Cassidy Warns of Social Security’s Financial Challenges
U.S. Senator Bill Cassidy joined Mornings With Brian Haldane to discuss several issues he wants to address during his remaining time in Washington, with Social Security at the top of the list.
Cassidy said the Social Security trust fund could become insolvent within six years. He explained that, without changes, incoming revenue would only cover about 71.5% of scheduled benefits, creating a significant gap for current and future beneficiaries.
Cassidy argued that Congress should act before the trust fund reaches that point. His proposal would create a separate $1.5 trillion investment account that could grow over decades and help cover future Social Security obligations.
He compared the concept to a 401(k), emphasizing the potential benefits of investing money over a long period. Cassidy said the plan would require bipartisan support and acknowledged that Social Security remains politically difficult to change.
Proposed Changes Would Affect More Than Funding
Cassidy also discussed other provisions he supports, including allowing workers to receive Social Security credits for taking time away from work to raise children. He also mentioned changes that could allow more pastors to participate in the program.
He said lawmakers need bipartisan cooperation to address Social Security’s long-term finances.
Cassidy Turns to College Athletics
The conversation also shifted to the future of college sports. Cassidy discussed proposed federal legislation aimed at creating new rules for student-athletes.
Among the ideas he highlighted were requiring athletes to complete college within five years and limiting transfers. Cassidy also supports maintaining academic standards and ensuring athletes remain students while participating in college sports.
He said Congress faces the challenge of balancing athletes’ growing earning opportunities