Parents being good to their children is great. Parents sacrificing for their children is great. Keep doing it. But when what is given to child A comes at the expense of child B, then that is not so great.
As an individual, definitely please do focus on your children. But when we're talking about how we design society, we have to look at all the children.
My kids, by luck of birth, were born into a family that values education; we read to them every single night, do crafts, science, engineering things, and tend a garden at home. Why is it fair that they get those advantages?
In addition to being barred from passing along the money I don't spend in retirement, should I also be blocked from reading to my kids more than some community maximum; should our library or museum trips be capped? Should kids be blocked from getting grandma's wedding band just because it has an economic value?
I don't work and save/invest only for myself; I do so for my family, including those who will actuarially live longer than me.
http://www.nationalreview.com/article/417997/professor-if-yo...
Steady on, pal!
There's a positive aspect to this as well, though. My grandparents (coal miner and steel miller) made sacrifices and investments in order that my parents could be the first generation in their family to attend college and become school teachers. My parents made sacrifices and investments in order that my siblings and I could attain a better life than they had.
My wife and I are making sacrifices and investments to help our children attain their individual maximum potential and satisfaction in life. Instituting a giant red "perfect reset button" for each generation precludes the sensibility of those investments and I believe harms society overall.