Home Personal Finance Cassidy says Biden and Trump have ‘same plan’ on Social Security, ‘which is to do nothing’

Cassidy says Biden and Trump have ‘same plan’ on Social Security, ‘which is to do nothing’

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Senator Bill Cassidy, a Republican, said on Sunday that President Biden and former President Trump have “the same plan” for Social Security.

“As you know, both Joe Biden and former President Trump have the same plan, which is to do nothing for Social Security and cut benefits by 24% if the fund fails in about eight or nine years. They both have the same plan,” Cassidy said on NBC’s “Meet the Press.”

Cassidy said on the show that while not officially in the 2024 ring, Trump’s PAC advert against Florida Governor Ron DeSantis (Republican), who is seen as the biggest challenger to the former president. was responding. Stance to cut federal qualification programs.

I asked how Trump’s and other Republicans’ avoidance of the topic affected his ability to get Republicans to talk about federal certification programs.

“When a major presidential candidate tricks the American public into making a decision to say there is no problem, every actuary looking at this has a problem and someone currently receiving at age 80 would otherwise be in poverty.” If they get stuck, current law cuts benefits by 24%, so if they’re irresponsible, it’s going to be very difficult. Cassidy said.

Social Security and Medicare have been at the center of the interparty debate over federal entitlement programs.

Republicans are pushing for spending cuts and are demanding Democrats commit themselves in negotiations on the debt ceiling. They say the entitlement program is not in jeopardy, but Democrats see calls for spending cuts as a threat and have established themselves as guardians of the program.

Medicare funding is expected to run short in 2028, and Social Security could run short in 2032. Social Security, Medicare and Medicaid now make up almost half of the entire federal budget, costing him $2.7 trillion a year.

Cassidy proposed creating a fund “separate from Social Security” and to “invest in the national economy” about $1.5 trillion.

“And let it sit there. And we grow it. Now, what you do with the extra 25% is 75% of what we have to do.The extra 25% is the dials that we have to come together politically to solve,” Cassidy said. I was.

Cassidy said he sees both Trump and Biden “demagogue” the issue, a phrase also used by fellow Louisiana Senator John Kennedy (Republican).

“When one side proposes something, the other side instigates it. We see Trump and we see Biden instigating it now. But we have a big idea that solves 75% of the problem, and it’s a very good idea.”

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