Government plans include changes in spending cap
In a campaign marked by attacks between the presidential candidates, focus on religion, and cultural-wars discussions, government plans took a back seat. However, on the eve of the runoff vote, it is possible to point out similarities and differences between the main proposals of President Jair Bolsonaro (Liberal Party, PL) and former President Luiz Inácio Lula da Silva (Workers’ Party, PT). Curiously, they are closer in one aspect of the fiscal area: both candidates are expected to change the spending cap, the rule established in 2016 to limit growth in public spending to inflation, in order to fulfill their campaign promises.Over the past few weeks, Valor has analyzed the main proposals of the two candidates in key areas, from fiscal policy to the environment, including foreign policy and healthcare. The absence of consistent and detailed government plans made the analysis — which was also based on direct contacts with members of the campaigns and statements by both candidates in interviews — difficult.Mr. Bolsonaro relied on the contribution of his ministers to formulate the document he filed with the Superior Electoral Court (TSE). Each team contributed with inputs and ideas and sent them to the reelection campaign committee. There, the vice-presidential candidate, General Walter Braga Netto, was in charge of systematizing the material and writing the program.In a statement, Mr. Bolsonaro’s campaign committee pointed out that the management model adopted in 2019 proves the importance of connecting social programs with public policies aimed at job generation. The note also highlights the focus of the reelection program on measures to encourage entrepreneurship, tax reduction, reduction of bureaucracy, technology, and fostering new power sources, under the motto of the prosperity cycle. The concept has been advocated by Economy Minister Paulo Guedes and was included in the program."This new management model was able to make Brazil the first country among the 20 largest economies to overcome economic readings from the pre-pandemic period. It is important to emphasize the difference between the management model before Bolsonaro and the one currently implemented," says the note. Some specialists ponder, however, that the growth expected for this year is due to stimuli adopted in the middle of the electoral campaign. They also argue that the fiscal cost of those initiatives will be high and is not fully contemplated in the budget proposal for...
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