Yesterday, I read in the SZ that the new federal debt for 2011 has now been determined at 48.4 billion Euros. That is 9.1 billion Euros less than originally planned. Simultaneously, the coalition decided in the parliamentary budget committee that the total money to be spent must be limited to 305.8 billion Euros, rather than the originally planned 307 billion Euros, for 2011.
Well, here is what this means: the new federal budget is still financed by loans to the tune of 16 %. Is that what you would call “just fine”?
Later in the same article, I read:
Even during the current year (2010), the new debts will be less by about 50 billion €, which is a lot less than had been originally planned. In his draft, Schäuble had written 80 billion. The reduced additional new debt was caused by the unexpectedly high economic boom in Germany and the high tax revenues caused by it.
That means the planning was wrong by 30 billion Euros (difference between 80 and 50) , which is quite a considerably sum.
So we plan about the same new debts (48,4) in 2011 as we had in 2010 (≈50).
But what are we supposed to do if the plan for 2011 will be somewhere near as wrong as the one for 2010 later turned out to be – and maybe this time in the other direction?
RMD
(Translated by EG)
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