It's no secret that President Joe Biden and former President Donald Trump have long been bitter rivals. However, one senator recently said that there is something they seem to agree on.
According to The Hill, Louisiana Republican Sen. Bill Cassidy complained during a Sunday appearance on NBC's "Meet the Press" that "Joe Biden and former President Trump have the same plan, which is to do nothing on Social Security."
He insisted both will "allow a 24 percent cut to benefits when the fund goes insolvent in about eight or nine years," stressing, "They both have the same plan."
The Hill noted that Cassidy's comments came in response to an advertisement released late last month by a pro-Trump super PAC.
The spot is directed against Florida Gov. Ron DeSantis and alleges that he will cut federal entitlement spending. While DeSantis has yet to formally announce that a White House run, most polls show him to be Trump's strongest challenger.
Trump team running anti-DeSantis ads on Fox News focused on his Social Security and Medicare votes. pic.twitter.com/qcPJDzMu0u
— Matthew Gertz (@MattGertz) March 31, 2023
"It does make it harder," Cassidy told Chuck Todd when asked how Trump's stance has affected the ability of Republicans to address spending on Capitol Hill.
The senator added,
"When your leading presidential candidates have made the decision to deceive the American people and to say there isn’t a problem, when every actuary who looks at this says that there is a problem and someone who’s currently receiving, 80 years old, otherwise would be in poverty, will get a 24 percent cut in their benefits by current law it makes it very hard when they are so irresponsible. It’s true for President Biden. It’s true for former President Trump."
The Hill pointed out that Medicare funding is expected to hit a shortfall in 2028. Meanwhile, Social Security may become insolvent in 2032.
With an annual price tag of $2.7 trillion, Social Security, Medicare and Medicaid currently comprise almost half of the entire federal budget.
For his part, Cassidy has proposed creating a fund "which is separate from Social Security," of about $1.5 trillion "to be invested in the nation’s economy."
Many voters are skeptical about investing Social Security funds in the stock market, however, since those funds would not be guaranteed against losses.
The government owes enough money without having to pay for bad investments.