Congress has taken charge of the most important economic reform
, Brazil’s president, likes romantic metaphors. “Our marriage is stronger than ever,” he said in May, after the press speculated that he was at odds with the economy minister, Paulo Guedes. “The marriage ended with no hard feelings,” he said this month after sacking Carlos Alberto dos Santos Cruz, a minister who had said that others in government should be more careful on social media—thus outraging Bolsonaro fans who tweet about the virtues of military rule and the horrors of homosexuality.
Despite the chaos surrounding Mr Bolsonaro’s administration odds have improved that congress will reform the pension system, a precondition for resurrecting investors’ confidence and therefore growth. Pensions gobble up 44% of federal spending, or 8.5% of. Brazil’s pension programmes are shockingly indulgent. They allow workers to retire in their mid-fifties and let widows and widowers receive their spouses’ full benefits, which encourages May-September marriages.
The congressional proposal would save the federal government about 900bn reais over ten years by raising the retirement age for most workers, to 65 for men and 62 for women, increasing contributions and closing loopholes. It is less ambitious than Mr Guedes’s plan, which aims to save 1.2trn reais. It is more generous to the poorest and oldest pensioners and to rural workers. It scraps the idea of shifting gradually from a pay-as-you-go system to one based on individual savings accounts.
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