Frank Bisignano, commissioner of the Social Security Administration (SSA), expressed confidence in the program’s longevity during a recent appearance on CNBC’s Squawk Box. He stated that Social Security, which has reached its 90-year milestone, is expected to continue for another 90 years.
The SSA is set to announce its annual cost-of-living adjustment (COLA) this Wednesday. This follows the Bureau of Labor Statistics (BLS) releasing the September inflation data, tracked by the consumer price index (CPI).
This year, the SSA raised benefits by 2.8% for approximately 75 million Social Security recipients. According to projections by the Senior Citizens League, the COLA for 2027 could be 3.5%. This would be among the largest adjustments since 2008. If implemented, this increase would elevate the average monthly Social Security benefit from $1,941.76 to $2,009.72, based on SSA’s data from August.
“People are very, very grateful for it, and they look forward to it,” Bisignano commented on the importance of the annual COLA.
Earlier in the year, Bisignano and other officials warned that the Social Security’s Old-Age and Survivors Insurance (OASI) Trust Fund might only cover 78% of scheduled benefits starting in the early 2030s.
In related key business and economic news: Elon Musk has contributed $276 million to several Republican super PACs ahead of the midterm elections, according to reports. Moreover, recent surveys indicate a significant majority of Americans oppose betting on election outcomes through platforms like Kalshi or Polymarket.
Delta Air Lines has decided to delay its planned flights from Atlanta to Riyadh. This comes after the Iran-backed Houthi rebels attacked Saudi Arabia’s King Khalid International Airport, affecting Delta’s launch plans.
Meanwhile, Former Vice President Kamala Harris has voiced disapproval of President Trump’s fuel agreement with Russia, suggesting it displays weakness.
Other highlighted stories include challenges faced by the Department of Justice due to recent immigration policy changes under the Trump administration, which have significantly increased the caseload.
Finally, an update on political developments: Minnesota Lt. Gov. Peggy Flanagan currently leads against her Republican opponent Michele Tafoya in the U.S. Senate race. Additionally, a federal judge recently criticized the Trump administration for insufficient communication regarding the removal of trees in East Potomac Park.