Sen. Cassidy plans to push 'big idea' for Social Security reform in last days in office
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- Sen. Bill Cassidy is racing to pass Social Security reform before his term ends Jan. 3, 2027, after losing his Louisiana primary to Rep. Julia Letlow, whom President Trump endorsed over Cassidy — one of seven GOP senators who voted to convict Trump in his 2021 impeachment trial.
- The OASI trust fund may deplete in Q4 2032 — several months earlier than previously projected — after which only 78% of scheduled benefits would be payable, according to the trustees' June 9 annual report.
- Cassidy's "big idea" would invest $1.5 trillion in the stock market over five years, potentially growing to 60-65% of Social Security's unfunded accrued liability over 65-70 years without raising taxes or cutting benefits; the borrowed money would sit in escrow so it wouldn't add to the national debt.
- The Center for Retirement Research at Boston College said the plan is "unlikely to work" on its own and would leave the government indebted in year 75, while the Bipartisan Policy Center warned of bond market disruption and unpredictable stock market returns.
- A bipartisan group of four senators — Cassidy, Dick Durbin, Tim Kaine, and Thom Tillis — issued a joint June 10 statement urging Congress to act; Durbin and Cassidy are both retiring this term.
- The Cassidy-Trump relationship is openly hostile — Trump called him a "disloyal disaster" on social media last month and the White House declined to comment — complicating support for a plan modeled on bipartisan Railroad Retirement reforms enacted under President George W. Bush.
Why it matters: Two retiring senators — Cassidy and Durbin — are pushing reform ahead of their Jan. 3, 2027 exit, but the next Congress will inherit a 2032 OASI trust fund depletion that would slash benefits to 78% of scheduled levels. Boston College researchers say the $1.5T stock play can't work alone, meaning real fixes require a tax-or-cut debate neither party wants.
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