(NewsNation) — For working Americans who pay taxes, Social Security benefits are assured once they hit retirement. However, within the next decade, Social Security might be insolvent, according to a report from the Social Security Administration.
A new bipartisan effort in Congress is aiming to change that, with Louisiana Republican Senator Bill Cassidy and Virginia Democratic Senator Tim Kaine at the forefront.
They wrote in a Washington Post op-ed that, “There is a nationwide appetite to implement a bipartisan, commonsense plan like ours. Waiting until the Social Security trust fund is on the eve of crisis would have difficult and preventable consequences. Congress should seize the moment.”
“I don’t know if we’re going to seize the moment,” Cassidy told “Elizabeth Vargas Reports” on Wednesday. “I wish I could tell you absolutely, but you’re right, history would say bet against it. But what Senator Kaine and I have is a way that balances the kind of politics. It puts forward good policy, addresses that 20% shortfall, and along the way, it pays for Social Security.”
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Social Security has been a guarantee ever since President Franklin D. Roosevelt signed the Social Security Act into law nearly 90 years ago. The system has worked since 1935. Yet, the Old-Age and Survivors Insurance Trust Fund would only be able to cover 100% of total scheduled benefits through 2033. This means retired Americans who qualify will still be getting Social Security money, but not all of it. It would be 80% of what current retirees get.
If the bipartisan plan passes, people will get every penny they are owed.
“Some people will get a little bit more,” added Cassidy. “For example, we have something that if you’re over 80 and you’re 200% less than the federal poverty level, we give you a little extra. We have work incentives in there.”
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Cassidy acknowledged that he and Kaine have already been speaking with their fellow constituents and pointing out that they can’t let the issue just coast along, as it would be a disservice to the American people and allow the fund to go bankrupt. About 83% of Gen X don’t believe they will get Social Security.
“I’m pushing to be proactive,” Cassidy added. “That’s why we’ve got to fix it now. Under our plan, everybody gets all the benefits they’ve been promised. Period. End of story.”
The plan will also create an investment fund and invest in Americans, letting it grow just from the power of the economy.
