2024 was the sixteenth year in a row that births decreased. In Italy, approximately six children were born per 1,000 residents. In 2000, more than nine babies were born, compared to more than ten in 1990. As a result, Italy presently has 10 million children and adolescents, down from 15 million forty years ago. Pensioners now account for one-third of the population, up from a quarter in the past. The issue is very serious, especially when viewed through the lens of the National Institute of Social Security (INPS), which almost by definition avoids alarmism but does not ignore how dangerous such a trend is for the future of the pension system and, more broadly, for welfare stability. The phenomenon of outbound migration raises certain concerns as well. Since 2006, the Italian presence abroad has increased; AIRE (Registry of Italians Living Abroad) members number over six million, representing more than 10% of Italians living abroad. In 2023, the most recent year for which data is available, about 310,000 pensions were paid abroad, dispersed across approximately 160 countries. This is money that is not spent in Italy.