Istat, Q1 2022 report. Taxes are rising and Italians are crying

If the State rejoices, the citizen cries. The umpteenth proof that this ancient saying corresponds to the strict truth comes from the latest data released by Istat. In the first quarter of 2022, general government debt to GDP declined sharply in trend terms, owing to the substantial increase in revenues, which more than offset the increase in expenditures. According to figures released by the Ansa news agency, the tax burden is 38.4% of GDP, an increase of 0.5 percentage point compared to the first quarter of 2021. Overall, in the first quarter of 2022, the Public administrations recorded net debt equal to -9.0% of GDP, an improvement from -12.8% in the corresponding period of 2021.

The good news ends here. And the negatives start in a perverse game of balances. That closely affect workers, students and retirees. Businessmen and VAT numbers. In the first quarter, household disposable income increased by 2.6% compared to the previous quarter. However, due to the general increase in prices, purchasing power only increased by +0.3%. As if to say, if we add the rising taxes, a State that cannot contain the waste of a bureaucratic machine as slow as it is ineffective within the limits of Fantozziano and the rising inflation, which significantly affects the purchasing power of our compatriots, the end result is decidedly negative. With all due respect to those who expected an increase in consumption. Added to this is the propensity to save by families, which rose to 12.6%, up 1.1 percentage points from the previous quarter, given a weaker growth in final consumption expenditure compared to disposable income (+1.4 % and +2.6% respectively). Italians have fewer financial resources and are more afraid of the future. And they are convinced that taxes will rise even higher, in the face of increasingly scarce wages.

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Source: Iltempo

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