One of the problems that currently worries Spaniards the most, almost as much as the housing crisis, is the sustainability of the pension system. Hence, many economists, such as Gonzalo Bernardos, have already expressed their opinion about this problem that affects the future of the Spanish people. And other problems, such as the lack of generational change in traditional trades (such as bricklayer or plumber, for example), affect the pension model and in what way!
In data, Spain already adds 1,020 retirees to its list every day, which is offset by the 986 young workers who join the employed people, who must support the pensions. Something is wrong, the deficit is clear and specialists are already taking measures. The reform of the public pension system, which is expected to last for several decades, seeks to optimize the current model. However, among the younger generations there continues to be fear of not being able to retire until age 71, a possibility that could come true in the worst scenario.
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Another aspect that is also giving rise to talk within the framework of the pension system is the effect that immigration has on it, especially when some consider that stricter immigration policies must be promoted while others see that it is immigrants who take jobs that fewer people want and, therefore, help maintain the pension system.
For experts, “without immigration there is no future for Spain”
The economist Francisco Rodríguez wanted to refer to this issue, who comes out in defense of migrants when the typical phrase is said that they are the ones who are stealing our jobs, defending that “immigration is the doll that everyone wants to hit, without immigration there is no future for Spain.” In an interview with El Mundo, he also warns that “this country without immigration does not have long-term fiscal sustainability.” Immigration, therefore, is presented as an essential factor to keep the Spanish economy in balance, especially in relation to the pension system.
“The issue of pensions is one of the most depressing. We economists have to put the economy at the service of society, not the other way around. If we open the debate on the sustainability of pensions and we don’t count on immigrants, it doesn’t make much sense,” says Rodríguez. In his opinion, it is evident that the system needs changes to avoid major problems in the future. “Everyone is clear that the pension system is not sustainable, therefore, we must look for another one and not a solution outside the system.”
For the economist, betting on immigration represents a viable and necessary path. “It brings many good things and very few bad things. It is very necessary for the sustainability of the country, for its intercultural wealth and for many other things,” he emphasizes. However, he warns that this is not the only aspect that must be taken care of to boost the Spanish economy. Rodríguez also highlights the importance of tourism as an economic engine that must be managed with responsibility and a long-term vision.
Quality tourism and immigration could be the basis for a more sustainable pension system
“In Spain, tourism is a sector that has a certain volatility and in which we are seeing that if quality is not taken care of it has negative collateral effects. It is better to talk about quality tourism than to praise the figures every year. We have to start seeing breaking records year after year as something negative,” he explains. Likewise, he insists that it is essential to make better use of available talent at all levels to strengthen the country’s productivity.
“We have researchers, scientists and thinkers working in the best institutions in the world and we train them, but we do not develop those projects. There is no transformative model and that continues to be a challenge for productivity. It seems to me that looking down on Germany now is a big mistake, because what it is doing is facing problems that we will soon face,” reflects the expert.
In short, Rodríguez concludes that the Spanish economic model and pension system depend on multiple key factors (such as immigration, professional talent and strategic sectors such as tourism) in addition to the essential generational change. All of these elements, if managed correctly, can have a profound transformative effect on the national economy.