that’s cool. Spain is going through a period of impressive growth in tax revenues as a result of tax increases, in particular price increases in such a way that additional collection is estimated at more than 30,000 million euros. If you’ve listened to the government, you’ll know that everything is going great: We’re growing more than anyone else and employment is bursting at the seams. Well, none of that is enough to stem the torrent of public debt. Surely you also know that we already owe more than 1.5 trillion euros, a terrifying figure that terrifies only the faint of heart like me, who have accepted the false version that we will one day give it back. So, if we are not going to pay the debt, why waste the time and effort to reduce it? Now, the Treasury Department is announcing that during 2023 it will issue no less than 257,000 million debt, up 10% from the previous year. A large part of it, exactly 187,000 million, will be devoted to meeting the maturities of previously contracted debts, and since we have neither the slightest desire, nor the slightest intention, to reduce the amount, the 70,000 million will be new issues to finance the deficit. that we are launching this year. There is such liquidity in the financial markets that, at least for the time being, we’re putting up that debt without any major problem, despite the withdrawal of the ECB’s protective umbrella and with the only “inconvenience” being forced to offer a higher yield to encourage them to buy. The cost of issuances made last year rose from -0.4% to 1.35% and the Treasury estimates that this year it will rise a little more. At the moment it stands at 1.73%. Evolution will depend on central banks, which in turn are guided by the evolution of inflation. See, no problem. The bad news is that indebtedness is steadily moving forward, given that the anti-cyclical role of budgets has passed into history. we increase debt when we are in crisis and when we are growing; when prices go down and when they go up; When money is poured into the chest and when spiders appear in it. The good news is that no one is thinking of bringing it back. With the confidence that if expectations fail and someone commits the insolence of asking us to give their money back, it will always be to someone else. to the next stage. For your children, for example. Just in case and to preserve the peace of the family, do not mention it to them.
