PORTSMOUTH, Ohio — The system for funding Social Security is “a disgrace” because it forces young workers to pay into a program that is unlikely to benefit them in its current form, Republican presidential candidate John McCain said this week, wading into politically touchy territory.
Like many other politicians, McCain often questions 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.
In a conference call organized by the Democratic Party, Gerald McEntee, president of the American Federation of State, County and Municipal Employees, said Social Security has “always been pay as you go, with today’s workers paying for today’s retirees. What’s a disgrace is that this is news to John McCain.”
Because Social Security 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 that its trust fund will be depleted by 2041 unless the formula is changed.
