BERLIN / LONDON (IT BOLTWISE) – German financial policy is at a crossroads. Without far-reaching reforms, there is a risk of economic collapse, warns economist Veronika Grimm. Current policies could lead to tax increases that drive companies abroad and endanger Germany’s competitiveness.
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Germany’s current financial policy is under sharp criticism. Veronika Grimm, a respected economist, warns of the long-term consequences of the current measures. She sees the danger that without comprehensive reforms the tax burden could increase, which could prompt companies to relocate their locations abroad. This would not only weaken Germany’s competitiveness, but also encourage the emigration of young, well-trained skilled workers.
Grimm emphasizes that the forecast government revenues could flow entirely into social, interest and defense spending by 2029. This would make tax increases unavoidable, which would put a heavy burden on average earners in particular. The economist emphasizes that the current political constellation makes far-reaching reforms difficult, but they are urgently needed to secure economic stability.
Another aspect that Grimm addresses is the insufficient investment in high-tech innovations. In the past, Germany invested too little in future-oriented technologies due to its industrial successes and political concerns. While countries like China are catching up technologically, Grimm sees reservations about genetic engineering, artificial intelligence and nuclear technology as significant obstacles to the Federal Republic’s progress.
The challenges Germany faces are diverse. In addition to securing competitiveness, it is important to bring the country back to the top in the world in the exploitation of technological innovations. Grimm therefore calls for a realignment of financial policy that promotes both social justice and economic growth. This is the only way Germany can maintain its position as a leading economic nation in the long term.
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