2 Lawmakers Attempt The Impossible: Saving Social Security

The Social Security Fairness Act (SSFA) has garnered bipartisan support from 329 members of Congress, aiming to end two provisions that reduce benefits for millions of public employees. The bill would increase benefits without providing new revenues, and President Joe Biden is expected to sign it into law after the election. However, the Social Security system is projected to become insolvent in 2035 unless major reforms are implemented. Senator Bill Cassidy proposed the "Big Idea," a $1.5 trillion investment fund separate from the Social Security Trust Fund, which would be managed by an independent company and invested in a conservative portfolio of private sector entities. Cassidy's plan is projected to cover 75% of Social Security's revenue shortfall, with minor tweaks covering the remaining 25%. The plan also includes measures to prevent political meddling and misuse, and Cassidy supports a ban on investing in firms based in China.