Senator Bill Cassidy isn’t happy with the top contenders in the 2024 race – and thinks Donald Trump and Joe Biden should be ‘disqualified’ for claiming they care about Social Security.
“They’re willing to put the future of our country’s financial health and the financial health of seniors — on the line because they want to be re-elected,” Cassidy told DailyMail.com in an interview.
“That, in my mind, should prevent either one from being elected.”
The pension program is expected to start running out of funds by 2034 – with an automatic 24% reduction in benefits in the event of insolvency.
But Trump and Biden have both made attacking Social Security fodder to go after their political opponents.
Senator Bill Cassidy isn’t happy with the top contenders in the 2024 race – and thinks Donald Trump and Joe Biden should be ‘disqualified’ for claiming they care about Social Security
Cassidy has gone on a crusade to change the dialogue and bring Social Security reform to the top of the ticket on both sides.
He has teamed up with Sen. Angus King, an independent from Maine who caucus with Democrats, to assemble a bipartisan group of about 14 senators who have pledged to support reform.
“We can’t move forward unless we have a presidential candidate who’s willing to say they’re ready to work with Congress,” the Louisiana Republican told DailyMail.com in an interview. .
Social Security became a political third rail when President Biden used the State of the Union to claim that ‘some Republicans’ want ‘Medicare and Social Security gone’ a liar.’
“So folks, as we apparently all agree, Social Security and Medicare are off the table now, are they?” Biden said. “We have unanimity.”
Cassidy said that moment, coupled with Trump’s comments on the matter, demolished Capitol Hill’s appetites to discuss the changes.
“Before the State of the Union address and Trump’s rhetoric, yes, we were getting great buy-in from our fellow Republicans as well as Democrats,” Cassidy said.
“But I found more political courage among my House and Senate colleagues than among the leading presidential candidates.”
Trump has unloaded on Florida Governor Ron DeSantis as ‘the man who wants to cut Social Security and Medicare’ for a non-binding resolution he has back in Congress that would carry the age at 70. He repeatedly issued warnings to Republicans not to ‘cut a single penny’ from the program.
Meanwhile, Cassidy’s plan is to invest another $1.5 trillion in an investment fund and let that money mature over 70 years. The plan would cover 75% of the Social Security deficit, assuming a rate of return above the cost of the investment, which, as Cassidy points out, “has been true since at least 1929.”
The current federal borrowing rate is 3.9%, but Cassidy said the fund will target an average growth rate of 8.5%.
As to where the money is coming from in the first place, the senator said he was open to comment.
Cassidy said the federal government may sell its other assets that “currently remain dormant.” “Or, we could borrow money, or there could be some sort of deal to open up certain natural resources for development that hasn’t been developed yet. Or, you could raise taxes. Personally, I am in favor of selling assets.
He is unlikely to convince House Republicans, who in tense debt ceiling negotiations have said they would rather risk a default than plunge the nation further into debt. to join in the increased borrowing for the private fund.
Other ideas were floated, namely raising the payroll tax cap above $160,000 and raising the retirement age, although these were not seriously considered.
Social Security currently allows people to claim benefits starting at age 62, but benefits increase the longer a retiree waits.
When asked if any potential presidential hopefuls seemed willing to work on reform, ‘Pence has an idea,’ Cassidy said, referring to the former vice president who hasn’t officially launched a race. .
“Before the State of the Union address and Trump’s rhetoric, yes, we were getting great buy-in from our fellow Republicans as well as Democrats,” Cassidy said.
Biden sued Republicans for wanting to cut Social Security
Cassidy declined to say who he would support in the GOP primary, praising Sen. Tim Scott – who launched his race on Monday – as a ‘good man’ of ‘character’ but saying he had not discussed social security with him.
“It’s pretty clear that President Biden is not interested,” Cassidy said. His team met with staffers at the White House but were shot when they asked to meet the president himself.
“They just listened, never offered ideas,” Cassidy said of the White House staff.
“Trump’s rhetoric makes it clear he’s going to campaign pretending there’s no problem. It’s totally dishonest. He criticizes anyone who even talks about it, but again, it’s the dishonesty that the president is so good at and the former president is so good at.
Cassidy, a gastroenterologist by trade, said he became interested in the problem after two decades of working with underinsured and uninsured elderly patients.
“I am aware that our fellow Americans who depend on Social Security to stay out of poverty – if you look at what happens if there is a 24% reduction in benefits, the poverty rate among the elderly doubles – double!” he said.
Right now, the senator is focused on an advocacy campaign. He said he has “nearly complete” legislation, but is reluctant to let “rogue” politicians use it to attack him and other lawmakers who are signed on.
“I can promise you we put it out there instead of people acknowledging that this is a good faith effort to get the ball rolling they’d get attached to one little thing that they could demagogue and then destroy everything.”
It will be a tough sell in the Democratic-controlled Senate to get Majority Leader Chuck Schumer to let it vote — or even to gain the support of Senate Minority Leader Mitch McConnell.
The CBO’s latest projections have revealed that the current gap between fund expenditures and revenues collected – if it continues over the next ten years – will officially drop the Social Security fund to zero.
Social Security spending has risen as more Americans reach retirement age and leave the workforce, relying only on benefits from the fund
According to the latest projections from the Congressional Budget Office, two of the funds will be depleted by 2033 while another major fund will be gone by 2048.
“Everyone knows that unless the president approves the concept, it will never be signed into law. And so no one is going to waste political capital or just make a statement,’ Cassidy said of his discussions with the leaders.
“So we’re just hammering away, hoping that we can find a presidential candidate who has the guts to be honest with the American people, and recognize that we have a solution that can solve 75% of the problem,” he said. said the senator. said.
