Frank Bisignano, the commissioner of the Social Security Administration (SSA), assured the public that the program, which is currently 90 years old, will continue for another 90 years. Speaking on CNBC’s “Squawk Box,” Bisignano expressed confidence in the longevity of the Social Security system.
On Wednesday, the SSA will announce its annual cost-of-living adjustment (COLA). This follows the Bureau of Labor Statistics’ report on September inflation, measured by the consumer price index (CPI). For this year, benefits for the approximately 75 million Social Security recipients increased by 2.8 percent.
The Senior Citizens League forecasts that the COLA for 2027 will reach 3.5 percent, marking a significant adjustment since 2008. This change will raise the average monthly Social Security benefit from $1,941.76 to $2,009.72, according to August data from the SSA.
Bisignano highlighted the importance of the COLA, stating, “People are very, very grateful for it, and they look forward to it.” Earlier this year, he, alongside other officials from the Trump administration, revealed concerns that the Old-Age and Survivors Insurance (OASI) Trust Fund would only cover 78 percent of scheduled benefits by the early 2030s.
Beyond Bisignano’s announcement, notable business and political events were reported. Elon Musk donated $276 million to Republican PACs during a challenging period for the GOP. A recent poll showed that most Americans, regardless of party affiliation, oppose betting on election outcomes. Additionally, Delta Air Lines delayed its Atlanta-to-Riyadh service due to Houthi attacks.
Former Vice President Kamala Harris criticized the Trump administration’s deal with Russia for diesel, expressing concerns about perceived weakness in the agreement. Also, internal documents from the Department of Justice highlighted the surge in immigration cases due to Trump’s policies.
In other news, a federal judge expressed disappointment with the Trump administration’s decision to cut trees in East Potomac Park without sufficient notice. Moreover, Minnesota Lt. Gov. Peggy Flanagan leads in the U.S. Senate race poll against Michele Tafoya.