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Accounting for Pension Security: A Comparison of Retirement Systems in the U.S. and Italy
Raymond L Hogler, Colorado State University
Herbert G Hunt III, California State University Long Beach
ABSTRACT: As the cohort of citizens born in the post-war era begins to retire, pension reform will become the most urgent economic and political issue facing our country. Those issues likewise confront the other industrialized nations, who have implemented reforms to deal with the retirement security. Declining birth rates will result in fewer workers contributing to the pension system, and life expectancy and associated health care costs continue to rise. The ensuing fiscal pressures will generate political conflict between generations. This paper compares the Italian and U.S. systems and suggests that the Italian model may offer useful insights for American reforms.
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