The debt of social security and 100,000 million after shooting 170% during the government of Sánchez

Social security debt borders the enormous number of 100,000 million euros. Specifically, according to the data of the Bank of Spain, at the end of November of

The debt of social security and 100,000 million after shooting 170% during the government of Sánchez

Social security debt borders the enormous number of 100,000 million euros. Specifically, according to the data of the Bank of Spain, at the end of November of the past year Alcazaba the 93,854 million after that in that month a new increase is recorded, thus giving continuity to the unstoppable trend of recent years. So much so, only since Pedro Sánchez came to the government, this is, since mid-2018, the rebound is already an alarming 170%.

The debt at that time was something less than 35,000 million, which in turn already evidenced a remarkable increase over previous years. In other words, that with the executive of Mariano Rajoy the increase of the liability was also very significant. But it is that the socialist government has accelerated and accelerated more even this evolution.

Since the Ministry of Social Security that José Luis Escrivá directs that the expenses derived from the pandemic are key in the increase. The benefits, aid and, of course, the lower income. And this is certainly like that, but it is already before the coronavirus the figures grew very hard. An example: from that very moment in which Pedro Sánchez arrived at the Palace of Moncloa and the closing of 2019, the increase in debt exceeds 20,000 million.

A key factor that in the rebound of social security debt is the credits by the State, which until recently were totally extraordinary, and that now have become a usual financing path. The inability of the system to cope with its obligations, among which, of course, the sensitive increases in pensions are included, have made the government resort to this source of income. And the measures adopted by the Ministry are not, at least for the time being, sufficient. In addition, the executive can not go to the reserve fund, which is already practically exhausted after this same government and especially the previous vacias in the so-called pensions piggy bank that came to have more than 66,000 million.

The Ministry is aware that the debt is, evidently, very high, and sources of the Department who directed Escrivá recall that a "audit on the financing of contributory and non-contributory social security expenses is going to be carried out" . In this month of January, the Executive must entrust the elaboration of this report, which will be carried out within a maximum period of six months and will analyze "the period between 1967 and 2019, both included".

The data published yesterday the Bank of Spain also show that the debt of the set of administrations is 1,426 billion euros. It is not the historical maximum, since the November figure is slightly lower than September, when it reached 1,432 billion. But the predictable is that a new rebound occurs in December, with which 2021 would have been closed with a new milestone. Most of this liability corresponds to the State, which already left a very high figure and that, in addition, centralized a good part of the response measures before the crisis derived from the pandemic.

Given these high data, both BDE itself and the independent fiscal responsibility authority (AIRF) have asked the executive, in repeated occasions, a medium-term debt reduction plan that is "reliable" and "feasible". However, the Ministry of Hacienda considers that it is not the "optimal" time to do so.

Date Of Update: 19 January 2022, 01:26

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