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Sen. Cassidy Seeking to Increase Focus on Social Security Reform - CNBC.com
“We need to put the politics aside for the good of the country, for at least a little bit.” That’s the sentiment expressed recently by outgoing Louisiana Senator Bill Cassidy as he discussed his interest in tackling the rapidly approaching Social Security insolvency crisis. And one of the platforms in Cassidy’s push to address the problem was a bipartisan proposal he and Sen. Tim Kaine (D-VA) have advanced for consideration. The Cassidy/Kaine proposal, dubbed a “Big Idea,” was a follow-up to President Trump’s February 3, 2025 executive order calling for creation of a sovereign wealth fund completely separate from Social Security’s trust funds and using investment earnings sufficient to fund the projected revenue shortfall (the background of this proposal was covered in his website post in 2023, which can be viewed in full here.)
Although the Cassidy/Kaine “Big Idea” exemplifies the kind of unconventional thinking many consider important in deliberations about Social Security’s future, the concept has come under fire. For example, comments from the Center for Retirement Research (CRR), as outlined in a 24wallst.com post by contributor Christy Bieber, expressed concern about the high-risk nature of the Big Idea’s strategy and the very real chance that the expected returns would not materialize.
The success of Sen. Cassidy’s efforts to rally Congress on this critical issue remains to be seen, but his intentions are clear: “We need to do something now,” he said in a June 10 interview on CNBC.com. For more on Sen. Cassidy’s thoughts on Social Security reform, check out this post by CNBC personal finance reporter Lorie Konish.