The Social Security debt exceeds 100,000 million for the first time in history

The Social Security administrations owe, for the first time in history, more than 100,000 million.

According to the data published this Tuesday by the Bank of Spain, the figure amounts to

in November, which represents an increase of 7%.

In recent months, and specifically since February, the data had remained stable at 99,000 million.

But if the time space is extended a little more, it can be seen that the Social Security debt has grown at a dizzying rate in recent years.

For example, if you go to the data for January 2019, the debt at that time was 41,000 million.

Therefore,

in less than four years, an unequivocal sign of the complex situation in terms of the sustainability of Social Security.

This strong increase occurs at a time when the Government has raised pensions with the CPI, and has not yet completed the reform of the system that it had promised to bring to a close with Brussels before the end of last year.

Public debt as a whole also marked a milestone after rebounding strongly in the penultimate month of the year.

After the reduction that was registered in October, liabilities increased by almost 80,000 million and set a new all-time high:

.

The data thus exceeds the figure for September, when it exceeded one and a half billion euros for the first time.

Funcas raises growth

On the other hand, Funcas has revised its macroeconomic forecasts and, as the Independent Authority for Fiscal Responsibility (AIReF) did yesterday, has strongly raised the expected growth for this year.

The Savings Banks Foundation estimates that GDP rose by 5.2%, very close to the 5.3% reported by AIReF yesterday.

"The adjustments provided by the INE in relation to the evolution of the economy during the first part of last year, together with the trend towards moderation in energy prices, force an upward revision of growth forecasts. For 2022, it is estimated that the GDP will have increased by 5.2%,

than in the previous forecast", points out Funcas.

"

, mainly due to the fact that most households no longer have a savings cushion to support their consumption spending. However, GDP would advance three tenths more than in the October forecast. This upward revision is based on a hypothesis of more moderate energy prices than anticipated," he adds.

The document published by Funcas explains that "gas would be priced at 90 euros per MWh compared to the previous assumption of 120 euros."

This, it is added,

, mitigating the loss of purchasing power of families and the rise in energy costs of companies".

According to the criteria of The Trust Project

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