Dear Friend,
Two large principles led me to run for president: values
and innovation.
On the values level, the very heart of what defines
America is at stake in this election. Are we still an exceptional nation that believes, as our Founding Fathers did, that our rights come from God, or are we drifting towards a more European model where citizens are subjects to the government?
On the innovation level, Washington is a stunningly
incompetent bureaucratic mess run by lobbyists eager to protect the past while resisting bold ideas of the future.
As I outlined in a speech yesterday to students at
Georgetown University, one example of innovation that Washington opposes is giving young Americans the right to choose personal Social Security accounts.
We know personal accounts work because we've seen them
work successfully in Chile and Galveston, Texas.
In 1981, Chileans were given the option of a personal
Social Security account. Within a year and a half, a whopping 93% of workers transitioned from the government-run system to personal accounts. In 30 years, because of the power of compound interest, Chileans who opted for personal accounts have retired with two to three times more money than what they would have received from traditional Social Security. Chile also guaranteed that if an individual's personal account dropped below the minimum amount the government would make up the difference. In 30 years, they have never had to write a single check.
The experience in Galveston, Texas mirrors that of Chile:
A system that transfers control of retirement decisions from bureaucrats to workers ultimately yields much higher returns than traditional Social Security could ever provide.
This is a perfect example of innovation because it
increases your freedom by giving you control over your money, and ensures that no politician ever again can get between you and your Social Security or tell you at what age to retire.
I'm in this race because I believe that values and
innovation matter. Big ideas like personal Social Security accounts are an enormous opportunity to give young Americans ownership over their retirements and financial future. In order to defeat President Obama, Republicans must be willing to talk about big ideas and have the courage to take on the entrenched special interests in Washington who want more control over your life.
With
your continued financial support, you have my commitment that I will continue to propose bold, conservative solutions to problems President Obama and timid Washington politicians have failed to solve.
Your friend,
Newt Gingrich
P.S. Historically, America is a country where its citizens
get up every morning to solve problems and create a better future, not wait around on the government to care of them. If you believe we need to return to that culture of an inventive America, then please make a generous donation today to my campaign of bold, conservative solutions.
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