I don't think it matters much. My generation will have to come up with a retirement plan on its own and whether the government can cover 0, 10 or 20 percent of the basic cost of living makes almost no difference to me. I expect that I will basically have to cover everything on my own or maybe go to jail for free food.

You're forgetting the positive declining birth rates bring to retirement - a lifetime of higher wages. In a society with few young workers, those that can work make bank.