Cassidy warns time running out to fix Social Security

Senator Bill Cassidy, representing Louisiana, has urged Congress to address two pressing issues before his term concludes: the financial predicaments of Social Security and the escalating expenses of healthcare. During a recent discussion at Semafor’s Future of Health Forum, Cassidy, who will be stepping down from the Senate at the end of the year, shared his thoughts with Burgess Everett.

He acknowledged that a bipartisan effort is underway to tackle Social Security, but admitted that the time frame for Congress to act is rapidly shrinking. Cassidy pointed to the 2026 Social Security Trustees Report, published in June, which highlighted that the program's retirement trust fund would run out of funds by 2032, leading to automatic benefit cuts of over 20% if no action is taken.

This warning, coupled with the rising bond yields, has revived interest in addressing this issue within Washington. Cassidy stated, "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." However, Cassidy also pointed out that the recent actuary report published a month or so ago has helped underscore the urgency of the matter.

He emphasized that the effort has bipartisan origins, citing a previous agreement involving seven Republicans and seven Democrats that he had brought to President Biden. Additionally, Cassidy is currently collaborating with Senator Dick Durbin, D-Ill, on the PROMISE Act. Cassidy expressed hope that they can resolve the Social Security issue, but if not, he is prepared to pass the responsibility to someone else.

Earlier in the year, Cassidy faced a primary challenge from a Republican candidate with ties to President Trump. As the chair of the Senate Health, Education, Labor, and Pensions Committee, Cassidy also addressed healthcare affordability as another area where he seeks congressional action before he leaves office. He highlighted the bipartisan Patient Deserve Price Tags Act, which he believes would provide patients with more information about the cost of medical services before they receive treatment.

Cassidy explained, "If you think about it, healthcare is one of the few things in which you don’t know how much it’s going to cost when you walk in the door. And there’s a deliberate effort to obfuscate for the consumer how much something costs." He sees this as a significant step towards making healthcare more affordable.