It’s a subtle difference but I always heard it presented like it was a federal retirement account but is actually insurance for getting old.
It’s a subtle difference but I always heard it presented like it was a federal retirement account but is actually insurance for getting old.
Cynically, this is because it allows the recipients to feel entitled to it without having to also hold a positive view of taxation. This means a typically conservative demographic (the elderly) can be convinced to vote for things that hurt them (i.e. for tax cuts).