“Paid for by more debt”
When did we think we had to pay for the government not taking our money??
“When did we think we had to pay for the government not taking our money??”
“Our money”???
If you have a private pension and you made contributions to it when you are working, and your employer made equal contributions to it as well. You paid in 50% of the contributions that would fund your pension, and your employer paid in 50%. You received that COMPENSATION from your employer, but since your employer paid their portion directly, you were not taxed on that employer’s contribution while you were working, and while you were in a higher tax bracket than likely to be the case in retirement.
But then in retirement that portion of the retirement attributable to your own contributions is not taxed - you already paid taxes on those contributions when they were deducted from your cash pay.
But the portion of retirement attributable to the contributions from your employer represents the taxable portion of your pension.
Social Security is no different - individuals paid half, employers paid half and the taxable and not taxable portions are calculated the same as for private pensions.
Yes, to pay this latest vote buying rule will come from some of the additional borrowing, because the funding process for social security has no other way to cover the new giveaway. You can’t say it will come from “general revenues” because they are in deficit already.