Adjustment cut
As it has been occurring for several years, the budget submitted to the Congress suffers from severe inconsistencies. Still, it contains valuable information. Very suggestive data is that the increase in pensions, government salaries and subsidies to unprofitable public and private companies are projected to grow below the inflation level. This is a strong evidence that, beyond political speeches, the dreaded “economic adjustment” is not a policy option but an inevitable path originated in the last decade’s wrong decisions and wasted resources.
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