https://sputnikglobe.com/20231128/scholzs-recovery-plan-made-bundestag-burst-with-laughter-dubbing-him-plumber-of-power-1115256083.html

Germany's 'Plumber of Power'? Bundestag Bursts Into Laughter over Scholz's Recovery Scheme

Germany's 'Plumber of Power'? Bundestag Bursts Into Laughter over Scholz's Recovery Scheme

Sputnik International

Germany's coalition has agreed on a 2023 supplementary budget, suspending the debt brake for the fourth year. Consultations on the 2024 fiscal plan are in progress, demonstrating a deliberate and thoughtful approach to budgeting. However, the German leadership accentuates the urgency in advancing green energy and digital infrastructure.

2023-11-28T15:36+0000

2023-11-28T15:36+0000

2023-11-29T06:53+0000

economy

europe

olaf scholz

christian lindner

ukraine

berlin

germany

democrats

social democrats

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Chancellor Olaf Scholz was mocked by his peers in the Bundestag while talking about the supplementary budget for the year 2023. In his speech, he stressed that the German economy is facing an energy crisis and that a declaration of “state of emergency” is a legal way to suspend the “debt brake.” This was met by the bitter laughter of opposition members.Olaf Scholz tried to downplay the significance of the measure, saying that his government was “merely confirming what we had already decided at the end of [20]22, which was necessary and right then and is still just as necessary and right today.” He added that these steps would not affect the well-being of German citizens, triggering another burst of laughter from Bundestag members.Christian Democratic Union (CDU) leader Friedrich Merz openly questioned the chancellor’s competence, dubbing him a “plumber of power”, meaning that Scholz lacks in education and understanding of how to run a state. Merz verbally laced into Scholz, asserting that "the shoes you currently occupy as the chancellor of the Federal Republic of Germany are clearly two sizes too large for you."AfD leader Alice Weidel remarked: “The crisis is a crisis of trust - one breach of trust at the traffic light is followed by another.”Other politicians stressed that they were expecting Scholz to resign instead of addressing the Bundestag with a new useless economic plan.Over-Indebted German Economy After a court decision on November 15, Scholz's coalition, consisting of the Social Democrats, Greens, and Free Democrats, prepared a supplementary budget for 2023. As part of their plan, they intend to continue suspending the debt brake for the fourth year in a row.This move contradicts a rule designed to limit new borrowing. Despite German Finance Minister Christian Lindner's weak assurance that this does not mean additional debt for the year, the figures tell a different story. The net borrowing for 2023 has skyrocketed from a mere €25 billion to a staggering €70.6 billion. Such a dramatic increase casts doubt over the coalition's ability to handle the nation's finances responsibly.Internally, Scholz's ruling alliance is buckling under pressure to contemplate yet another suspension of the debt brake in 2024. Adding to this debacle, the opposition, spearheaded by the Christian Democrats, who initiated the lawsuit leading to the court judgment, is calling for an overhaul of the borrowing rules.The actions of the Scholz government has plunged the German economy into crisis, leading to challenges such as dealing with high energy costs resulting from sanctions on Russian gas supplies, as well as the need for significant investments in renewable energy and technological advancements. According to the International Monetary Fund, Germany faces a decline of 0.5 percent this year.

https://sputnikglobe.com/20231120/german-courts-decision-stops-scholz-governments-budget-maneuver-amid-dire-economic-straits-1115074069.html

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