Public Debt is Ticking Too Fast
State Indebtedness Increases by 3393 Euros per Second this Year
As the Bundestag debated the budget this week, the national debt continued to rise rapidly. According to the "debt clock," the total public debt now stands at 118,806,360,000 euros. This includes not only the debts of the core public budgets but also the development of debts in the following areas:
- Federal government
- States
- Municipalities
- Social security funds
The debt clock shows that the total public debt is increasing at a rate of 3393 euros per second. This means that the debt has increased by over 27 billion euros since the beginning of the year.
The government's budget deficit for this year is expected to be around 60 billion euros. This is due in part to the economic slowdown caused by the COVID-19 pandemic. The government has also increased spending on social programs and infrastructure in an effort to stimulate the economy.
The increasing national debt is a major concern for many economists. They argue that the debt is unsustainable and will eventually lead to a financial crisis. The government has defended its borrowing, arguing that it is necessary to support the economy during the pandemic.
The debate over the national debt is likely to continue in the coming months. The government will need to find a way to reduce the deficit and stabilize the debt. If it fails to do so, the country could face a financial crisis.
Key Statistics
- Total public debt: 118,806,360,000 euros
- Increase in debt since the beginning of the year: over 27 billion euros
- Rate of increase in debt: 3393 euros per second
- Government's budget deficit for this year: around 60 billion euros
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