Italians aren't making babies like they used to

A low fertility rate — Italy’s was 1.39 children per woman last year, on par with Japan’s and below the U.S.’s 1.9 — and an aging society also eventually shrinks the workforce, consisting of people who make things and buy things to make the economy grow. And that drives down inflation, research has shown. Japan is the poster child for that phenomenon. The threat of tumbling prices prompted the European Central Bank to unveil historic measures last month in the form of a 1.1 trillion-euro ($1.25 trillion) cash infusion.

Italy isn’t alone in grappling with the consequences of all of this. Some 18 percent of the French are older than 65, up from 13.8 percent in 1990, estimates compiled by the U.S. Census Bureau show. Spain’s ratio is 17.6 percent and Greece’s is 20.2 percent. Italy’s 21 percent of seniors is only surpassed by Germany (21.1 percent) and Japan (25.8 percent).

No wonder Pope Francis is now telling people to stop being so “selfish” and get to it. It was a curious change of tune from his message only weeks ago, when he chided Catholics for breeding like rabbits.