The PNRR? It will not impact on Italian growth. The “Excusatio non petita” of La Stampa

4 September 20213 years ago babelfish

A well-known Latin motto states that "Excusatio non petita, accusatio manifesta"; if you apologize for something without being explicitly requested, then you are accusing yourself of that act. Today in La Stampa an article by the Ambrosetti Forum, the red guards of European capitalism, appeared, which can be summarized in a few sentences:

the impact of the “Huge” PNRR of 191 billion euros on the national GDP will be minimal, being a cumulative 2.5% in 2026, and will in any case be lower than the European average;
the impact on employment will also be negligible, or almost, 1.1% drop in unemployment, cumulated over 5 years.
however, the impact will be important because it will be measured in the “Transformation of the socio-economic fabric”, naturally without ever having asked any voters if this change was necessary and in which direction it should go.

Moreover, the decisions of the Presidency of the Council have been, let's say so particular: while other countries have focused on individual sectors, such as Austria on sustainable public transport, Germany on the automotive industry and France on tax deductions, trying to make one, right or wrong, industrial policy, we have distributed the money almost everywhere. In the "Green", for example, the focus was on the columns, which are useless without an automotive industry, on the digital transformation everything was destined for broadband via cable, without considering many other solutions and, in the same way, without evaluating that broadband, without the development of a strong technologically advanced industry, is used to download films, when it is good.

However, the PNRR brings about a change: it charges Italy with further debt, invested in high-yield assets, to be repaid in 35 years, but to be repaid. These loans have a very low cost, but they do, and it is doubtful that investments will be able to repay it. In addition to low growth, we will be faced with a regressive maneuver that will mark future generations, if any, given the ongoing demographic disaster. But this is what those who are not voted for, ever want, and, for now, there is nothing to do but bend their necks.

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The article The PNRR? It will not impact on Italian growth. The "Excusatio non petita" of La Stampa comes from ScenariEconomici.it .

This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/il-pnrr-non-impattera-sulla-crescita-italiana-lexcusatio-non-petita-de-la-stampa/ on Sat, 04 Sep 2021 11:30:34 +0000.