Power Line's John Hinderaker wrote about the astonishingly errant math Ornstein used while endorsing the Kidsave program. Here's how Ornstein describes it in his article at National Journal:
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 who pay no income. The accounts would be administered the same way as the federal employees' Thrift Savings Plan, with three options—low-, medium-, and high-risk—using 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 Under the initial KidSave proposal, the funds could not be withdrawn until age 65, when, through the miracle of compound interest, they would represent a hefty nest egg.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 5 percent annual growth, an individual would have almost $700,000.Is it a typo? The total should be closer to $70,000, as a host of people have pointed out. If it's a typo, the National Journal continues to stand behind it through a lack of correction three (going on four) days after publication.
This is a job for PolitiFact! Or this is a job for PunditFact!
Or is it?