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Germany, Once a Powerhouse, Is at an Economic ‘Standstill’
(www.nytimes.com)
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this post was submitted on 21 Jan 2024
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This is the best summary I could come up with:
Germany grew rich in recent decades by selling its goods to the world, racking up a trade surplus that strained ties with the United States under President Donald J. Trump.
But that would mean changing the Constitution, which requires a two-thirds majority in Parliament, implying a level of cooperation between the opposition and the government that is unthinkable in the current political environment.
Economists have warned that taking a red pen to spending instead of raising taxes — a move vehemently opposed by the fiscally libertarian Free Democrats, the smallest party in Mr. Scholz’s coalition but the one that controls the finance ministry — will be a further drag on the economy.
That, coupled with an increase in wages won after labor actions like the train engineers’ strike, could encourage German consumers to spend more, albeit at the risk of fanning further inflation.
He pointed to the country’s growing green tech sector as a bright spot in the economy, those industries that develop technology for environmental protection, renewable energies and the efficient use of resources.
Intel and Taiwan Semiconductor Manufacturing Company plan to build factories in eastern Germany, helped by subsidies worth €20 billion, which have survived government budget cuts.
The original article contains 1,206 words, the summary contains 200 words. Saved 83%. I'm a bot and I'm open source!