“The hidden tax of inflation” is on its way. This was reported by the Cgia Studies Office, underlining that – according to what emerges from the Def – the Italian State in 2022 will collect 39.7 billion more in taxes and contributions than last year. If the estimate were confirmed, for the artisans association in Mestre, “a part of this increase in revenue would also be attributable to the sharp increase in inflation” which is destined to reach almost 6 per cent. “Therefore – underlines the CGIA – at a time when families are suffering from appalling increases that could cause a vertical drop in domestic consumption, it would be desirable that the Government return part of this extra revenue, reintroducing the fiscal drag. A measure that would strengthen the purchasing power of pensioners and employees, giving some relief especially to those who currently find themselves in serious economic difficulty ».
For artisans, “the danger that our economy is slowly sliding towards stagflation is very high. The difficulties linked to the post-pandemic, the effects of the war in Ukraine, the economic sanctions on Russia, the increase in the prices of raw materials and energy products risk, in the medium term, to push the economy towards zero growth , with inflation that would start to reach two figures “.
Countering stagflation, the CGIA Studies Office continues, «is a very complex operation. To mitigate the inflationary pressure, experts argue that central banks should contain expansionary measures and raise interest rates, an operation that would allow a decrease in the money supply in circulation. It is clear that having a debt / GDP ratio among the highest in the world, with the increase in interest rates Italy would record a marked increase in the cost of public debt. A problem that could undermine our financial stability. Finally, it is necessary to intervene simultaneously on at least two other fronts: firstly, through the drastic reduction of current expenditure and, secondly, with the cut in the tax burden, the only effective tools capable of stimulating consumption and for this food route. also the aggregate demand for goods and services. These latter operations – he concludes – are not easy to apply to an important extent, at least until the European Stability Pact is “reviewed” ».