ELDR Focus Year

The European Liberal Youth LYMEC calls for a sharp reduction of budget deficits in Europe as a question of justice across generations.

LYMEC President Alexander Plahr comments: 'We applaud the recent decissions by the Spanish and Portugese governments to reduce their budget deficits as well as the strong intention of the newly elected conservative-liberal government in the United Kingdom to return to fiscal responsibility. However, these are merely cautious first steps in the right direction.

The accumulation of ever-higher amounts of public debt by governments across Europe is a ticking time bomb for coming generations and cannot go on any longer. Instead of taking a mortage on the future, today’s politicians should only spend as much as they collect in taxes.'

LYMEC Bureau member Mireia Huerta Sala states: 'The current debt levels in regard to Gross Domestic Product (GDP) across Europe are frightening for the young generation! Last year it was 78% for France,  85% for the UK and a staggering 115% for Italy.'
 
Plahr continues: 'Reducing the public deficits, getting to balanced budgets again and ultimately paying back all state debts is essential for intergenerational fairness - because younger people cannot decline what they inherit: Tens of thousands of Euros debt per capita. Every newborn Finn already inherits a personal share of the state debt of 14.000 Euros, every young French person 23.000 Euros, while every Belgian will have a burdon of over 30.000 Euros to carry. European countries now need to seriously stop unloading today’s problems on coming generations shoulders.'