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Paloma Valencia described the pension reform as “a priceless nuclear bomb”

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Senator Paloma Valencia assured that young people in Colombia will be born with a debt because of the Petro reform – credit @PalomaValenciaL/X

The pension reform proposed by the Government of Gustavo Petro has several political sectors at odds, because although the ruling party supports the changes, the opposition parties have spoken out on several occasions against the articles.

The most recent case of congressmen who have criticized the reform was that of the senator of the Democratic Center Paloma Valencia, who assured that the reform will be a nuclear bomb for the country’s finances.

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This was made known through a publication he published on his X account (formerly Twitter) in which he assured that Future generations of Colombians will be born with a debt that will be impossible to pay.

“The Government’s pension reform is going to create an almost nuclear bomb that will make the pension debt unpayable for future generations.”

The senator referred to President Petro’s pension reform – credit @PalomaValenciaL

In the video that accompanied the publication, the senator began by explaining that in Colombia, there are currently problems with the payment of pensions, so it would be expected that the document presented by the Government would resolve that crisis.

“We have all heard that Colombia has a large pension debt, which is a time bomb and what one would expect is that a pension reform will take away our pension debt.”

The problem, according to Valencia, is that the result of approving the reform It will make the debt more expensive, which would lead to having to overpay a percentage close to 42 points of the country’s Gross Domestic Product (GDP).

“Well, it turns out that this pension reform makes our pension debt even more expensive. In the Treasury accounts of the Government itself, which are the most conservative, we would end up having 42 additional points of GDP that we would no longer have and that we would have to go out and pay.”

Paloma Valencia concluded that the pension reform will have the destructive effect of an atomic bombwhich will condemn the new generations of Colombians to having to dedicate themselves to work in order to cover the debt generated by pensions.

“That is, it is not a bomb, it is a mega bomb, a priceless nuclear bomb. “Young Colombians are going to be born having to work to pay pensions.”

Another of the senators who has spoken out against President Petro’s reforms was Senator Miguel Uribe Turbay, who on February 6, 2024 assured that The national government’s proposals are “antisocial and destructive, in fact, in two words: they will generate poverty and inequality.”

Regarding the pension reform, Senator Uribe Turbay commented that “what Petro is proposing to us is a pyramid, in the best DMG style, that will very soon leave the majority of Colombians without pensions.”

Senator Miguel Uribe Turbay explained the reasons why the opposition bench will not approve the reforms proposed by Gustavo Petro – credit @MiguelUribeT/X

According to Uribe Turbay, one of the problems of the reform is that it puts at risk the creation of new companies and will have several collateral effects such as the decrease in infrastructure projects and the lack of housing financing, Therefore, as the senator explained, the changes that the Petro Government hopes to generate will not contribute to solving the problem.

“Like a pyramid or a scam, the system will not be sustainable, therefore, the pension reform puts the macroeconomic stability of the country at risk, or rather, it will bankrupt the country by reducing savings and the effect of external debt and internally of the country is going to be devastating.”

But the senator not only referred to the pension reform, but also criticized the changes in labor matters presented by the Ministry of Labor, since those most affected will be young people and women.

“While what the country needs is to generate employment and opportunities, the labor reform does the opposite, what’s more, the Minister of Labor herself assured that she is not interested in generating new jobs, as things are, neither the informal ones will become formal, nor the unemployed will have a chance.”



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