It seems to me that if a government can make good its promises to pensioners it's only related with the productive capacity of the economy at the moment of paying. So, related to investment in infrastructure and education now, not so much to saving schemes.

"Meanwhile, the government is funneling an ever-greater percentage of revenue from productive pursuits to pensions."

My understanding was that pensioners would spend the money in the economy, so they are not funneling away from nothing.