Senator Bill Cassidy has proposed a $1.5 trillion Social Security reform plan to address the projected depletion of the Old-Age and Survivors Insurance trust fund in the fourth quarter of 2032. The proposal seeks to prevent significant benefit cuts for more than 71 million Americans who currently rely on the program. Cassidy warns that without legislative action, the fund would only be able to pay 78% of scheduled benefits after depletion, leading to potential monthly reductions of around $500 for the average beneficiary.

The plan calls for investing $1.5 trillion in a separate fund over five years. According to Cassidy, the money would be invested in equities and could grow over 65 to 70 years to cover approximately 60% to 65% of Social Security’s unfunded liabilities. The proposal is modeled after the National Railroad Retirement Investment Fund, established in 2001 to allow railroad pension assets to be invested in private securities. Cassidy stated that all market risk would be borne by the fund, ensuring beneficiaries still receive their promised benefits.

Projected Impact of Inaction

Social Security’s latest trustees report indicates the trust fund will be exhausted one quarter earlier than previously estimated. The growing funding gap has raised concerns regarding the financial security of future retirees. Projections suggest that benefit cuts could range from 22% to 24% if the fund is depleted.

Political Context and Resistance

Cassidy, who lost Louisiana’s GOP primary last month, intends to advance the proposal through hearings and legislation before leaving office in January 2027. The senator faces political resistance, partly stemming from his vote to convict former President Donald Trump following the January 6 Capitol attack. Despite the headwinds, Cassidy emphasized that Congress must act immediately to avoid larger tax increases and deeper benefit reductions. Senator Elizabeth Warren has also recently warned that raising the retirement age could cut benefits by 17% to 35%, disproportionately affecting lower-income workers.

ResumeTemplates.com has released a survey indicating that 23% of hiring managers will cut their hiring of 2026 college graduates, taking on fewer than last year or none at all. The reduction follows a restructuring where 45% of companies have shifted entry-level work to senior workers paired with AI tools. The survey of 1,000 U.S. hiring managers at companies with 101 or more employees highlights a shift in budget allocation, with 55% having moved part of their entry-level hiring budget to AI.

AI Replaces Entry-Level Roles

The integration of AI into the workforce is reshaping the structure of entry-level positions. According to the survey, 45% of hiring managers report their company has restructured so that one senior worker plus AI now performs the work of multiple entry-level employees. At 20% of companies, this arrangement covers three or more roles. Additionally, 48% of managers stated their company would rather invest in AI than hire and train a recent college graduate.

Hiring Managers' Concerns

Managers expressed significant concerns regarding the readiness of recent graduates for the workforce. The survey found that 69% of hiring managers cited at least one character concern, with a lack of work ethic (33%), professionalism (32%), and motivation (31%) being the top complaints. A lack of relevant work experience was the single most-named concern, identified by 45% of managers.

Skill Gaps Identified

The report highlights specific deficiencies in basic professional skills. Three-quarters of managers stated that recent graduates need help reading routine documents such as memos, contracts, or budgets. Furthermore, 41% of managers indicated that recent graduates cannot write a professional email or perform basic business writing. Trust in graduates' ability to interact with customers is also low, with only 17% of managers fully trusting recent graduates in front of customers.

Survey Methodology

The survey was conducted by ResumeTemplates.com via Pollfish in May 2026. It polled 1,000 U.S. hiring managers responsible for entry-level hiring decisions at companies with 101 or more employees. The margin of error is approximately plus or minus 3.1 percentage points at a 95% confidence level.