The US Social Security Administration Commissioner Frank Pesiniano returns to the allegations of transparency from Senator Elizabeth Warren and discusses the threat of insolvency on “Morning with Maria”.
In the face of warnings that social security may become insolvent by 2034, administration officials say the future of the program depends on the reforms from Congress, with the expectation that all policy options will be discussed.
“I think everything is considered, it will be considered,” said Frank Pisiniano, Commissioner for Social Security Administration in “Al -Sabah with Maria” on Thursday. He was responding to the host of Maria Barteromo asking whether he was “considering raising the retirement age.”
After this sector, Bisignano issued a statement to Fox News Digital clarifying the position of management.
“Let me be clear: President Trump will always alienate social security. That is why we have made many vital reforms, such as waste, fraud and sympathy from the program, to ensure the social security sheet for future generations of Americans. Raising the retirement age is not under consideration at this time by the administration.”
“Remember that most people told you and social security will not be present,” he said. “Thus, the generations that come to have a different group of rules more than we have,” he added, in response to Parromo’s question about whether he is thinking about the fact that young generations may face different retirement expectations.
The main confidence funds for social security are It is expected to reach insolvency On the basis of a joint in the first quarter of 2034, this is partly due to the fact that the percentage of workers to retirees decreased over time from 16.5 workers per retired in 1950, to 3.3 in 1985, and about 2.8 in 2013, according to social security management data.
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The Trump administration is said to be considering “everything” when it comes to avoiding social security, says the Commissioner of Social Security Administration Frank Pesiniano. (Getty Images / Istock / Getty Images)
Once the insurance funds are used, the program will face an automatic reduction under the law to match the receipts of the salary tax received unless Congress repairs the program. Inside will let the beneficiaries face a reduction of about 24 % on average, according to an analysis by a non -party committee for the responsible federal budget.
Social Security Trustees estimated that Congress will need to raise taxes of salary statements by 3.65 percentage points-an increase of 12.4 % to 16.05 %-at a permanent basis to close the financing deficit for 75 years.
When asked before noise If raising the retirement age “provides a lot of money” and helps policy makers, Bisignano replied that “there is a full set of elements that can be useful to reach the answer.”
“In fact, it is that the secretaries, who are the four of us – I, the Minister of the Treasury, the Minister of Labor, and the HHS – the White House, who is completely committed to protecting and preserving social security, then Congress,” explained. “This is where the real work will happen. It will take some time, but we have a lot of time.”
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A Recent retirement study From Allianz Life, I found that retirement confidence tightens, as only 28 % of Americans feel life in their ability to support their financial goals financially, a decrease of 13 points since 2020.
Fears about market fluctuations and the future of social security increased between the tenth general, and most importantly, 70 % of the respondents said they were more concerned about the depletion of money in retirement more than death.
Besides raising the retirement era, Bisignano said there was also a recent talk about raising the roof of the contribution.
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Trump claims that millions of Americans receive the advantages of social security in the 100 -year -old to 360 years.
“This number will also continue to increase, as there is the maximum, and this is something else that people put in the equation to think about it,” Pesiniano said. “Eight years long. We are less than 200 days in this administration, and we need Congress to partnership with us.”
SSA spokesman also emphasized management commitment, and told Fox News Digital:
“The trusteeship of the funds, Congress, and all other stakeholders play a role in ensuring the continuing advantages of social security for future generations. As a guardian, Commissioner Bisignano is committed to ensuring long -term failure, and consistent with President Trump’s pledge to protect and retain social security. To the Bill of President Trump is a beautiful beautiful.”
“The plan (to) was that this was a great service provider for the American audience, and then, in ways and means and with (the Senate), it reached a plan,” Pisiniano told Bartiromo.
Eric Rafeel in Fox Business contributed to this report.
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