Spain and Italy have some of the lowest birth rates in Europe. At the same time, they have a staggering amount of unfunded pension obligations of about 500% of GDP.

 

This is eye-opening. Spain and Italy have some of the lowest birth rates in Europe. At the same time, they have a staggering amount of unfunded pension obligations of about 500% of GDP.

Seriously, who is supposed to pay these pensions going forward? pic.twitter.com/ZCp4AUWurH

— Michael A. Arouet (@MichaelAArouet) May 5, 2026