"Growth and innovation means securing and strengthening Social Security by empowering Americans with the option to invest in personal savings accounts... This gives Americans ownership over their retirement and the opportunity to unleash the power of the market to enjoy prosperous retirements."Anyone out there with a 401(k) want to talk about the "prosperous retirement" that the market secured and strengthened? Or are you retirees to busy working at Walmart because of the market crash?
Did someone forget the way the market works? Higher reward comes with higher risk - unless you're in the well-connected 1%. There's not a lot of risk when there's a sucker on the other end of the bet.
Personal savings accounts are just a way of increasing the number of suckers with tax incentives to play the Three-card Monte designed by financiers.
Follow the Newt and we will all be prosperous and above average. There are no losers in the free market - every retiree will win! And everyone gets a pony too!
UPDATE: Responding to criticism that privatizing social security might mean some people would go broke, Newt said that the government would step in to guarantee their retirement if their investments don't pan out. I'm looking forward to putting my privatized social security money in some really risky investments - if they pay off I'll retire a multimillionaire. If they don't the government will bail me out. I'm sure this is a great fiscal policy that will completely eliminated any problems with social security. I can't wait for my pony!