To ascertain the impact of policy shifts, as well as price level and age structure changes, the rise in benefits is disaggregated into increases attributable to qualitative improvements, inflation, and growth of the aged population for the period 1960 to 1978. Expenditures also are projected over the next 50 years using alternative measures of benefit levels. The projections are compared to recent government estimates to illustrate the role of policy decisions upon the “graying” of the federal budget.