The new consensus began with Rep. Paul Ryan introducing bills in 2004 and 2005 providing workers with the option to choose personal savings and investment accounts to finance their future Social Security benefits.

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Those include beginning and expanding an option for personal savings, investment and insurance accounts for Social Security and Medicare, eventually expanded to finance all the benefits financed by the payroll tax today.

FORBES: How A President Gingrich Would Balance The Budget

Personal savings, investment and insurance accounts would eventually be expanded to finance all the benefits financed by the payroll tax today, ultimately displacing that tax entirely.

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In America, Britain and even in parts of continental Europe, the bull market has created a new, confident class of investors in shares and mutual funds who scour the booming personal-finance press for investment ideas.

ECONOMIST: Passing the buck | The

With personal accounts, such price-indexing was completely unnecessary, as workers over time would be replacing the promised wage-indexed benefits, which Social Security admittedly cannot finance, with the fully funded personal account benefits financed by real savings and investment.

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