Bisignano vows Social Security will last another 90 years

Bisignano vows Social Security will last another 90 years

Frank Bisignano, the commissioner of the Social Security Administration (SSA), said Monday the program will last another 90 years .

“This is a long journey. It’s 90 years old. It’ll be around for another 90 years ,” Bisignano said on CNBC’s “Squawk Box.”

The SSA will release its annual cost-of-living adjustment (COLA) on Wednesday, after the Bureau of Labor Statistics (BLS) reports data for September inflation, as measured by the consumer price index (CPI).

For this year, the SSA increased benefits for the roughly 75 million recipients of Social Security by 2.8 percent. The Senior Citizens League projects the program’s COLA for 2027 will be 3.5 percent , which would be the fourth-highest adjustment since 2008.

That would boost the average monthly Social Security benefit check, which the federal government first sent in 1937, from $1,941.76 to $2,009.72 , based on August data from the SSA.

“People are very, very grateful for it, and they look forward to it,” Bisignano said Monday of the annual COLA.

Earlier this year, Bisignano and other Trump administration officials said Social Security’s Old-Age and Survivors Insurance (OASI) Trust Fund will cover only 78 percent of scheduled benefits starting in the early 2030s.

Welcome to The Hill’s Business & Economy newsletter , I’m Max Rego — covering the intersection of Wall Street and Pennsylvania Avenue.

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Branch out with more stories from the day:

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Business and economic news we’ve flagged from other outlets:

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Minnesota Lt. Gov. Peggy Flanagan (D) leads her GOP opponent, former NFL sideline reporter Michele Tafoya, in a new poll on the state’s U.S. Senate race. Read more

A federal judge scolded Trump administration lawyers on Monday for failing to provide sufficient notice before cutting down hundreds of trees in East Potomac Park over the weekend, saying she was “beyond disappointed” with the government’s conduct. Read more

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