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Italy Seeks to Abolish Poverty Via Bigger Deficits, Guaranteed Income

•, by Mike Mish Shedlock

Italy Seeks to Abolish Poverty

The BBC reports Italy's Populists Agree Budget to 'Abolish Poverty'.

The ruling Five Star and League parties said late on Thursday that they had agreed to set the budget deficit at 2.4% of GDP. They will press ahead with a minimum income for the unemployed.

League leader Matteo Salvini has questioned why Italy should be shackled by European limits, hampering what he sees as vital reform projects.

Election Promises

A guaranteed basic income for poor families of about €780 a month

Tax reform for rates of just 15% and 20%, down from 23%-43%, which could cost up to €50 billion.

Abolishing plans to raise retirement age over several years, and setting minimum pensions.

Free Money, Free Gas, Free Everything

Free money and lower retirement ages. What can possibly go wrong?

Well, maybe someone just may wish to look at every other time in history such a move has been tried.

Venezuela's free gasoline project comes to mind.

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