Germany’s grossly unequal distribution of wealth is contributing to the country’s malaise
For much of its postwar history, Germany was a beacon of prosperity and political stability. Now its economy is stagnating, and social harmony has given way to acrimony and division.
Germany’s grossly unequal distribution of wealth is an underappreciated cause of this malaise: The top 10% of households have at least $793,000m of net assets and control more than half of the country’s wealth,
Almost one-quarter of the population say they would vote AfD if an election were held today – and depressingly, I don’t rule out that figure increasing before next year’s national vote.
The federal government is in disarray, having been forced last month to find €17 billion of savings in this year’s budget following a constitutional court ruling that its attempt to repurpose unused pandemic funds for climate investments was illegal.
Reconciling the Free Democrats’ anti-borrowing philosophy with the Social Democrats’ commitment to welfare spending and the Greens’ determination to promote decarbonization has led to bickering and compromises that satisfy almost nobody.
The shared prosperity bit is partly a myth: Inequality is high by European standards and median net wealth of around €106,000 is well below the euro-area median of around €150,000.
Chris Bryant Bloomberg 15 januari 2024
Kadewe i konkurs
Det 116 år gamla varuhuset Kadewe, omnämnt i turistguider på hundratals språk, det forna Västberlins lyxiga skyltfönster mot kommunisterna i öst och en symbol för det tyska ”ekonomiska undret” har gått i konkurs.
SvD 5 februari 2024
Kommentarer