That blame seems misplaced given the end state.
When the folks making crazy promises are dead and/or gone by the time their promises are broken when the funds come up short, the workers who took the good deal are left holding the bag.
We must retroactively assign blame to the worker who was lured into accepting obvious false promises. It is perversely the most compassionate thing we can do: blame and shame past workers for making stupid deals. We do this so that future generations will learn the hard lesson that governments cannot be trusted with their investments. There is no power in investment.
Blaming past politicians for their malfeasance is exactly how we enable today's politicians to keep kicking the can down the road.