Berlin/Magdeburg – On Maybritt Illner’s talk show on Thursday evening, he said as much: Saxony-Anhalt Prime Minister Reiner Haseloff (CDU), considering Germany’s economic downturn and record new debt, put it succinctly: “We are basically bankrupt.”
Germany’s longest-serving Prime Minister (in power since April 2011) literally said on TV: “In the last 35 years we have lost a lot of competence. We are no longer an economic power that we can be proud of.” The warning: “We are losing leading industries. We were basically broke.“
When asked by BILD, Haseloff answered more specifically: “We have given away more than we have earned over a long period of time. Much of what we spend on arms, infrastructure and social services is financed through loans. This cannot be done in the long term. From 2029, all state revenues will go to social services, defense and interest,” he said Haseloff to BILD.
The CDU politician continued: “That is why we must review our spending and urgently need economic growth, otherwise we will no longer be able to finance our social system.”
Even before Haseloff, prominent economists had clearly warned of a debt spiral. Economist Prof. Veronika Grimm (54, TU Nuremberg) told BILD: “This financial planning is a vow of openness.”
Economists warn Additionally, the XXL special fund will not generate any growth “as it has so far been largely used for budget reallocation and financing consumer spending”.
However, if the economy ultimately does not improve, then Germany will no longer experience bankruptcy “in principle” within a period of at least four years.
