And who's to fault? Everybody, basically. But mostly democracy, as it has a nasty habit of achieving this, since you only come to power or stay in power if you appease the people, and going into debt is the one way to do it, without sacrificing other programs. Good for the short term, bad in the long run.
Don't get me wrong, democracy rules, but has it's flaws.
I see it mainly as an unfair generation problem. The people who retire now will have it much better than the people who retire in 20 years, because these people will earn much less during their work live and therefore will get much less pension too. One generation pays of for the sins of the previous generation which is just unfair. I prefer a democracy which does not allow such things, that is a democracy with an inbuilt constitutional debt brake (not an expense limit - the right size of public expenses is a completely different field, and also not during crisises, where you need to absorb part of the shock by public spending, but only in average over periods of say 5-10 years).
For me it seems like many people don't care about the next generation. They want to profit now and to hell with what comes afterwards.