Senator Bill Cassidy, a Louisiana Republican, just issued a warning that lawmakers are running out of time to act before the Social Security program faces automatic benefit cuts. Speaking at Semafor's Future of Health Forum on Tuesday, Cassidy said Congress needs to act soon to fix Social Security, which is currently projected to exhaust its retirement trust fund in 2032. "The fact that I've been working on it for six years and I've got three months left and we're having this conversation shows you how difficult it is," Cassidy said.
"On the other hand, the actuary report that came out a month or so ago, I think, helped sharpen people's minds that we really have a problem." Social Security provides benefits to more than 70 million Americans, including retirees and disabled workers. The program is currently facing mounting financial pressure as Americans live longer, and fewer workers are in the younger generations. According to the 2026 Social Security Trustees Report, the program's Old-Age and Survivors Insurance trust fund is projected to become insolvent in 2032.
At that point, incoming payroll taxes would still cover a substantial share of benefits, but retirees could see automatic cuts of more than 20 percent. At the event Tuesday, Cassidy said the latest Social Security projections have helped focus attention on an issue that many lawmakers have long been reluctant to tackle. He pointed to the 2026 trustees report, released in June, which estimated that the retirement trust fund would be depleted in 2032, triggering benefit reductions if Congress does not act.
"The longer you wait to fix Social [Security], the worse it gets. And it doesn't just get worse marginally," Cassidy said. "I'm hoping against hope that we can do it.
And if not, I'm looking for someone to pass it off to, and they will continue it next time." Cassidy, who lost his Republican primary earlier this year, is scheduled to leave the Senate when his term ends. However, he said a bipartisan effort is underway to find a solution. Cassidy, for one, has been working with Senator Dick Durbin of Illinois on the Protecting Retirement Opportunities and Maintaining Income Security for Everyone Act, otherwise known as the PROMISE Act.
The legislation would establish a formal process for lawmakers to consider proposals aimed at improving Social Security's finances. Cassidy has also talked about establishing a separate investment fund to help address Social Security's long-term funding gap. This could help make the program permanently solvent without drawing directly from payroll tax revenues dedicated to Social Security.
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