Listening to the speeches given on the occasion of the Savings day, it seems like we are in a different world from the one in which our politicians make us live, all of us, both those in the government and those in the opposition. On the one hand the Governor Ignazio Visco, on his last public outing in the top position of the Bank of Italy which he occupied for 12 years, the president of Acri Francesco Bouquet, that of the ABI patuellic, and the Minister of Economy himself Giorgetti, they calmly recalled that the situation of ours debt is very critical, especially in a global situation as complex as the current one, and that it is essential to act with determination immediately to maintain and indeed increase the markets' trust in us. On the other hand, the current political debate continues to see the single party at work, as usual public spending, which regardless of any economic consequences of its actions, continues to try to spend as much money as possible, even at the cost of further inflating our already monstrous public debt. This is how it works Italians' savings are at risk which continues to be abundant. We are thus witnessing the multiplication of spending requests from the government parties themselves, who then, fortunately, are satisfied with a few crumbs. The opposition does nothing but request greater spending for the most varied needs (from healthcare, to public housing, to work, etc.) without ever putting forward any ideas on how these increased expenditures should be financed. The unions, led by a "revolutionary" Landini, want more money for everything, starting with pensions which already today represent an unsustainable burden for public coffers.
Public debt is our main problem
The prime minister together with Giorgetti tried to resist, but the Budget law outcome of these internal negotiations within the Government is very far from what would be necessary to do. In fact, at the savings day both Governor Visco and Minister Giorgetti agreed on the fact that public debt is our main problem, that we must do everything to increase the confidence of savers and markets. “The alarm clock went off,” said Giorgetti, and yet it doesn't seem like the sound was loud enough to wake up the night owls of our politics.
Salvini he did an interview to disguise his retreat on pensions by reaffirming his desire to make two nice amnesties (house and tax) and to overcome Fornero sooner or later. Not a good message to calm the markets. And do the voters, after the many disappointments suffered in recent years by all those who promised miracles, really continue to believe in such promises?
The music played by Visco is completely different. The debt reduction trajectory indicated by the Government is insufficient also because our country, like others, is exposed to major risks deriving from the international political and economic situation. Risks that point to further decline in growth already generously esteemed by the government. If this were to happen, our debt would tend to swell further with a more than proportional increase in its cost such as to definitively strangle theItalian economy.
The path of reforms to reduce the spread which is the highest in the EU
Visco pointed the way reforms and to the investments also implementing quickly and well what was foreseen by the Pnrr (by the way, why does the Prime Minister tend to forget the opportunities offered by the plan?), said that we need to act in depth on public spending, containing current spending and safeguarding the investments on which our hopes of achieving a good growth rate are based. higher than the zero point to which we tend to return. We must enhance our potential by offering employment to the many women forced to stay at home, and to our young people who are cut off from the employment market. This is a job that requires not only the commitment of the government but that of all the political and social forces in an effort of harmony without which we will not be able to get out of the corner in which our debt (the result of years of cheerful spending , or dangerous illusions like 110%) has chased us away.
The government could have shown a greater display of courage by telling Italians how things really were and that priority should be given to debt reduction and therefore a reduction in interest rates. Visco recalled that our spread has risen to around 200 points and which is around 100 points higher than that of Spain and Portugal. And this is not a show of trust! To do this you had to give up reduction of Irpef rates which is worth about 20 euros per month per family, at least reduction of the Rai license fee and other small unnecessary expenses. In this way, 6-7 billion would have been saved so as to give a stronger signal of the will to reduce our debt. Instead it was decided to stay in the middle for a while, missing the opportunity to give a clear signal to Italians and the markets. The true statesman is characterized by his "foresight", that is, his ability to prevent dangers. But for now there are no statesmen in Italy.
