Perché il sistema pensionistico pubblico è o appare in crisi? Una nota pedagogica

The achievement of the past welfare policies appears as one of the major reason in the pension systems crisis. Changes in the income distribution, in the labour market functioning, in demographic trends determine the “sustainability” of the Pay-as-you-go public pension systems. All these changes are acting towards the financial crisis of the public pension schemes. But a substantial role is to impute at the changes in income distribution. To overcome this conflict governments and economic institutions suggest to set up policies to manage the transition towards fully funded pension schemes. These systems produce the same pension results of the old public Pay-as-you-go schemes at higher social costs: so the only reason to foster fully funded schemes is that they are functional at the present phase of capitalism governed by finance. Keywords: pension schemes, Pay-as-you-go, income distribution. JEL CLASSIFICATION: B51, E12, H55