Gingrich Begins 17-State Tour
Speaker will raise money and outline his '98 agenda
SEATTLE (AllPolitics, Jan. 13) -- House Speaker Newt Gingrich, embarking on a 17-state fund-raising tour, said it's time for "an honest, adult conversation" about saving Medicare and giving people more retirement savings options.
Gingrich, who spoke to 700 GOP supporters at a $100-a-plate dinner here, said today's young workers would come out ahead if allowed to invest part of their earnings in a "personal, modern Social Security system."
A 20-year-old worker who invested privately and earned an average rate of return would have $975,000 by retirement, compared to $175,000 in the current system, Gingrich said.
Gingrich said the existing system "denies the most powerful single economic fact and that's the power of compound interest." The speaker said there should be a national commission to thrash out all the options for retirement support and it should include representatives of the baby-boom generation, younger workers and seniors.
Gingrich plans to tour the nation, outlining an agenda that includes education reform, renewed efforts to stamp out illegal drugs, and limited tax rates so that all branches of government -- federal, state and local -- take no more than 25 percent of a person's income.
A party official said the Seattle dinner raised $428,000 for state GOP candidates and programs, despite wintery weather that may have cut attendance. Gingrich got hearty applause for his call to eliminate the inheritance tax.