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Tuesday, July 5, 2022

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Olaf Scholz and the Corona Billions: Finance Minister incurs a lot more debt

The pandemic and its economic consequences are forcing Finance Minister Olaf Scholz (SPD) to massively expand the federal government’s new debt this year and next. According to information from SPIEGEL from the Ministry of Finance, the federal government will collect up to an additional 150 billion euros in new loans in both years. For the supplementary budget of this year, Scholz is planning with around 70 billion euros in addition to the already decided 180 billion euros. The new debt would rise to a record of around 250 billion euros in 2021.

The addendum is necessary because the federal government originally expected a much shorter shutdown. For 2022, the plans provide for new borrowing of up to 80 billion euros. It will be possible because Scholz will again apply the exception from the debt brake for next year due to the pandemic. She actually prescribes an almost balanced budget for him. Scholz wants to forward the addendum and budget key figures for 2022 to the departments on Monday, the cabinet will decide on Wednesday. Changes can still be made until then.

Only minimal new borrowing is planned for 2023 to 2025

The Federal Government will not make any changes to the old financial plan for the following years. That should be reserved for the next federal government. For the years 2023 to 2025, the plans only provide for minimal new borrowing, which is within the scope of the debt brake. The set of rules normally allows the federal government to maintain a cyclically adjusted deficit of 0.35 percent of annual economic output. In absolute numbers, that’s around twelve billion euros.

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