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Monday, November 28, 2022

Golob’s are planning an astronomical deficit

By: Vida Kocjan

Revenues to the state budget were 16.7 percent higher by the end of August, the reason being higher than expected growth in tax revenues, mainly due to the recovery of domestic consumption, partly also due to high inflation. Regardless, we had a deficit of 342 million euros in eight months, which means that more was spent than flowed into the state budget.

Revenue growth is expected to continue to decelerate over the next four months, that is until the end of the year. At the same time, Robert Golob’s government is announcing a rebalancing of the state budget, with which it intends to increase spending by 600 million euros and thus also the deficit. According to the assessment of the Fiscal Council, with such plans, the deficit at the end of the year could amount to an incredible 2,130 million euros.

It is scandalous that they plan to use the increase in this year’s budget revenues for more spending. They will spend more instead of reducing the public debt, which was also the result of the crisis in the last two so-called covid years. The Fiscal Council points out that the behaviour of Golob’s government is inappropriate. They estimate that the increased deficit in the government could be avoided by appropriate redistribution of funds.

According to the Fiscal Council, the increase of the maximum allowed expenditure limit by 600 million euros compared to the current situation will mean that in the last four months of this year, the growth of total spending will be twice as high as in the current budget. However, such an approach will not reflect the real state of public finances and may open the way for additional, even unjustified, spending.

It is also interesting to note that the latest measures to mitigate the effects of the costliness in Slovenia are similar to those in other countries, but to a considerable extent they are not as targeted as elsewhere. The latter, however, with the expected increasingly limited fiscal space, may turn out to be an ineffective action, which is also contrary to the recommendations of international institutions. In short, Golob’s prove that they only care about spending taxpayers’ money. Following the example of all left-wing governments so far.

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