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Vorschlag zur Ergänzung der Schuldenbremse um eine kaufmännische Sichtweise

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  • Cuny Reinhard

Abstract

The current debt brake prevents necessary future investments. This article contains a pragmatic proposal to amend Article 109 paragraph (3) of the Basic Law, which essentially argues in favour of a transition from the cameralistic perspective on cash-based accounting to the perspective of commercial (double-entry) bookkeeping on income and expenditure. This would counter the investment backlog and pave the way for future-oriented expenditures, e.g. on infrastructure, education and research. Net government investment through additional borrowing can take place provided that the income from loans is not higher than the investment expenditure, which exceeds the average investment expenditure of the past ten years. If economic growth is sufficiently high, higher new borrowing is compliant with the Maastricht criteria. This will counter the investment backlog and pave the way for future-oriented spending on infrastructure, education and research.

Suggested Citation

  • Cuny Reinhard, 2025. "Vorschlag zur Ergänzung der Schuldenbremse um eine kaufmännische Sichtweise," Wirtschaftsdienst, Sciendo, vol. 105(3), pages 178-184.
    • Handle: RePEc:vrs:wirtsc:v:105:y:2025:i:3:p:178-184:n:1013
    DOI: 10.2478/wd-2025-0049
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    1. Bohne Albrecht & Heinemann Friedrich & Niebel Thomas & Thöne Michael, 2024. "Die Zukunftsquote: ein neuer Kompass für den Bundeshaushalt," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 25(2), pages 113-129.
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      More about this item

      JEL classification:

      • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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