Germany has finally balanced its budget after 38 years of failure. The cause is an export driven 2006-2007 boom. What constitutes an economic boom in Germany these days? 2.5% annual GDP growth. Quite a decline by the standard of West German booms. One wonders whether Thatcher’s concerns about the economic impact of a reunified Germany were misplaced, at least for our lifetimes. And things are regressing in 2008, with the government publicly expecting 2% growth and a return to federal deficit spending.
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Actually kinda sad that Germany can balance their budget but we can’t without a huge bubble. Though I guess their high taxes help?
There’s also the matter of due to their living under the American protectorate, they only spend an extraordinarily low 1.5% of their GDP on national defense.
Good point lee. This also seems to be the reason nato is falling apart.