In fact, this problem of unfunded pensions has impacted municipal credit ratings and wound up costing taxpayers more in higher interest rates than they would have had to pay in higher taxes to stabilize the pension funds.
Thomas Jefferson's view of deficit finance was that one generation has no right to impose its debts on the next. He would have refused deficit spending that would not be completely paid back within 19 years (roughly, a generation).
I don't think many people listened to him on that. Here we are.
I think we do have the right to ask this question. We should have the option of denying that the previous generation ever had the right to impose this upon us.
At the very least, we should learn from this, recognize these types of short-sighted promises for what they are, and reject them when we see them. This is one big way we can be better than our forefathers.
This is way too absolute and simplistic. Past governments can make bad policy. Past governments can be corrupt or make decisions based on personal interest against the public or incomplete or bad information at the time. The obligation of future governments has to be balanced with whether the past government instituted good policy or not.