Gingrich proposes private retirement accounts

As in the same idea that nobody wanted when Bush was president. As in the kind of plan that would have left Americans retirement accounts with Wall Street, the guys who blew the economy in 2008. It’s bad enough that Americans are stuck with 401K plans that have too little regulation so they’re clobbered by high fees and lousy products, but turning Social Security over to Wall Street is about the last thing the US or any country needs now.

Creating plans to screw yet another generation can only generate excitement within the loony GOP circle. Just leave it alone and fix what you already broke, Newt.

Republican presidential contender Newt Gingrich on Monday proposed allowing younger workers still decades away from retirement to bypass Social Security and instead choose private investment accounts that would be subject to stock market gyrations.

The former House speaker, who has risen in the polls, would allow younger workers to take their share of the payroll tax that funds Social Security and put it in a private account.

Employers would still pay their share of the tax, which would be used to pay benefits for current retirees. But it would create a funding shortfall that Gingrich brushed off.

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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