Every country with a declining birth rate and a promise to the older generation has massive unfunded liabilities. The United States, China, Japan, everyone is having to deal with the problem of "How do we pay for the elderly when we have so few children?"
I'm not saying I have an answer, but we need to address the real question previous generations never had to face before, which is how much burden do we want to put onto the younger generation to take care of the older one when there are so much fewer young people? At what point do you say "The cost to keep Grandma alive another 6 months costs too much."?