There is some evidence that the economic cost of “shutdown” is even the direct consequence of worldwide Financial crisis from 2008 could overshadow – at least the impact on the federal budget. In any case, the Federal Government is currently planning one to finance the numerous aid packages New debt of more than 150 billion euros.
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The SPD is apparently also considering a one-off special levy to cope with the financing, which could encumber assets. Such a one-off levy by particularly wealthy citizens is “one of the ways to get public finances in order after the crisis,” party leader Saskia Esken told the association of “Stuttgarter Zeitung” and “Stuttgarter Nachrichten”.
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In order to cope with the consequences of the crisis for the state budget, “fair burden sharing” is needed. For the SPD, however, this could only look like “that the strong shoulders in Germany are also heavily involved,” emphasized Esken.
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A levy on wealth for the super-rich to better distribute the burden of the corona crisis is already being made by the Left Party required. Party leader Bernd Riexinger said on Monday that assets from one million euros should be charged with a one-off levy of five percent.
Economists and economic research institutes anticipate a massive drop in economic output due to the measures taken in mid-March to contain the corona virus. The Council of Experts of the Federal Government, for example, made its special report public on Monday: According to this, the economy should be in 2020 shrink by at least 2.8 percent, in the case of a longer “shutdown” the slump could also be significantly deeper
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The labor market is facing major strains: it was announced on Tuesday that around one half a million companies have applied for short-time work benefits. The number of short-time workers could soar from a few hundred thousand to several million within a short period of time.
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