And let us say if the old generation starts seeing the truth they might turn the production slightly higher to compensate. You can go even darker and speculate that the government might keep the life expectancy low genetically to avoid this kind of issue.
Obviously it presupposes that the technology will reach that stage. I hope we will never reach the industrial scale. As long as you need a woman's body to carry the child to term you will not scale it.
Now again afterwards you would need to somehow conspire to continue the program to undermine your democracy. Probably this extreme case will never happen. But we could get into a sort in between zone where we still have an immoral usage of the technology but not as bad as it could be.
Note however that existing dictatorships will definitely try to use this to further their own goals.
This is incredibly dangerous. From an American perspective, a government exists to serve its people. That is to say... government exists at the pleasure of its citizenry. If the government started actually making the babies (i.e., its population), then this is creating a whole other entity, one which we've not really considered before. What does it mean to be a government of the people when the government is creating the people? How can a government derive its power from the people, if the people only exist because the government created them. This would be a great inversion of the liberal democracies that have been the source of our immense progress over the last few decades.