The pension strategy confronts Meloni with his vices

Confirmed the cut to the revaluation of pensions. Due choice, but with three serious problems and much chaos ahead. Deficit at 4.5, debt down

The government is rightly so prudent on public finances: The def indicates for 2023 a deficit at 4.5 percent of GDP compared to a trend under current legislation of 4.35 per cent. It’s about just under three billion more deficitafter the more than twenty already used with the Budget law for 2023. But the accounts are moving only thanks to the cut of the revaluation of pensions. The Meloni government has not hesitated to “raise cash” in the only way that guarantees immediate savings in pension spending: the manipulation of the automatic equalization of pensions due to the increase in the cost of living. The cut in the revaluation of pensions above 2,100 euros gross (1,700 net) imposed in this year’s Budget law for 2023 and 2024 will produce individual losses ranging between 13,000 and 110,000 euros accumulated over 10 years for around 3 .3 million pensioners (estimate by Social Security Itineraries). This is nothing new, all governments have done it to some extent since 2012; however it is one thing to cut the revaluation when inflation is zero, it is one thing today that inflation is around 10 per cent.