Cassidy says Biden and Trump have 'same plan' on Social Security, 'which is to do nothing'
Sen. Bill Cassidy (R-La.) on Sunday said President Biden and former President Trump have the "same plan" on Social Security.
"You know, both Joe Biden and former President Trump have the same plan, which is to do nothing on Social Security and to allow a 24 percent cut to benefits when the fund goes insolvent in about eight or nine years. They both have the same plan," Cassidy said on NBC's "Meet the Press."
Cassidy was responding on the program to an ad taken out by Trump's PAC against Florida Gov. Ron DeSantis (R), who hasn't officially entered the 2024 ring but who is considered a top possible challenger to the former president, which accuses DeSantis of stances that would cut federal entitlement programs.
"It does make it harder," he said, asked how Trump and other Republicans avoiding the topic are impacting his ability to get Republicans to talk about the federal entitlement programs.
"When your leading presidential candidates have made the decision to deceive the American people and to say there isn't a problem, when every actuary who looks at this says that there is a problem and someone who's currently receiving, 80 years old, otherwise would be in poverty, will get a 24 percent cut in their benefits by current law it makes it very hard when they are so irresponsible. It's true for President Biden. It's true for former President Trump," Cassidy said.
Social Security and Medicare have been at the center of contentious debate across party lines over federal entitlement programs.
Republicans have pushed for spending cuts, demanding Democrats make commitments amid negotiations on the debt ceiling. They've said entitlement programs aren't in jeopardy, but Democrats have painted the spending cut calls as threats and positioned themselves as protectors of the programs.
Funding for Medicare is expected to hit a shortfall in 2028 while Social Security could run out in 2032. Social Security, Medicare and Medicaid currently make up nearly half of the entire federal budget, with an annual cost of $2.7 trillion.
Cassidy proposed creating a fund "which is separate from Social Security," of about $1.5 trillion "to be invested in the nation's economy."
"And we allow it to sit there. And we allow it to grow. And at the end, it helps bridge Social Security's sustainability. All the risk is borne by the fund. Now, what you do in the additional 25%, that is 75% of what we need to do. The additional 25% are dials that politically we have to come together and resolve," Cassidy said.
Cassidy said he sees both Trump and Biden "demagogueing" the issue, phrasing used also by fellow Louisiana Sen. John Kennedy (R).
"If one side proposes something, the other side will demagogue it. We see Trump and we see Biden demagogueing it now. We need honesty with the American people. But we have a big idea that'll solve 75% of the problem, and that's a pretty good idea."