That is to say, there won't be enough workers to pay for the pensions of all those long-living retirees.

For me the worst of it is the assumption that pensions can only be funded from earned Income, and not from the unearned Income generated by productive Capital in private ownership.

There is plenty of wealth available to provide pensions, but no political ability to tax it, and indeed the entire rhetoric of contemporary economics is designed to even preclude the thought....

"The future is already here -- it's just not very evenly distributed" William Gibson