Musk recently met with Italian Prime Minister Giorgia Meloni. The conversation is said to have included the falling birth rate in Italy.
And don’t forget… pic.twitter.com/NqMryoHXH9— Andrea Stroppa 🐺 Claudius Nero’s Legion 🐺 (@andst7) June 17, 2023
Italy is currently facing a severe demographic crisis, as the number of births in the country has fallen below 400,000 for the first time, resulting in a negative replacement rate. This means the number of deaths exceeds the number of births at 12 deaths for every seven births, according to a CNN report. In 2022, Italy registered just 393,000 babies, the lowest number since records began in 1861. The declining birth rate has been attributed to economic insecurity, with many couples of child-bearing age hesitating to start a family due to difficulties in finding stable jobs and achieving economic independence. Italy’s average monthly income is insufficient to cover the high cost of living, including housing expenses. The COVID-19 pandemic made things worse, impacting the annual savings rate and further discouraging couples from starting families. The decline in the number of births means that there will be fewer young individuals entering the workforce in the future. Simultaneously, the number of retirees will increase due to the aging population. Entitlement programs have traditionally relied on the assumption that there will always be more children born than people entering retirement. However, this assumption no longer holds true. The changing demographics and declining birth rates challenge the sustainability of these programs. As birth rates decrease, there is a growing concern that there will be a smaller workforce to support the increasing number of retirees. This shift in population dynamics undermines the foundation upon which the entitlement programs were built. If the current trend of declining birth rates in Italy continues without reversal, the country could face significant economic challenges, potentially leading to an “economic dark age.” Musk has shared his concerns about the falling birth rate in the world before. In April, in response to a tweet about a report regarding the projected depletion of Social Security funds in the U.S. by 2033, Elon responded, “Big reckoning coming due to low birth rate. Japan is a leading indicator.”
A meeting between two Tolkien fans!Italian Prime Minister Georgia Meloni and @elonmusk Decreasing birth rates were one of the topics of their discussion. Meloni is one among the few Western leaders who have expressed concern over birth rate decrease while Elon Musk, who… pic.twitter.com/TOLGwXFulD — Sachin Jose (@Sachinettiyil) June 15, 2023
According to a Reuters report, the Social Security system’s main trust fund’s reserves in the United States are projected to be depleted by 2033, which is one year earlier than previously estimated. Yahoo Finance reports that since 2014, there has been an average annual decline of 2 percent in births, with a more significant drop observed between 2019 and 2020. These trends in declining birth rates raise concerns about the sustainability of social security systems and have broader implications for the economy and society as a whole. The decline in fertility rates could be attributed to various factors, including individual circumstances such as health or economic constraints, but when you look at the overall global decrease in birth rates, it signifies a trend that goes deeper. The fact that despite living in a time of unprecedented wealth, improved health, and convenience, birth rates continue to drop, suggests a growing spiritual darkness, one in which children are seen as a burden rather than a blessing, and that is a far more distressing development than the loss of entitlements. Although Musk is not a Christian, his statement echoes the wisdom of the Bible, which said in Psalms 127: 3-4, “Behold, children are a heritage from the Lord … Like arrows in the hand of a warrior.” Having children does not just secure our financial future; they are a blessing from God and the arrows of power of any nation. May our country’s quiver always be full of them. This article appeared originally on The Western Journal.
Big reckoning coming due to low birth rate. Japan is a leading indicator.— Elon Musk (@elonmusk) March 31, 2023