Senator Cassidy warns of Social Security benefit cuts, pushes PROMISE Act before leaving office

MONROE, La. (KNOE) – Sen. Bill Cassidy is making a final push before leaving office to address what he calls an impending Social Security insolvency crisis that could slash benefits for millions of Americans.

Cassidy said Social Security is on track to become insolvent, resulting in a 29 percent reduction in benefits by 2032. He said that reduction would double the poverty rate among Americans over the age of 65.

“I think that if we don’t set up this process, Congress will be kicking granny off the cliff,” Cassidy said. “She earned it. She deserves it. She counts on it. And Congress will not set up a process by which to address the issue.”

Cassidy said Congress has failed to act on a program that impacts millions of Americans who have worked their entire lives for the benefits.

“We have been trying to set up a process, a process whereby Congress would consider a solution, not prescribe a solution, consider a solution for Social Security,” he said.

Robert Mustard, a Social Security recipient, said his monthly benefit amounts to $389, an amount he described as insufficient.

“You really want to know that, 389. That’s not no money,” Mustard said.

Mustard said a further reduction in benefits could push people toward crime.

“Eventually, everybody’s going to lose it. And when they do, they think crime’s bad now. You just wait till nobody got no money to buy no food, pay rent, utilities, medicine, anything,” he said.

Cassidy is backing legislation he calls the PROMISE Act, which he said would create a separate investment fund to help restore Social Security’s solvency.

“We’ve got this big idea in which we would take some dollars, not Social Security money, set up a fund separate from Social Security, and we invest that fund in the U.S. economy,” Cassidy said. “And as that money grows, we use it in order to help Social Security become solvent again.”

The bill has been referred to the Senate Finance Committee, where it currently remains.

You can watch Cassidy’s entire speech to the Senate here.