The unions strong-armed them into making promises that were dubious but which would push the problem way out into the future. It was a short-term win for both the unions and the companies but an obvious long-term disaster to anyone with economic sense -- an easy win for both the union bosses and the companies, but a loser for future employees. Neither the unions nor the companies can complain about this situation, as they were both party to creating it. As for the individual employees, if you lie with dogs you may get fleas. This is no different than politicians promising "free" entitlements.
So you answer is yes? (that the employers KNOWINGLY made false promises)