Of course, from an economic standpoint, a separate issue is whether a truly sovereign government ought to borrow its own currency at all. This gets into whether we want to support a growing (in wealth) class of idle rent-seekers, both at home and abroad. At home, the issue becomes whether these institutions that seek rent of our money to us, actually put more back into the economy than they take out. This is the banking sector and institutional bond buyers. Well, though some of these bond buyers are funds that do support pensioners, who, like Social Security recipients, spend more into the economy than they take out, there are more direct ways to do this, like Social Security.
How about this? We stop borrowing our sovereign money, eliminate the deadweight Social Security payroll tax altogether, which is 12.4% (half employee, half employer, typically), and simply fund social security payouts directly with debt-free money. Since we would be now saving money by cutting out bond-buying middlemen and paying interest payments to banks, and since we know seniors' demand for goods and services produces more national income than it takes out (see above), why not give seniors a raise while we're at it? The cost of living for that group has consistently outpaced general inflation and payments have not kept up.
While we should never spend all our dollars on any particular group, a dollar spent on seniors seems like a remarkably good deal and should be funded with debt/interest-free sovereign money.
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