U.S. News -- Election 2012: Gingrich Touts Private Plans --- Candidate Now Backs Social Security Change, Making Romney Odd Man Out
MANCHESTER, N.H. -- Presidential candidate Newt Gingrich said on Monday that younger workers should be allowed to divert a portion of their Social Security taxes to private investment accounts, leaving Mitt Romney as the only leading GOP contender not to advocate fundamental changes to the federal retirement program.</br></br>Younger workers also could opt to remain in the current Social Security system under Mr. Gingrich's plan.</br></br>The goal of private-account plans is to allow market returns to replace taxpayer-funded benefits, saving the government money. Mr. Gingrich's proposal, which he outlined in a speech here, is similar to an unsuccessful effort by former President George W. Bush to revamp the popular retirement program for seniors.</br></br>But Mr. Gingrich said his proposal would guarantee that anyone who invested in personal savings accounts would receive as much as traditional Social Security pays out.</br></br>Some conservative supporters of private accounts for Social Security dismissed such guarantees as impractical, saying it meant the government would retain market risk. "It doesn't make any sense to do that . . . Guarantees don't work," said Thomas Saving, a conservative economist at Texas A&M University who helped design Mr. Bush's plan as a member of his Social Security commission.