It is not fair to completely exhaust pension plans to meet the promises and commitments boomers made to themselves. Did the children of the boomers have a choice or say in making these commitments; no. Benefits must be long term sustainable. Furthermore, it is unreasonable to impose dramatic increases in contributions on the young to fund pensioners. If pension plans were mismanaged during the reign of the boomers, then they have themselves to blame and should expect the current generation to compensate for their own mistakes by bailing them out. In some ways, the boomers truly are the most self-entitled generation to ever walk the face of the earth.
It is right to cut public pension benefits because taxpayers are footing the bill. It is not right for the majority of citizens to be paying a guaranteed form of security for people just because they work for the government. That is not freedom. The benefits need to be removed and made into a 401(k) or 403(b) plan just like everyone else has.
If a pension was promised at a certain rate then absolutely is not right to have those benefits cut to prevent running out of money. If it's not profitable as it should be something needs to change or it should be allowed to fail. The few shouldn't have to suffer for the many. It's either all or nothing.
Where is all the pension money even going? People work hard for that, how the hell do they not have it? How is it being spent? I think we need to focus on where all that money is going and solve that problem, not cut into the funds that are there.
The concept of cutting benefits for some individuals to prevent pension funds from running out of money is a terrible concept. The issue of a pension fund running dry is an issue that will happen without proper management. Punishing those currently using the funds is not the answer. Finding better investiments and managing the program better needs to be the first step.