Social Security commissioner predicts program will last ‘for 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........

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