The tones of Minister of Economy they go up more every day. The Super bonuswhich already after the bad signs of August gave him “stomach aches”, today however Giancarlo Giorgetti has become «a monster that destroyed the conditions of public finances». Moreover. A psychedelic drug, an “LSD” for the state’s accounts. “Laxity, subsidies and debt must end!” thunders Giorgetti in the Chamber, which yesterday gave green light to the Def. Also due to the Superbonus, the 2023 deficit has just been raised by 4.5 billion to 7.4%, the highest in the EU, and it may not end there. Even the rating agencies are starting to worry, and Giorgetti is now determined to put the definitive end to the matter. On the decree that blocks discounts on invoices, assignment of credits and works not started, he will not accept an enlargement of the links, but rather prepares a new tightening. And he has already made it clear to some government colleagues and the closest majority parliamentarians that he is not willing to compromiseat the cost of putting one’s own position at stake.
The game, at the moment in which the EU rules on public finances restart, is crucial. According to the Fitch rating agency, it is 110% out of control pushing the debt too high, to 142.3% in 2027 (but the agency does not rule out an upward revision of GDP in 2023), while the government assumes 139.6%. An intervention is therefore needed “to reduce the debt/GDP ratio already in the short term” repeats Giorgetti. This will be achieved by extending the recovery period of the 110% tax credits already in circulation from 4 to 10 years. Drastic intervention, but necessary to avoid derailing according to the minister.
Therefore, very little will remain of the 355 amendments presented to the Superbonus decree in the Senate. Those who aim to loosen your grip, but who do not have financial coverage, will not even be examined.
After this screening, only about thirty will remain, for which the quality of the covers will then have to be verified. Very difficult to find good ones. Even the government now it has no free resourcesso much so that it pushed the bonus to the thirteenth grade.
The executive’s priorities are different. “The 110% that makes the GDP skyrocket is nice, but then I lack the money for healthcare, school, culture, support for the birth rate, for low incomes, for employment” says Giorgetti to the Chamber. And the framework of the new EU rules does not help: «It is not consistent – he says – with the necessary investments for environment, digital and defense, even if it’s better than going back to the old rules.” To define public finance objectives it will be necessary to wait for the EU guidelines in June. «Waiting is better than uncertainty» says Giorgetti. But it is already clear to him that a very tough path awaits us in the coming years.
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April 25, 2024
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