The point is that the politicians back then stole from the future. If they were going to promise cash in the future the should have set aside money back then to pay for it.
It's one thing when a government borrows money to pay for a capital project that will last long after they are out of office. The net present value of an accruing pension is an operating cost and should be paid for as the obligation is incurred.
It's one thing when a government borrows money to pay for a capital project that will last long after they are out of office. The net present value of an accruing pension is an operating cost and should be paid for as the obligation is incurred.