The elderly are now the richest component of the population; less than 10 percent of the elderly live in poverty, and there are many tax breaks

The elderly are now the richest component of the population; less than 10 percent of the elderly live in poverty, and there are many tax breaks available only or mainly for them (for example, Social Security benefits are not fully taxed). Given this, what would the basic utilitarian theory of income distribution say about the generational accounting effects of the new Medicare bill are socially desirable?