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Richard Viguerie: Obama and McCain Proposals would jeopardize future Social Security payments

MANASSAS, Va., Aug. 7 /PRNewswire-USNewswire/ -- Reacting to Senator Barack Obama's support for increasing Social Security payroll taxes, and news reports that Senator John McCain would consider increases in the payroll tax, Richard Viguerie, Chairman of ConservativeHQ.com, issued the following statement:

"Neither Senator Obama nor Senator McCain appear to know what happens to Social Security payroll taxes. Or maybe they know and hope the public is kept in the dark so that Social Security money can continue to fund wars and social programs.

"Every penny raised in payroll taxes beyond what is necessary to pay current benefits is spent by the federal government on everything from space ships to paper clips. In turn, the Social Security Trust Fund gets non-negotiable IOUs.

"In Fiscal Year 2009, the Social Security surplus is projected to be $227 Billion, which will be used to finance the general operations of government. The total IOUs in the Trust Fund, old age and disability, currently amount to $2.36 Trillion.

"When we get to 2017, when payroll taxes no longer produce enough revenue to pay full Social Security benefits, these IOUs in the Trust Fund could be as high as $4.971 Trillion, depending on the economy (in current dollars).

"Future Social Security payments can only be met by some onerous combination of additional tax increases to replace the Social Security payroll taxes that were spent on other things, reductions in benefits, or additional borrowing.

"Increasing payroll taxes now would provide more money for big spending programs not related to Social Security, while creating greater problems as to how seniors would receive their checks in the future.

"It is highly irresponsible for Senators Obama and McCain to even consider increases in payroll taxes until legislation is enacted to make sure Social Security surpluses are saved, not spent."