The Dwindling Pot Of Money That Could Plunge Seniors Into Poverty
The Dwindling Pot Of Money That Could Plunge Seniors Into Poverty
Susan Davis interviews Senator Cassidy at Dirksen in Washington, D.C. on May 10, 2023. Catie Dull/NPR hide caption
Susan Davis interviews Senator Cassidy at Dirksen in Washington, D.C. on May 10, 2023.
Catie Dull/NPRSocial Security provides retirement money to U.S. workers who have paid into the system via taxes. The program could be forced to cut payments within the next decade if Congress doesn't act to sure up its funding.
One bipartisan plan, still in its early days, comes from Sen. Bill Cassidy, a Louisiana Republican, and Sen. Angus King, a Maine independent who caucuses with Democrats: an independent endowment seeded by a $1.5 trillion investment from the federal government.
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Correction May 12, 2023
The proposal calls for an independent endowment to be seeded with a $1.5 trillion investment from the federal government, not a $5 trillion investment.