I can see investors salivating on the money coming their way under Newt's/your plan. Seems to me it's best to have SS as is, in a trust fund and as a baseline for retirement planning, raising taxes or trimming benefits if needed, with generous tax breaks for private savings, 401k's, etc.
The problem with solutions the GOP proposes is not much different than when it suggests stuff about Medicare from time to time. Conservatives are not trusted by us on the left and many in the center, I imagine, due to their historic antipathy to government programs. (Paul Ryan's story that he dreamed of getting rid of Medicaid while in college is both absurd and chilling at the same time. Most kids dream of getting laid.) Just look at the GOP freak out over the ACA. As one conservative put it about Obamacare, we can't have yet another program that might show people that government can do something positive.
Mentioned this before: a significant number of republicans voted for SS; then came Medicare -- with Reagan promising that it would all but make us slaves -- but it got some, tho fewer GOP votes; the ACA got none, I believe. While most/all of the conservatives in other countries have come to grips with welfare states, such as they are, the current GOP seems to want to go to pre Roosevelt times -- Teddy, not Franklin.