In the beginning….
According to the Social Security administration, when President Franklin D. Roosevelt proposed the Social Security Retirement Program back in 1935, the financial analyst in the White House projected that the total Social Security expenditure would reach $1.3B in 1980, or 45 years into the future.
The actual Social Security outlay in 1980 was actually $149B.
What does that mean?
In other words, the analysts back in 1935 estimate of how much we would spend on Social Security is less than 1% of the actual 1980 Social Security expenditures.
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