Sen. Cassidy plans to push 'big idea' for Social Security reform in last days in office
As Social Security faces an imminent funding shortfall, Sen. Bill Cassidy said he has come up with a plan to invest in the stock market on the program's behalf.
TL;DR
- Senator Bill Cassidy plans to make Social Security reform a priority in his final months in office.
- The Social Security trust fund is projected to run out in late 2032, potentially requiring benefit cuts.
- Cassidy's 'big idea' involves creating a separate investment fund to invest $1.5 trillion in stocks over five years to address the shortfall.
- The plan is modeled after a bipartisan change to the federal Railroad Retirement system.
- Analyses from Boston College and the Bipartisan Policy Center raise concerns about the plan's effectiveness and risks.
- Cassidy acknowledges the need for bipartisan support and is exploring ways to carry the proposal forward.
- Fellow retiring Senator Dick Durbin supports addressing Social Security reform through legislative action.