Pension, Giorgetti warns: “With these numbers…”. The stakes of the maneuver

Pension, Giorgetti warns: “With these numbers…”.  The stakes of the maneuver

“It will be a complicated budget law. All budget laws are complicated, even last year’s was. We are called to decide priorities. Not everything can be done.” Speaking jointly with the Rimini Meeting, Economy Minister Giancarlo Giorgetti clarified that the process of the next budget law will require precise financial policy choices, given the limited resources available. established among the priorities of its second economic maneuver the confirmation of the cut in the tax burden of the workers, to make a cut in the excise taxes of structural consumption that allows to maintain about 100 euros more in the payroll to face the inflation, that remained at 5.9% in July.

«The renewal of the fiscal wedge is one of my priorities, as is the defense of the purchasing power of families, similar to the previous maneuver. Therefore, cutting the wedge, eliminating productivity bonuses, energy bonuses. My line is to concentrate funds on the lowest wages”, explained the Prime Minister in recent days in an interview with Corriere della Sera. Today Giorgetti confirms from the Rimini stage: “We will certainly have to intervene in favor of lower-middle incomes, as we did with tax relief, because inflation greatly reduces purchasing power, but we will also have to use the resources that are available to promote growth and reward those who work.” To intervene, however, it will be necessary to be sure of the framework of available resources The analysts’ expectation is for a maneuver of 25 to 30 billion euros, but it is still too early to quantify. available resources. It is difficult to hypothesize the use of a new deficit, after the growth in public spending in the years of the Covid pandemic. Especially at a time when Brussels is working on the reform of the stability pact.

Precisely in this regard Giorgetti underlines that: «Compared to a few years ago, the European Commission has completely changed its paradigm with regard to the general clause, which has not been applied in recent years for the stability and growth pact that perhaps, I hope no, it will restart from January 1, 2024″. that the reform of the pact be approved by the end of the year of stability so that the old rules can come into force from January 1, 2024″. The international economic scenario, characterized by the conflict in Ukraine, the rise in interest rates by central banks, fears of a slowdown in industrial giants such as China and Germany, continues to be the starting point to deal with. Estimates for the last two quarters of 2023 on Italian GDP look less bright than those at the beginning of the year. Istat observes that in the second quarter GDP fell by 0.3%. The Mef announced that the current value “does not affect the annual forecast formulated in the Def” and that “the growth target is still fully within reach”. Another point that can gain space in the maneuver concerns pensions. Last year, some transitional measures found space. “The issue of birth rate is fundamental, there is no social security reform that will hold up in the medium and long term with the birth rates we have in this country”. Some resources may come from the spending review in the ministries, the MEF has asked individual ministries to submit a proposal with the spending review by September 10th.

Source: IL Tempo