Social Security boss predicts 'another 90 years' for program ahead of expected COLA boost
WASHINGTON, DC - OCTOBER 14: In this photo illustration, a Social Security card sits alongside checks from the U.S. Treasury on October 14, 2021 in Washington, DC. The Social Security Administration announced recipients will receive an annual cost of
Millions of Americans relying on Social Security are about to get some much-needed financial relief as the head of the agency says an expected Cost of Living Adjustment (COLA) is part of a broader effort to secure the program's future.
In a wide-ranging interview on CNBC’s "Squawk Box," Social Security Administration Commissioner and IRS CEO Frank Bisignano addressed concerns over long-term funding, emphasizing a commitment to fixing the agency's internal operations to ensure the system's longevity.
COLA adjustment
What they're saying:
With inflation continuing to impact the cost of groceries, healthcare, and energy, beneficiaries are eager for the annual COLA announcement expected this Wednesday. Bisignano called the upcoming adjustment a "good day" for retirees.
When pressed on the long-term financial footing of Social Security and debates over raising the retirement age, Bisignano maintained that his immediate mandate is to fix the mechanics of the agency. As a trustee of the fund, he expressed confidence in the program's durability.
"This is a long journey. It’s 90 years old, and it’ll be around for another 90 years," Bisignano stated.
Social Security COLA announcement could come as soon as Wednesday
Social Security recipients across the United States should soon know how much of an increase they will see in their monthly checks next year.
Cleaning up the system
Dig deeper:
To back up his confidence in the program's future, Bisignano pointed to massive operational overhauls aimed at treating the massive federal agency more like a private corporation.
He revealed that the agency recently purged 30 million erroneous records from the Social Security file to boost accuracy and reduce long-term costs. The SSA has also digitized Medicare claims processing to ensure faster, touchless turnarounds.
Looking ahead at the nation's $2 trillion deficit and the rising costs of medical care, Bisignano pointed to artificial intelligence as the primary solution.
"I think AI will bend the cost curve on everything," Bisignano noted, confirming that both the IRS and the SSA are aggressively expanding their use of the technology to modernize the federal government from the inside out.
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‘Trump Accounts’
What's next:
Beyond his roles overseeing Social Security and the IRS, Bisignano is spearheading the growth phase of "Trump Accounts," a federal initiative designed to build early wealth.
He shared exclusive new Treasury data revealing rapid adoption: 26 million accounts have already been funded with over $8 billion in deposits from family, friends, donors, and the U.S. government. That figure is nearly double the $4.5 billion reported by the White House just a week prior.
Bisignano remains steadfast on reaching a goal of 70 million enrolled accounts, stating, "I'm running America's largest startup here."
The Source: Information from this article was sourced from an interview with Social Security Administration Commissioner and IRS CEO Frank Bisignano on CNBC’s "Squawk Box."