It is a huge gov't boondoggle.
It will not save taxpayers a nickel in the long run:
it was political paybacks for helping get the democrats elected. And my generation and the one behind me will be footing the bill as is typical of all Boomer plans. Then they will pat themselves on the back for all the hard work they did in life--as the next generation continues to have a decreased standard of living--due to them.
Or put simply: the next generation is now paying for the retirement standards of the previous generation to not be cut due to mismanagement by members of that previous generation and the union bosses of that generation.
It's 100% a government boondoggle and 100% political payback for election support: it's also 100% disgusting.
You assume pensioners CAN get jobs and decent ones. No one is going to hire the geriatrics to do work unless they have to.
Show up at UPS as a geriatric and watch how they disqualify you in the first 30 days. Do you think any other company is different? There are millions of horror stories of geriatrics not being able to find jobs due to their age. The technological curve alone disqualifies millions of geriatrics.
That was the only thing good about COVID---it took out some of the geriatric drags on society.