Whether generational equity is a scam or not really depends upon how you define it. One such definition is that we take resources from those in work and spend them on the older generation who have finished doing so. I tend to think that this isn't a scam for of course that older generation paid for the younger when they were children. All we're doing is using the tax system to replace what was always thought of as intergenerational fairness. Parents take care of children, adults of the elderly.

A very different definition is possible though. This is when one generation completely consumes a resource, leaving none for successive generations. This is the sort of intergenerational inequity that drives concern over the climate change for example. Boil the planet a hundred years in the future for the sake of living standards now. Yes, that would be a scam, if it were to happen.