaret Brennan on CBS News s Face the Nation.
Earlier this month, the board of trustees of Social Security and Medicare — which consists of multiple Trump administration officials — reported Social Security s Old Age and Survivors Insurance (OASI) Trust Fund will be able to pay 100 percent of its total scheduled benefits until the fourth quarter of 2032, one quarter earlier than they projected last year.