Brazil fiscal adjustment plans hide social spending trade-offs, economist warns

Economist Josilmar Cordenonssi argues that both proposed fiscal adjustment plans in Brazil's upcoming government will require difficult trade-offs, with social spending cuts hidden in the details. The campaign has avoided addressing the most painful decisions, leaving uncertainty about the actual fiscal path. This matters as Brazil's fiscal credibility and market confidence hinge on the next government's ability to manage the budget without breaking social commitments.