In a news release, Cassidy claims the SSI Savings Penalty Elimination Act updates SSI's asset limits for the first time since the 1980s.

LOUISIANA (KTAL/KMSS) — Sen. Bill Cassidy (R-La.) outlined his "big idea" to save all Americans from a 23% cut in Social Security benefits in the next eight years.

In a news release, Cassidy claims the SSI Savings Penalty Elimination Act updates SSI's asset limits for the first time since the 1980s. The update helps disabled and elderly Americans prepare for financial emergencies without risking their benefits.

In an op-ed, Cassidy wrote "addressing this problem should be a no-brainer."

“In about eight years, the only thing that will be going out is a 23% cut in benefits to those currently receiving and all future Social Security beneficiaries," Cassidy said. "What are we as Americans going to do about it?”

He presented his idea to the National Institute on Retirement Security's (NIRS) 15th annual retirement policy conference.

NPR reported that Social Security is expected to run short of cash by 2023: 'If Washington does nothing, in about a decade, Social Security will start to run out of money.'

The program cannot borrow money since it is funded by workers' taxes, surpluses, and interest earnings. Once exhausted, an estimated 24 percent of benefits will be cut for recipients.

For many Americans, especially those older than 65, workers who become disabled or wounded warriors, social security is much more than a retirement program. It affects over 70.6 million people across the nation, including over 110, 876 individuals in Louisiana.

“We need people to understand this proposal," Cassidy said. "We’ve come up with the ‘Big Idea’ that begins to address the issues of Social Security just like you are addressing your pension fund issues. People think this is a radical idea. No, this is what you’re already doing.” 

He also highlighted in a news release "the first bipartisan bicameral push to reform the Social Security Income (SSI) program," claiming it has not been updated in nearly 40 years.

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