Power

How committed is Jair Bolsonaro to a pension reform?

How committed is Jair Bolsonaro to a pension reform?
Jair Bolsonaro promised to be a reform. Will he keep that promise?

Financial markets jumped on the Jair Bolsonaro bandwagon for one reason: Paulo Guedes, the ultra-libertarian economist the President-elect chose as his future economic tsar. As reporter Maria Martha Bruno pointed out on August 10, Brazilian big business had its eye on Mr. Guedes’ plan to cut public spending and push for deep structural reforms—particularly a reorganization of the country’s pension system. During the campaign, Mr. Bolsonaro also defended the reforms, however, just weeks before taking office, his stance seems to be veering from Mr. Guedes’ pro-market beliefs. In the space of a...

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