Trump-Era Social Security Commissioner Discussed Retirement Age Hike Amid Insolvency Fears

During the Trump administration, then-Social Security Administration Commissioner Frank Bisignano indicated that increasing the retirement age was among the options being considered to prevent the program from reaching insolvency. In a FOX News interview, Bisignano stated that ‘everything’ was on the table as the administration explored reforms to secure Social Security’s long-term financial health.

Projections from the Social Security Administration, cited by FOX Business, indicated that the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) trust funds were anticipated to be depleted by 2034. This looming insolvency was attributed to a declining ratio of workers to retirees over several decades. Should the funds run out, an automatic benefit cut of approximately 24% would occur unless Congress intervened, according to analysis from the Committee for a Responsible Federal Budget.

To bridge the program’s 75-year funding gap, trustees projected a permanent increase in payroll taxes by 3.65 percentage points would be necessary. Bisignano emphasized that comprehensive Social Security reform would require a collaborative effort between the administration and Congress to address the impending financial challenges.

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