There are still some Taliban in the 5 Star Movement who defend the superbonus, despite the barrage of criticism received from the most important Italian and non-Italian economic entities. The latest tragic defeat of the measure strongly desired by the Conte-bis government, the Giallorossi era which produced more damage than anything else, is contained in Bank of Italy study released yesterday and signed by three economists, namely Antonio Accetturo, Elisabetta Olivieri and Fabrizio Renzi. A real Caporetto, with all due respect to the five-star fundamentalists who continue to praise Giuseppi's work.
A deadweight loss of 45 billion: this is the dramatic estimate from Bank of Italy on the impact of superbonuses and facade bonuses, an expenditure of 170 billion between 2021 and 2023. The numbers speak clearly and leave no room for interpretation: almost a quarter of that expenditure has been thrown away . The reason? Those building investments would have been made even without public incentives. But via Nazionale highlighted another important detail: the measure did not pay for itself. Indeed: the extra tax revenues generated by the bonuses were “significantly lower than their gross cost to the state coffers, leading to a further accumulation of public debt that will be repaid in the future”, reports Repubblica.
There boost to GDP of the superbonus was not even complete, according to Bank of Italy because the fiscal multiplier was slightly less than one. In other words, the relationship between the GDP generated by the bonuses and their cost was not equal. Contrary to what the self-proclaimed people's advocate prophesied, every euro of public spending produced less than a euro of tax revenue: “The revenue was far lower than the costs.” According to Via Nazionale, both superbonus and facade bonuses contributed to three-quarters of the growth in added value in the construction sector, but played a decidedly limited role in other sectors. And again, among the criticisms: “Extremely generous incentives, given to everyone without income limits and too high rates which implied no costs to bear or small disbursements, also thanks to the transfer of credit and the discount on the invoice”.
If it couldn't have been done differently in 2020, for Bankitalia the shirts remained too loose and for too long. And the measure is gone out of controlwith the impact on deficit and debt that unfortunately we all know.
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