No they won't admit it. They will be looking for the big bailout if it ever comes to that, mark my words.
My guess is that they'll bemoan the decayed state of literacy, or the siren song of video games, or the flashy allure of cable tv, or engage in some other form of denial. Even when slapped in the face with the facts, they will refuse to admit that their commitment to a repulsive ideology has doomed them.
It truly is pathological.