Gingrich flunks government
The history professor often distorts history and most assuredly doesn’t pass economics. Essential to good government are representatives who 1) know the law, 2) know finance and accounting, 3) have collaboration and consensus-building skills. Gingrich had a moment in the sun and history has shown that the climate has grown warmer and less hospitable as a result.
“Gingrich's Social Security and tax proposals are deeply flawed, reports Robert Pozen: "Gingrich’s 'fix' for Social Security builds on a Bush-era proposal. He would allow younger workers to contribute a portion of their payroll taxes to a private account instead of to the Social Security fund. These accounts could be invested in one or more diversified mutual funds in a plan regulated by the federal government. But Gingrich takes a radical step further by effectively telling those workers not to worry if their investments of payroll taxes do poorly. According to Gingrich, 'The Treasury will send them a check to make up the difference' between their fund returns and their scheduled benefits under Social Security. By guaranteeing the government’s scheduled benefits as the floor, Gingrich gives workers a tremendous incentive to roll the dice...Heads you win, tails (we) taxpayers lose."”
Via Ezra Klein, Wonkbook, Washington Post