Increased responsibilities for the newly incurred debt?

In the heart of Europe, Germany, a nation renowned for its economic prowess, is once again at the centre of an intriguing debate. The discussion revolves around the potential elimination of public holidays and the implications for economic growth.

Ludwig Erhard, often hailed as the father of the German economic miracle, set a precedent by demonstrating that short-term sacrifices could pave the way for a high-performance economy. His vision of prosperity for all, though, seems to be missing in today's discourse, as the country grapples with the idea of streamlining its holiday calendar.

The current debate is spearheaded by Monika Schnitzer, the head of the Council of Economic Experts, who proposes the elimination of a public holiday to boost economic activity and generate more revenue for the state. Calculations by the Institute of the German Economy suggest that an additional workday could increase the gross domestic product by up to 8.6 billion euros, equivalent to a 0.2 percent increase.

However, not everyone is on board with this idea. Baden-Württemberg, which has the second-highest number of public holidays in Germany, appears less enthusiastic about the proposal. The public, too, seems to favour maintaining the status quo, with no widespread support for the elimination of public holidays.

In stark contrast, Verdi, a significant union in the public sector, is demanding three additional paid days off per year in the ongoing collective bargaining negotiations. This demand, if met, would move the discussion in the opposite direction of eliminating public holidays.

As Germany plans to issue one trillion euros in new debt for defense and infrastructure, the question remains: Is the short-term gain of an additional workday worth the potential long-term costs of eliminating a public holiday? The answer, it seems, is yet to be found.

At present, there is no publicly known figure in Germany advocating for a vision of prosperity for all specifically tied to a refinancing of the national debt. This lack of a clear vision from influential figures could be a hurdle in convincing the public of the benefits of eliminating public holidays.

As the debate unfolds, it is clear that the future of public holidays in Germany hangs in the balance. Whether the country will choose to streamline its holiday calendar for economic growth or maintain its traditional celebrations remains to be seen.