L ‘Italy It is not a country of wasteful people who lived beyond their means. To explain how the concept, often repeated for fatigue to become a true mantra for younger generations, is Valerio MalveseEconomist and lecturer. With the help of some slides, the professor shows how reality is very different from what we often want to pass.
Our country is the country with the highest cumulative primary budget of the state, and therefore the most virtuous. This means that a fileItaly The nation is the one that differentiates between taxes and public spending. Savings that were not exploited but wasted: the difference was burned to pay Unpaid speculative interest. Malvezzi words “Special day”.
“The title of this week’s slides is: ‘Lost Wealth.’ Our country is portrayed as a country of wasteful people, a country of people unable to make reforms. Italians have a subliminal message that we do not deserve to be well because we have lived beyond Our possibilities, and we haven’t done the reforms we owe on pensions, at work… They tell us we should do things as well as they want. Two topics are listed here: ESM and Land Registry Reform These are the basic topics that few talk about.
But is it true that we waste, did not make repairs, and that we spent more than we collected? If we look at the state’s cumulative primary budget and put it into a historical series, we look at what has happened in all the countries in this graph and see who has accumulated over twenty-five years the greatest difference between income and expenditure. What is the most virtuous country? Italy is in first place. In 25 years, Italy has accumulated 762 billion. France burned 504, Spain 300, Greece 60. Germany comes in second place but is 50 billion behind. So what’s the problem? We got a perception of an unutiful state while we cut spending and raised taxes. Now they are going to raise taxes on homes.
Did this data reward us or punish us? If we look at the data over the past 30 years, there are two lines: the cumulative surplus of all savings made by public administration by reducing expenditures, and then all savings. Then there are the cumulative interest expense. By continuing to cut public spending, we are collecting treasure but that is far less than it would take to pay interest.
At this point, which country is losing most? Always Italy. How is this “magic” possible? The change in the country’s net debt says, based on data from the International Monetary Fund, that Italy is the country with the largest increase in net debt. Why does this happen?
Di Maio said we should open up to exports. We are already open to exports, and we have an exceptional credit. The problem is that by not being able to devalue, we reduce our competitiveness in what is called wage deflation, that is, we adopt a recipe: lower public spending and increase taxes.
So: we are the most virtuous country, and we have the highest difference between accumulated taxes and public spending. We are in surplus when income is greater than expenditure. We are in a surplus situation so we are a virtuous country. The problem is that we burn the differential because we are paying speculative interest which is not due to the banks, having decided to break the relationship between the Treasury and the Bank of Italy. In fact, Italians work to pay the salaries of bankers from other countries. We just put my Draghi to continue this practice. The change in net debt is higher compared to European countries. If you don’t increase public spending, university, health care… you won’t get out of it. Unless at some point you decide to sell state assets to hedge funds, and when that’s the boss, policies will change. This is photography: we have squandered the interests of the Italians.
The Italian parliament works for six months and then says we should not talk about housing reform and land registration. Then the government arrives and says we have to do this land registry reform because the EU asked us to get the money from PNRR. Doesn’t it seem to you that Parliament is no longer important to anything? “.
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