BREAKING NEWS – Senator Cassidy urges action following Social Security and Medicare Trust Funds Report. U.S. Senator Bill Cassidy, M.D. (R-La), has issued a statement in reponse to the annual report released by the Trustees of the Social Security and Medicare trust funds. The report examines the financial health of these vital programs and warns of impending insolvency if significant action is not taken.
According to the report, Social Security is projected to become insolvent by 2033, necessitating an automatic 21% benefit cut for all current and future beneficiaries. Similarly, the Medicare Trust Fund is expected to become insolvent by 2036.
Senator Cassidy emphasized the urgent need for action, stating, “Choosing to do nothing is the greatest threat to Social Security. The next president must be honest with Americans that Social Secuirty needs help to avoid the automatic 21% cut in nine years.”
This call for action follows recent remarks by U.S. Treasury Secretary Janet Yellen, who admitted during a U.S. Senate Finance Committee hearing that, “[President Biden] doesn’t have a plan” to extend the solvency of Social Security. Read more here.
Official Press Release from the Social Security Administration, May 6, 2024: The Social Security Board of Trustees today released its annual report on the financial status of the health of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors insurance and Disability Insurance (OASI and DI) Trust Funds are projected to have enough dedicated revenue to pay all scheduled benefits and associated administrative costs until 2035, one year later than projected last year, with 83 percent of benefits payable at that time. Read more here.
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