Clemens Fuest

ifo Institut @ifo_Institut

Die Stimmung unter den Unternehmen in Deutschland hat sich verbessert. Der #ifoGeschäftsklimaindex stieg im Oktober auf 90,2 Punkte, nach 89,9 im September. Dies war auf zuversichtlichere Erwartungen zurückzuführen.

Mario Nawfal @MarioNawfal

🇷🇸 Serbia’s FAST! People have started TEARING DOWN Vučić billboards after the student-backed opposition’s historic victory, while crowds continue celebrating across Belgrade. Vučić has already conceded defeat after more than a decade dominating Serbian politics. That is the kind of image elections rarely give you: not just a government losing power, but its face literally coming off the walls. Writer: Oliver

Smirkley @Smirkley

The French strike because the state doesn't spend enough. Eurostat data from Oct. 21, 2026

Wojtek Kopczuk 🇵🇱🇺🇦 and 🇺🇲 @wwwojtekk

He is so close to getting how the mere threat of bad policy can cause permanent damage

Heike Lehner @heikelehner

Kalifornien stimmt im November über eine einmalige Steuer von 5 % auf Milliardärsvermögen ab. Versprochen sind 100 Mrd. $, realistisch rund 30 Mrd., weil fast 30 % der Steuerbasis schon weggezogen ist. Mit der verlorenen Einkommensteuer ist der Barwert negativ: minus 39 Mrd. $

Keith Humphreys @KeithNHumphreys

Denmark is raising its retirement age to 70. French election candidates pledge to reducing it to 60 or 62. Denmark's debt to GDP ratio is 27%; France's is 117%. You reap what you sow.

Luis Garicano 🇪🇺🇺🇦 @lugaricano

Belgium: 4.8 million adults get their income from the state versus 3.6 million unsubsidized private-sector workers. State spending is over 54% of GDP, taxes take ~50%, and the budget hasn't been balanced since 2006. More than 526,000 working-age citizens (over 7% of the entire workforce) are now on long-term disability leave—exceeding the number of officially unemployed.

Luis Garicano 🇪🇺🇺🇦 @lugaricano

The biggest, and stupidest, myth in European politics, particularly popular in France, is that Europe suffers the consequences of "austerity" and "neoliberalism". In the biggest 5 countries in Europe, more than half of the population makes its income from the state, less than half from the private sector. This is what makes the problem of reducing the welfare state so impossible: more than half of the voters are net recipients. No surprise that Italy's budget has not been balanced in 100 years, France's in 50 years (ooh la la, l'austérité!!): -France: 30 million from the state versus 21m private sector workers. State spending is 57% of GDP, taxes more than half the economy. The budget hasn't been balanced in the lifetime of most French (since 1974). - Germany: 35 million adults from the state, versus 34 million from the private sector. 10% of the population is registered as severely disabled. Public spending is over half of GDP. Germany has had a continuous budget deficit since 2019. -Italy: 23 million from the state, versus 20.5 million private-sector workers. Public spending is 51% of GDP. Italy has had a budget deficit every year since 1925, for 100 years. - Spain more people get their income from the state since 2024: 18.21 million from the public sector versus 17.9 million people working in the private sector. Since 2025, Spain also had more government employees than self-employed workers (autónomos) for the first time in history. State spending is at 45%, budget has not been balanced since 2007. - UK: 54% of households now receive more in state benefits than they pay in taxes. State spending is 44.5% of GDP, taxes (40%) are at their highest since 1950, the budget hasn't been balanced since 2001, and 1 in 5 new cars is paid by the government through a bizarre state disability scheme (Motability).

Sigmar Gabriel @sigmargabriel

Heute mit dem Präsidenten des @ifo_Institut Prof. @FuestClemens auf dem Podium beim Konsumklima Summit des NIM in Berlin. Einig sind wir uns: Ohne bessere Bedingungen für private Investitionen wird das aktuelle Wachstum zum Strohfeuer. Und ohne Wachstum scheitern alle Reformen.