01 January 2024
Once the hangover of easy money was over, the Meloni government found itself having to deal with the main legacy of the season of Grillini in power. And that is that Superbonus which continues to set new records and dig an ever deeper hole in the state budget. A measure which, moreover, has made Italy among the most generous countries in the world in terms of green renovations of residential buildings. Is this hyperbole? Not at all. In fact, it is enough to sift through the data of the International Energy Agency to realize that last year, thanks to the Superbonus, Italy spent 20% of what all the countries in the world spent to improve the energy efficiency of buildings.
The IEA statistics are reported by the deputy head of Enterprises of Fratelli d’Italia, Lino Ricchiuti. «According to data from the International Energy Agency» he recalled, «Italy spent 57 billion dollars on energy efficiency of buildings in 2022, while the other countries in the world, all together, spent 228 billion . Our nation has therefore invested approximately 20% of the total world figure. Now someone from the left, capable only of throwing fuel on the fire, say if it is humanly possible that a nation with a debt like ours could afford something like this and in such a short time. Some people are not happy with the government’s effort to reach out to medium-low income earners to finish the work, but no one would have been able to do better with them without breaking the bank or cutting healthcare and welfare.”
THE NUMBERS
In total, the International Energy Agency, in its “World Energy Investment 2023”, estimates spending of 285 billion dollars for last year, of which 57 (equal to approximately 55 billion euros) ‘Italy. Numbers which, in the meantime, have increased. The cost of the huge building subsidy, as the Minister of Economy Giancarlo Giorgetti recalled, increases by 4.5 billion per month, despite the strictures passed by Palazzo Chigi, from the blocking of the transfer of credits decided in February to the reduction of the incentive, which this year it has decreased, with several exceptions, from 110 to 90%.
According to Enea data from the end of November, the Superbonus has so far cost 97 billion and is very likely to reach 100 billion in 2023. And this is to renovate just 3% of the properties (including seven castles). Not to mention that, as Giorgetti declared, the estimates in the update note to the Def at the end of September are now outdated. The document predicted spending for this year amounting to 36 billion euros (1.8% of GDP), while, according to Il Sole 24 Ore, the latest data from the Ministry of Economy indicate an additional burden on 2023 of 20-23 billion. In total, the relief will therefore cost 56-59 billion. As a result, the 2023 deficit, already revised upwards to 5.3% from 4.3% due to the burden of building bonuses, will probably rise by another percentage point. And if, on the one hand, the problem is marginal, since the extra costs will be passed on to the 2023 deficit, on the other hand, the prospective increase will affect the public debt.
When the deductions accrued will be offset against taxes, in fact, the State will find itself with a reduction in tax revenue and therefore with an increase in needs to be covered by issuing bonds (such as BTPs). It is no coincidence that Giorgetti himself compared the benefit to “a nuclear power plant”, adding that it has “radioactive effects on public finances”. Yes, because, between now and 2027, the State will find itself with a shortfall in tax revenue caused by construction credits of over 20 billion per year. The economic policy of the Meloni government, therefore, will be paralyzed by the choices made by the Conte II government and confirmed, albeit obtorcato, by Mario Draghi. Not only. In addition to the exorbitant cost, the Meloni government was also forced to find a difficult way out of the maxi relief (which will drop to 70% from 2024), attempting to save families and businesses, without increasing the burden on the public coffers. The hope is that the measures launched a few days ago will allow an orderly closure of the construction sites (12.8 billion worth of work is still underway in the condominiums). What is certain, at the moment, is that Conte’s season at Palazzo Chigi continues to do damage.
2024-01-01 06:49:00
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