Cassidy, Kaine Join NewsNation to Discuss Bipartisan Solution to Social Security’s Looming Insolvency

WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) joined U.S. Senator Tim Kaine (D-VA) on NewsNation to discuss Social Security’s looming insolvency and the need for Congress to act now. The senators warned that if Congress continues to stall, Social Security benefits could be cut by nearly 28.5% in just six years, making the issue even harder to solve as time goes on. Cassidy outlined his plan to create a separate investment fund, modeled after the National Railroad Retirement Investment Fund, to strengthen Social Security’s long-term solvency. Kaine expressed his support for Cassidy’s proposal, which he said could help make Social Security solvent for the next 50 to 75 years. “Set up an investment fund like your 401k, parallel to the Social Security trust fund, put money into it and allow it to grow with the power of the US economy. This money grows and ends up paying 65% of the obligation to our nation’s retirees. We could evergreen Social Security,” said Dr. Cassidy. Background Cassidy has been outspoken in the media on the need to rescue Social Security from insolvency. He has outlined his plan to create a sovereign wealth fund independent of the Social Security Trust Fund. He has written extensively on his proposal in the Washington Post , the Wall Street Journal , State Affairs , and the Washington Examiner . On the U.S. Senate floor, Cassidy has repeatedly called on Congress to act to save the program, and challenged the U.S. Senate to stop being good politicians and start being good senators. Most recently, Cassidy and U.S. Senator Dick Durbin (D-IL) published an op-ed in the Washington Examiner calling on their colleagues to join their bipartisan effort to address Social Security’s looming insolvency. ###