Sadly I think you are right. There will be unrest and these unfunded liabilities will never be paid. Someone, most likely the elderly, will be shortchanged of promised Social Security and Medicare benefits.
Yes, and it is unfortunate. There are a lot of bus drivers and teachers who are going to get a lesson in unsustainable promises, and anyone else with a pension. And I have a lot of sympathy for them. They accepted employment on terms of a pension, and expect to get it. They were acting in good faith.
But the various agencies and governments who hired these public employees, and elected leaders who promised all these benefits, knew full well that they were promising more than they could deliver. They knew because each government has accountants and actuaries whose sole job is to calculate out these obligations and make sure there is money available when it is needed. They have superior knowledge in all these labor agreements and hiring contracts that they couldn't deliver, but they promised anyway, and took these employee's labor for decades under false pretenses.
Never, ever, think that governments did not know what was going to happen. They knew. I can even remember "60 Minutes" type TV programs 20-30 years ago, interviewing city actuaries about all of these unsustainable benefits they were offering. Their answer was, "if we don't offer them, then next city will, and we want the best people. By the time they retire, I'll be gone". They knew this was unsustainable. It has all been a 20-30 year long lie told to their employees.
Both the young, and the elderly, need to be on the same side and understand who the true villains are. It is the government at all levels, unions, and anyone who promised the moon, and obligated someone else to pay.