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Hello everyone and welcome to At Bairns. I'm Andy Surwer. And welcome to our guest, Bill Cassidy, United States Republican Senator from Louisiana. Senator, nice to see you. Thank you so much for joining us.

Hey, Andy, thanks for having me. I'm looking forward to our topic. It's an important one. Thanks for having me.

Yeah, I really want to talk mostly about a proposal to rescue Social Security that you put forward with Tim Cain, Democrat from Virginia.

First of all, just how dire is the situation with Social Security?

We've been hearing about this for a number of years, but I gather things haven't gotten better.

You remember the Billy Crystal, Billy Crystal guy in Princess Bride? It's not dead, but it's

mostly dead. Now, you hate to laugh about something like that, but think if he's not dead, he's

mostly dead. Let me get some context for people less familiar with it.

Right now, we have that much money coming into the Social Security program, but we have that

much money going out. More is going out than going in. The difference is made up because there

is an account, the Social Security Trust Fund, that when in years that we were paying more

in than we were spending, that trust fund filled up. That trust fund is now being drained

because for years more has gone out than come in. In eight years, that trust fund is empty.

At that point, the amount going out has to adjust downward to the

amount we're actually receiving an income. And that downward adjustment will be somewhere between

21 and 25 percent for current and future beneficiaries. You're getting a thousand bucks a month

that'll go down to $800 a month or $750 a month.

And that's in eight years.

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