Bob Kerrey: “many of the things we do in the Senate involve making investments in America's future. Investments in research through…”

“many of the things we do in the Senate involve making investments in America's future. Investments in research through the National Science Foundation or investments in infrastructure development through the Department of Transportation reap great rewards for the citizens of tomorrow. Today, I am pleased to be joined by Senators Santorum, Moynihan, Grassley, and Breaux in introducing a piece of legislation that represents a remarkable new investment in the financial security of future generations of Americans. This proposal, called KidSave, aims to give every American a stake in the growth of the American economy, to help all Americans accumulate wealth and assets, and to teach all Americans firsthand the value of savings and compounding interest. Not only will this legislation promote savings and investments across all income levels, but it will also help to close the growing wealth gap. One of the discoveries I have made in researching this idea is that the most important variable in compounding interest rates is time. The earlier you start, the more wealth you build. One of the poster children for understanding the value of compounding interest is Osceola McCarty. Osceola was a Hattiesburg, Mississippi, washerwoman, who after more than seven decades of low-wage work donated $150,000 to the University of Southern Mississippi--wealth she had built by saving a little bit of money over a long period of time.”