Why the future of business is dark: does the government know?
The speech by Giuseppe Spadafora, vice president of Unimpresa
The government is going through an out-of-body experience in a parallel dimension and the warning signals from all sides have been of little use. Representatives of the workers, representatives of the entrepreneurial fabric and civil society have tried to give solutions but faced a political class in perennial electoral campaign with the sole objective of reaching the white semester, a period in which the Chambers cannot be dissolved, moving the problem about who will come.
Meanwhile, between April and August, over 90,000 companies threw in the towel, handing over to the Italian state the fate of over 800,000 former workers who went to increase the millions of unemployed citizenship income earners and pandemic bonus earners.
In this infernal circle 6 million people are involved and if we consider that there is a ban on dismissal, the data that comes out is apocalyptic.
The government is preparing to face the black October with empty coffers and the 270 tax obligations expiring at the end of September will be of little use if not to minimize the lack of liquidity.
Over 150 billion of GDP and 70 billion of taxes and VAT will be missing, which translated are worth 20% of lost internal consumption.
On the European front, Lagarde made it clear that in November she will turn off the taps and for Italy this will result in a concrete difficulty in refinancing the debt.
If we then add that Europe has always decided that banks will have to review their balance sheets due to impaired loans, (which is correct in itself but only if it does not reduce the ability to provide new credit), that the campaign will start from October " we recover money by increasing taxes and excise duties), that the various bonuses much advertised only in a minimal part will be reimbursed (see bonus sanitation which provided for 60% in tax credit but with a clarification of the Inland Revenue issued a few days ago, therefore after that companies have spent, speaks of 9, shards%), and finally that entire sectors of the economy will not recover within 2 years (tourism, hotels, etc.), the economic picture is clear. In summary, the public debt in January 2021 will exceed 160% of GDP and translated means, assets, taxes and cuts in services.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/perche-il-futuro-delle-imprese-e-nero-il-governo-lo-sa/ on Sat, 19 Sep 2020 06:01:28 +0000.