Who produces 'new time', for example?
I assumed that was part of the whole system, that if you can give certain people a million years, you have the capability of actually manufacturing time.
What they're actually manufacturing is some method of dramatically slowing down the aging process. And then they add a "switch" that not only turns off this slowing process, but immediately kills the person, but that's an entirely separate element from the aging-process slowdown. Without it, nobody would die when their time ran out, they'd just start aging normally.
You could be "generous" and give immortality to everyone, but that would just cause massive overpopulation and destroy the planet, so everyone would be worse off. The way the system was set up, only a few people would be immortal and the rest would be enslaved by the time bomb implanted in their arms at birth.
In theory, even the proles might be better off, living to be 100 but spending all that time looking 25. However, they're obviously not better off if they are being run ragged all that time trying to survive. So the whole thing is a commentary on how people enslave themselves by running up their Visa cards buying crap they don't need, or something along those lines.
At some point, even the proles must have agreed to exchange their natural freedom for a shot at eternal youth, which means that these people don't deserve a happy ending. They deserve the hell they made for themselves by not being happy with living the lives nature intended for them.
And of course there must be people who never made this trade-off and are off there living who knows where. There are people who think barcodes are the Mark of the Beast. They're not going to let anyone implant something funky in their arms!