The president of the government in office has so accustomed the Spaniards to the continuous deviations in their political positions that, really, they no longer know what to expect in core issues such as the economy. EL MUNDO reveals today that, during its closed-door meeting with Wall Street investors, Pedro Sánchez exhibited a profile of moderate social-democrat and pro-bussines . In an intervention in English, he vindicated his rejection of the entry of Podemos into the Government - finally frustrated by the derailment of negotiating bargains between the PSOE and the purple formation - and softened his labor and fiscal plans. This speech contrasts with the 370 points offered to Podemos, a package of measures costing 30,000 million euros. That the socialist leader bets on a cemented economic program on legal certainty and fiscal moderation is plausible. The problem is his lack of credibility due to repeated hip changes, which have led him to promise the repeal of reforms such as the labor market as an electoral claim.

This ambiguity is especially disturbing in a clear context of deceleration. The Bank of Spain has certified this week that the economy slows down, which has led it to lower its growth forecast four tenths: from 2.4% to 2%. In addition, the supervisory body warned of a sharp deterioration in job creation, whose pace has halved since May. To this is added the slowdown in the construction sector , one of the engines of Spanish GDP. According to Tinsa, housing prices in Barcelona fell this year -in interannual terms- for the first time since 2013. And, although in Madrid they rose, their behavior in 2019 also reflects symptoms of exhaustion. All this, analyzed together, creates distrust in the markets and uncertainty among citizens. As Javier Fernández Lasquetty, advisor of the Treasury of the Community of Madrid assures today in this newspaper, the Sanchez Executive has become "a machine to scare off investors."

The worsening economic context and the disastrous experience prior to the crisis of a decade ago forced Sanchez to set a policy far from tax faults. The sensible thing is to contain the expense, meet the deficit objectives and not touch the labor regulations , key to the vault of economic recovery. The leader of the PSOE should be clarified: either bet on pragmatism or launch an expansive path that would further deteriorate the situation. Showing a thousand and one faces in such a sensitive matter is lethal to the Spanish economy.

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