In 1940, the average life expectancy at birth in the United States was approximately 65 years.
Today, the average life expectancy at birth in the United States is approximately 80 years.
So there you go. FDR didn’t read things wrong. He just didn’t anticipate the advances in medicine and health care.
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Disclaimer: Those life expectancy numbers vary all over the place depending on the source. But I think the point is made regardless.
In FDR’s time people began receiving benefits without paying much in. It’s buying votes.
Congress raised benefits too high relative to contributions. Thank Claude Peppers.
Good point on life expectancy changes. Also is the push to a “nuclear family” because of the “population explosion” myth, which undermined having future payees into SS.
You have to temper that with the fact that in some communities teenagers are shooting each other and leaving this earth before they ever had a chance to contribute even a penny to Social Security. So make the longevity than 80 years for recipients longer and the contribution of others less.