Household

Comment: Black zeros, black future

Solid growth in the public coffers to record revenues helped. What the Reform of the Federal government certainly not that will promote, afraid of Rolf Wenkel, with negative consequences for the competitiveness.

Would actually in many German top echelons of the champagne corks popping: Despite wall of China in the global economy, despite the EU sanctions against Russia, despite the recession and the associated Nachfrageausfall in many emerging countries, the German economy succeeded, to the already huge economic output, once again a shovel of 1.7 percent draufzulegen. What the public coffers of the Federal government, the länder, municipalities and social insurance nod have benefited: Almost 20 billion Euro in the past year, more earned than you have spent.

Freeloaders

Success has many fathers. There is a robust labour market. Month to month record highs in employment reported for bubbly sources of revenue to the Treasury and the social security has made. Add to that a thriving private consumption: if you do not have to Worry about losing their job, and who for Fuel and heating oil within a year, only pays half that will in their purchasing decisions courageous – trade-and in turn, the Treasury will be pleased.

DW-Wirtschaftsredakteur Rolf Wenkel

Add to that the disastrous monetary policy to Nullzinsen, the head of the European Central Bank, Mario Draghi, operates. His flood of money glossed over on the one hand, the financial problems of the southern Eurozone countries and keeps some of the ailing banks alive artificially, buy the South, so time helps, but on the other hand, the German Finance Minister, all Haushaltssorgen to get rid of. Because he needs for borrowed money not to pay interest to. More: pensions and pension funds, which by Statute or compelled by law, only first-class bonds to buy, pay even more interest for the privilege, in German government bond investing.

As I said: success has many fathers. Only a want a did not think of that: The Federal government, and specifically its Finance Minister, Wolfgang Schäuble. Not only that, he to this windfall completely innocent – his policy of “black Zero” is now only among the followers of a hard-hitting austerity measures some proponents. More and more people will but it seems clear that there is a strict Saving not an end in itself. Today, people who do not have enough in roads, bridges, schools, universities and teacher invests, puts its future lightly on the game.

Mood clouds, a

It is perhaps a happy coincidence that on the same day that the public accounts of a Rekordüberschuss report, the Munich-based Ifo Institute reports that the mood among entrepreneurs for the third time in a row clouded. Your current situation you will appreciate it is still quite positive. No, it is the future that Worry you. And not just because of the sluggish global economy and the weakening of the emerging economies. But also, because in Germany the competitiveness to crumble slowly begins, and orders collapse, because the Chinese or Koreans are cheaper to deliver.

Record revenues in the public coffers to promote, at best, a “business as usual”, however, no pressure, carrying out structural reforms. Seen in this way, can be 20 billion euros over the long term as Danaergeschenk prove to be, if not wisely invested.

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