It is called KidSave, and it was devised in the 1990s by then-Sen. Bob Kerrey of Nebraska, with then-Sen. Joe Lieberman as cosponsor. The first iteration of KidSave, in simple terms, was this: Each year, for every one of the 4 million newborns in America, the federal government would put $1,000 in a designated savings account. The payment would be financed by using 1 percent of annual payroll-tax revenues. Then, for the first five years of a child's life, the $500 child tax credit would be added to that account, with a subsidy for poor people. The accounts would be administered the same way as the federal employees' Thrift Savings Plan, with three optionslow-, medium-, and high-riskusing broad-based stock and bond funds. Under the initial KidSave proposal, the funds could not be withdrawn until age 65, when, through the miracle of compound interest, they would represent a hefty nest egg. At 9.4 percent annual growth, an individual would have more than 1 million dollars. The initial idea of KidSave was to provide a retirement supplement to Social Security, making it easier in some ways to reform Social Security to achieve fiscal solvency. But the concept can serve multiple purposes at a very small cost. More than 65 percent of Americans have a net worth of less than $100,000. About 90% of the total social security collections of more than $300 billion dollars is used to pay current beneficiaries and in some years the payout exceeded the collection. Is this a valid proposal? Is it even possible? Hint: Calculate FV.