[Congressional Record Volume 169, Number 102 (Monday, June 12, 2023)]
[Senate]
[Pages S2043-S2044]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                            Social Security

  Mr. CASSIDY. Madam President, Social Security is a sacred trust 
between the American people and the American government. For the worker 
who is

[[Page S2044]]

about to retire with no savings other than Social Security, the woman 
who relies on Social Security to pay for medications, they need to know 
that the government is not going to break this sacred trust.
  That is why I have been leading a bipartisan group of over a dozen 
Senators to develop a solution. And we have what we call the Big Idea. 
But before describing the Big Idea, I have to tell you, right now, it 
does not matter what big ideas--or any idea--are being discussed. 
President Biden made it clear in his State of the Union speech that he 
was going to run for reelection attacking Republicans on the issue of 
Social Security.
  Now, by the way, he has not introduced legislation on Social Security 
himself. He spoke about one in his previous campaign, but it was not 
serious. And the money he said he would use for his unserious plan he 
has already spent on other priorities, or at least proposed to spend. 
President Biden was not even willing to acknowledge the problem that 
Social Security faces.
  But, in a bipartisan sense, let's be fair; he is not alone. Former 
President Trump refuses to acknowledge the issue. He never introduced 
or sought to work with Congress when he was President, and now he 
criticizes anyone who suggests that Social Security might be going 
insolvent. But, unfortunately for us all, Social Security is going 
insolvent.
  It is not me who says this; it is the actuaries, those who are told 
to come before the American people and tell what is the current state 
of Social Security. They tell us that in 9 years, it is insolvent. At 
that point, beneficiaries will see a 24-percent cut in the amount they 
are receiving. There is no grandfathering in. You might be already 
receiving, but when that deadline hits--2033, 2032--boom, 24-percent 
cut for those who are currently receiving. Poverty among the elderly 
doubles.
  And even though it is against the law to borrow money to pay the 
difference between what is coming in and what is going out, let's 
imagine that we did. If we do decide to break the law and borrow that 
money, it would end up causing a $562 trillion debt to pay these 
benefits over the next 75 years. That would give us a debt-to-GDP ratio 
similar to that of Greece and Venezuela, and that is independent of the 
money that would be required for Medicare benefits and other such 
benefits.
  So what does our Big Idea do? Our Big Idea avoids this problem by 
setting up an investment fund separate from Social Security--no Social 
Security money whatsoever--an investment fund in which we place money 
and allow it to grow over 75 years; and, in so doing, we address 75 
percent of the issue.
  We don't raise the retirement age to 70, as people suggest. We don't 
touch the way Social Security benefits are distributed. We make sure 
that no one has a disruption in their benefits that they are promised 
to receive. And in our plan, we have work incentives and we work to 
address issues of WEP and GPO and poverty among the elderly.
  It is an idea that could work and pass Congress, but there has been 
zero Presidential leadership. And we have had no engagement from this 
President, and there was no engagement from the previous President.
  So a few weeks ago, we decided to take our issue to the people, and 
we called it Bill on the Hill. Kind of a nice rhyme, huh? I took a walk 
around the Capitol grounds and spoke to Americans from across the 
country who were visiting the Nation's capital. There was a couple from 
Louisiana, a family from Pennsylvania, a veteran who is also a pastor 
from Massachusetts, and several others who gave their unvarnished 
opinions on what they want Washington to do about Social Security.
  The bottom line: Americans want to see Social Security saved. They--
we--deserve a real solution, not grandstanding. One blue-collar worker 
I spoke to from rural Pennsylvania told me--I am going to try and 
imitate his voice:

       Jobs that I have had haven't necessarily had retirement 
     plans.

  He said it was ``very discouraging'' to hear a 24-percent cut was 
coming if we do nothing.
  There was a doctor from Opelousas. Now, this doctor has as much gray 
hair as I do, but, if you can imagine, he was once one of my former 
students. The doctor from Opelousas--Opelousas, LA, for those who don't 
know about that--he put it in stark terms when I told him that doing 
nothing means that poverty among his patients would double--among the 
elderly in general, but he has got a patient population a little bit 
older. He said the people he knows ``would have to start choosing 
between their medicines and food.''
  Now, these are people who rely on Social Security, who put faith in 
that sacred trust that they would not have to choose between medicine 
and food. Yet that is the choice they are going to be forced to if we 
do nothing.
  And then there was Dr. Paul Kim--a pastor, a veteran--who was up here 
for a convention from Massachusetts. And he told me what he wanted from 
a President:

       He has to be honest and keep the promise [of Social 
     Security].

  Dr. Kim is right. The President needs to be honest with the American 
people about Social Security; but this President is not. He refuses to 
even acknowledge that the problem exists.
  The fact is, as I have already mentioned, Social Security--according 
to the actuaries, the people we entrust to tell us the state of it--is 
going insolvent in 9 years. But President Biden is steadfast in his 
position that there is nothing wrong, there is no need for a serious 
plan. Oh, yes, he introduced a plan when he was on the campaign trail; 
has done nothing since. And the money that he would use to pay for this 
unserious plan he has already proposed to spend on other things.

  By the way, $4.5 trillion he has proposed in new taxes and not a dime 
going to Social Security. And as I mentioned, it isn't just President 
Biden; it is former President Trump, who did nothing while he was 
President and, even now, criticizes people who wish to do something. It 
appears that the Biden-Trump plan is the same plan. It is a plan to do 
nothing and demagogue those who choose to responsibly address the 
issue.
  When I told one of these folks, the woman from Opelousas, LA, that 
President Biden and Donald Trump have the same plan, she was going: 
Whoa, whoa, that is something. But when she heard it was a plan to do 
nothing, her reaction was:

       I want to laugh, and I want to cry at the same time.

  Americans are watching as Washington flounders, as the deadline until 
retirees get a 24 percent cut approaches. By the way, we have seen 
polling on this. When people understand that the program is going 
insolvent in 9 years, 75 percent--from the very liberal to the very 
conservative and every point in between--think that we should address 
the issue now. That is the American people speaking, but that is not 
our leading Presidential candidates.
  We owe it to the American people to take this sacred trust seriously. 
We owe it to them to save Social Security before it is too late.
  Now, I am open to discussing my big idea, anyone else's idea. You 
name it. But there has to be a serious conversation. And since it has 
to be signed into law, a participant must be the President of the 
United States. We need the political courage from those who aspire to 
be our Nation's leader to actually show leadership.
  I yield the floor.
  The PRESIDING OFFICER. The Senator from New Jersey.
  Mr. MENENDEZ. Madam President, I ask unanimous consent that I be able 
to make my full statement prior to the vote.
  The PRESIDING OFFICER. Without objection, it is so ordered.