Rep. Jeb Hensarling, R-Texas, and Rep. Paul Ryan, R-Wis., a pair of the most outspoken conservatives in Congress, are trying to revive plans to transform Social Security into a system of private accounts (while cutting benefits for anyone under 55 years old). Speaking for Republicans on the House Budget Committee, Ryan proposes a “road map” for Social Security that strongly resembles the old Bush plan. The Ryan version would phase in individual accounts funded by an increasing portion of FICA taxes, limited to investments in a list of approved funds and “guaranteed” by the federal government. Meanwhile, Hensarling simply asserted on “Hardball” that “you can get better healthcare and better retirement security if you go to a defined contribution plan,” which is the same idea.
