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McCain Rips Social Security Funding

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The Associated Press

Published: July 10, 2008

PORTSMOUTH, Ohio - The system for funding Social Security is "a disgrace" because it forces young Americans to pay into a program that is unlikely to benefit them in its current form, Republican presidential candidate Sen. John McCain said this week, wading into politically touchy territory.

Like many other politicians, McCain of Arizona has often questioned the long-term viability of the government retirement program. But he raised eyebrows with an unusually harsh assessment Monday at a town-hall forum in Denver.

Asked by a young woman if she is likely to receive Social Security benefits someday, McCain said it was unlikely "unless we fix it."

"Americans have got to understand that we are paying present-day retirees with the taxes paid by young workers in America today," he said. "And that's a disgrace. It's an absolute disgrace, and it's got to be fixed."

Some Democrats criticized the remarks because McCain basically was describing how Social Security has always worked. Current retiree benefits are supplied by payroll taxes from current workers. Because the system now runs a surplus, the extra money is used to pay for other government programs.

But benefits will begin to outstrip Social Security tax revenues in about nine years, the program's trustees said in March. They reported its trust fund will be depleted by 2041 unless the formula is changed.

In Denver, McCain offered no specific remedies, but said he would sit down with Democrats and Republicans to find them. "I want to be president to do the hard things," he said.

Speaking to reporters on his campaign bus Wednesday in Ohio, he went into more detail. He said young workers "are paying into a system that they won't receive benefits from on the present track that it's on. That's the point. I don't think it's fair, I think it's terrible.

"That's why we have to fix it," McCain said, pointing to a 1983 bipartisan agreement that bolstered Social Security for a while by cutting benefits and raising taxes.

McCain declined to say whether he would endorse a similar package, or a higher retirement age or other suggestions that have been made.

"I cannot tell you what I would do, except to put everything on the table," he said.

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