I don't think pensions are the problem. The excessive spending by some governments and pitfalls of money that consume the most amount everyday.
A good example of the military, the over regulation of things and even the supply channels that make most of everything in the government become a mountain of money.
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That is true. However, pension cost keep rising each year as more people. That is the ticking time bomb. It is future obligations that are not going to decrease.
Looking at something like Japan, and we see how this will consume a larger percentage of the economy. Unfortunately, debt is also the instrument used to fund the gaps which is also going to create major issues.