WASHINGTON, D.C. — A bipartisan group of senators, including Senator Bill Cassidy of Louisiana, urged legislative action on Social Security solvency on June 10. This call followed the release of the 2024 Social Security trustees' report, which indicated an impending depletion of trust funds.

The latest annual report from the Social Security trustees, published on June 9, projected that the Old-Age and Survivors Insurance (OASI) trust fund could be depleted in the fourth quarter of 2032 if Congress does not act. This depletion date is several months earlier than the projection from the previous year. If the OASI trust fund is depleted, 78% of scheduled benefits would remain payable. If the retirement and disability trust funds were combined, the depletion date would extend to the third quarter of 2034, with 83% of scheduled benefits remaining payable.

Senators Bill Cassidy, Dick Durbin, Tim Kaine, and Thom Tillis issued a joint statement. "It's clear now that Congress shouldn't delay any longer," the senators said. They added, "Several of us have been coming together to talk about how we can strengthen Social Security for current and future generations of retirees."

"The longer you wait, the harder it is to fix, the more painful to fix," Cassidy said. "We need to do something now." His Senate term is scheduled to end on Jan. 3, 2027.

Cassidy proposed investing $1.5 trillion in an investment fund separate from Social Security's trust funds over five years. He stated that this money, if invested in the stock market over 65 to 70 years, would grow to cover 60% to 65% of Social Security's unfunded accrued liability. Cassidy explained that while the $1.5 trillion would be borrowed, it would not increase the nation's debt because it would be held in an escrow account. This plan is modeled after changes made to the federal Railroad Retirement system under President George W. Bush, which allowed pension funds to be invested in private securities. Cassidy stated that investing in the Railroad Retirement program improved its solvency, and the change was enacted on a bipartisan basis.

Senator Durbin is the Senate minority whip, and his current term ends when he retires. "I'm a retiring, so to speaking, senator," Durbin said. "I want to get it done before we leave, so there is impetus to get it done." Legislation concerning Social Security requires 60 votes to pass in the Senate. Some Democrats have proposed raising taxes on the wealthy to address Social Security's finances and increase benefits, while Republicans generally oppose tax increases for Social Security.

In a related development last month, President Donald Trump referred to Senator Cassidy as a "disloyal disaster" on social media. "President Trump and I are not BFFs," Cassidy said.