Fixing that doesn't require long term austerity, it requires a few years of collective willingness to pay moderately higher taxes.
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Note that I'm not as anarchist or libertarian as the above makes me sound, but it does emphasize the point I'm trying to make: I don't think you'll ever convince the current generation to pay for the previous one so I don't think there will ever be a collective willingness to pay "moderately higher" taxes. My bet is on an ugly outcome where the old and young battle it out in the courts between haircuts to pension plans and higher taxes with politicians muddling their way to an ugly middle ground that no one likes.
An unwillingness to collectively pay taxes is also a major reason our infrastructure is falling apart. In the scheme of things it wouldn't take all that big an investment to dramatically improve things, it's just fallen out of fashion.
If you don't, you won't be compelled to pay. Pack up and move somewhere that's not fucked.
If, OTOH, you bought property, you took on this risk in doing so. You should have priced in the pension shortfall, and the expected future tax repercussions, when you made your purchase, and the seller should have born the cost of their jurisdiction's mismanagement in the form of a reduced property value.