Press Release
Americans for a Balanced Budget Telephone Town Hall with Senator Bill Cassidy on Social Security and Fiscal Responsibility
FOR IMMEDIATE RELEASE
December 19, 2024
Americans for a Balanced Budget Telephone Town Hall with Senator Bill Cassidy on Social Security and Fiscal Responsibility
RALEIGH, NC—On December 18, 2024, Americans for a Balanced Budget (ABB) President Dee Stewart hosted a telephone town hall conversation with U.S. Senator Bill Cassidy (R-LA) to discuss the Social Security program’s pending insolvency in 9 years along with Cassidy’s plans to make the government more fiscally responsible and to ease financial burdens for Americans.
During the event, Cassidy championed his “Big Idea” for Social Security. This plan involves creating a fund separate from the Social Security fund that would be invested in the broader economy and grow to offset expected shortfalls and ensure that recipients don’t face a 20-25 percent benefit cut in 9 years. As Cassidy explained, this idea is more fiscally responsible than other plans because it avoids tax increases and benefit cuts but nonetheless ensures the promise of Social Security between the people and the American government is kept.
Cassidy also discussed the Social Security Fairness Act, which eliminates two outdated provisions: the Government Pension Offset and the Windfall Elimination Provision. On the call, Cassidy announced that the Senate overwhelmingly passed the first procedural vote for the bill, and it is expected to pass the Senate in the coming days. Once passed by the Senate, it will head to the president’s desk to become law — a major success for public employees.
Cassidy also took the opportunity to speak about another pressing financial issue: skyrocketing flood insurance premiums. As the Senator highlighted, he is working with other members of Congress to ease the burden associated with flood insurance by introducing a plan to reform the National Flood Insurance Program (NFIP), restoring coastlines to reduce flooding, and advancing his legislation to give tax cuts to low- and middle-income households enrolled in the NFIP in his home state of Louisiana and across the country.
At the end of the event, Cassidy took questions from Louisianans in the audience, addressing concerns about alternative plans to shore up Social Security and rallying around the good news on the Social Security Fairness Act. Throughout the event, Cassidy underscored his commitment to protecting America’s values and promises through fiscally sound policy proposals.
