Donald Trump has announced his nomination for the next commissioner of the Social Security Administration. If confirmed by the Senate, Frank Bisignano, a wealthy corporate CEO and Wall Street “fixer,” will head the agency. Bisignano is currently the CEO of Fiserv Inc., a leading payment processing service.
He has also held positions at Shearson Lehman Brothers, Citigroup, and was formerly the co-COO of JP Morgan Chase. Social Security experts and advocates have expressed concerns about Bisignano’s nomination. They fear that the incoming Trump administration may use his appointment to undermine the program and cut benefits.
Richard Fiesta, executive director of the Alliance for Retired Americans, criticized Bisignano’s lack of understanding of the unique needs of older and disabled Americans. Nancy Altman, president of Social Security Works, echoed these concerns, stating that Bisignano is “totally unqualified” for the position. In his corporate career, Bisignano has practiced a slash-and-burn leadership style.
He has often enriched shareholders at the expense of workers through drastic reductions in labor costs and stock buybacks. Fiserv employees have expressed outrage over Bisignano’s appointment and his tenure at the company.
Trump appoints Wall Street insider
They cite his insensitivity and his heavy-handed role in its culture of overwork and intensive surveillance. Social Security aids over 70 million people, many of whom rely solely on SSA benefits. Diana Madoshi, a 79-year-old retired registered nurse, shared her story highlighting the importance of Social Security as her lifeline and only income.
Slashing millions of seniors’ aid outright will not be easy, as cutting benefits is seen as politically anathema. Even the most determined Republicans are obliged to pay lip service to the program publicly. Social Security funds are well-protected, with legal barriers that prevent investment speculation.
The fund is forbidden from investing in anything other than federally backed treasury bonds. The House Republican Study Committee has proposed increasing the retirement age to 69 as part of their strategy. The right’s eagerness to slash the program stems from ideological reasons and the fact that Social Security processes about a trillion dollars annually.
As the debate over the future of Social Security continues, the threat of austerity and cuts looms large, especially with appointees like Bisignano at the helm. The future of this crucial social program remains uncertain as political forces seek to reshape its landscape significantly.
