EconomyDoes anyone want to think about the children? Economic...

Does anyone want to think about the children? Economic Package 2023 forgets the young and new generations of Mexico

The 2023 Economic Package proposal leaves the well-being of the youngest and new generations in oblivion by allocating a greater proportion of , compared to resources for children and youth, and issuing more debt without promoting any reform to improve tax collection. tax revenue, or more resources for investment and boosting the economy.

“If we were to talk about winners and losers in the Economic Package, the elderly would be the first, while early childhood, boys, girls and young people could be a little forgotten, since there is less budget for health care, health, education, while there is more spending for pensions,” said Alejandra Macías, executive director of the Center for Economic and Budgetary Research (CIEP) on Monday.

According to an analysis of the CIEP Economic Package 2023, 0.25% of public spending will go to early childhood care, while 19.8% of the total Expenditure Budget of the Federation (PEF) will go to pensions.

Expenses for the care of the elderly population will increase 12.8%, while spending for Education will only grow 4.5% compared to 2022, in Health spending will rise 4.2% which would help increase spending per capita in IMSS, ISSSTE and Pemex, but spending for the population without health services would be reduced by 2.1%.

More debt for the new generations

Meanwhile, a public debt payment of 1.2 trillion pesos (bp) is expected for the following year, out of projected total income of 8.3 bp, which represents a growth of 30% in real terms, compared to 2022, Ricardo explained. Cantú, deputy director of Operations and Institutional Strengthening of the CIEP.

That in per capita terms represents an increase from 114,574 pesos to 118,208 pesos in 2023, for each citizen, if the trend in the growth of the cost of debt is maintained in 2028, it can increase to 128,155 pesos per citizen, Cantú estimated.

The growth of the debt with respect to GDP is expected to continue in the coming years, and the only way to reverse it is by increasing investment spending that drives the economy, however, despite the fact that this concept for the following year grows 15.6% compared to 2022, this is lower by 9.5% compared to that exercised in 2021.

“The growing pressures on public spending and the constant decrease in people of working age; derived from the demographic transition, accentuate the importance of making adjustments between collection and unavoidable commitments to meet the present and future needs of the population”, said director deputy of Operations and Institutional Strengthening of the CIEP.

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