Fiscal Policy Key Facts —The bill. Pension spending hit a record R$1.03trn ($200bn) in 2025, about 12 percent of national output across all schemes. —The gap. To close the accounts the treasury paid in R$320.9bn ($62.3bn), equal to roughly thirty-one percent of total pension spending. —The courts. In June the Supreme Court struck down the […] The post Brazil Debates Its Next Pension Reform as the Last One Unravels appeared first on The Rio Times.