There's a brief story over at ARD (public TV, Channel One) this morning, and it talks over the missing German tax revenue.
At this point (we aren't even at the end of 2020 yet).....the German tax office is missing roughly 81 billion Euro. Added cost of healthcare, special programs, etc? That's the game on the spending side. In terms of the 81 billion Euro....that's tax-revenue money that wasn't gained via purchases, air travel, etc.
A big chunk of money? Most people would admit that. What has to worry you a bit more is that this is not complete story for 2020.
Now, some folks would say that once the stores open up....some spending would occur, and tax revenue would recover to some degree. Without air flights? That's another story.
If this trend continued through the end of the year? You'd have to go and wonder about this, and if they'd have to go and cut budgets. My guess is that states would be given some warning that a five to ten percent budget cut was coming, and they'd look at delaying construction projects (bridges, roads, etc). Defense spending might be cut here and there.
The approaching 2021 year? It might be a rough year for some folks.
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