Former Treasury Secretary Paul O'Neil, a media darling when he released a book in his name which was critical of certain aspects of the Bush Administration, has proposed that the federal government invest $2,000 for every newborn American, adding $2,000/year for each year until the child reaches age 18.

The money would be invested in a conservative index of stocks and bonds and couldn't be touched until retirement. The investment would grow at a compounded rate, meaning that as the value of assets in the account grows, profit would be reinvested so the account would grow even more. Without adding a single cent beyond compounding after the child turns 18, he or she would retire at age 65 with $1,013,326 in the account, O'Neill reckons.

It's another government investment scheme, but it could be studied as an alternative to Social Security if the government is determined to continue going that route. More importantly to the present day, though, is that the $1-million figure illustrates just what a terrible program social security is.

O'Neil's idea is certainly more consistent with Republican values than is the version of FDR's scheme being touted by the anti-Bush wing of Congress.