The
Nordic nightmare; We're having to cut government spending to
increase growth and employment.
The objective set forth in the government programme is to generate
savings of a total of four billion euros in public finances during the
ongoing electoral term.
Public finances include not only to government
finances but also to the finances of local governments and social funds.
Roughly 1.4 billion euros of the cost-saving measures are to be
implemented next year, according to the draft budget. The measures are
therefore front-loaded.
“It's our aim to front-load the cuts, especially the difficult
decisions, because their corollary impact on growth and employment will
thereby take place sooner,” explained [Minister of Finance Alexander] Stubb.
Our bold in the above. So, what caused the drastic measures?
“The economic situation is difficult, the employment situation is weak
and our total output has diminished for three consecutive years. Our
external balance is again showing a deficit, as is our public economy. I
hope from the bottom of my heart that I don't have to repeat these
lines here next year.”
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