I'm perfectly sure capitalism will be blamed for the unfunded pension liabilities when it gets really tough. In fact, it's the myopic Illinois voters' fault:
The voters of Illinois wrote into their constitution a provision that said that participation in a government retirement system "shall be an enforceable contractual relationship, the benefits of which shall not be diminished or impaired." I'm sure it was not clear to them that this meant that they had essentially written a blank check that could be used by their elected representatives at any time, and then used to draw down their bank accounts to the last penny, if need be. But that is what they did.
Source: Megan McArdle
The municipal politics in Chicago looks like moral hazard on steroids.