Hi, teachers!

I’m translating an editorial that urges the Moon Jae-in administration to stop misusing taxes which it calls “political populism” and to highly regard financial health though the nation grapples with the COVID-19 crisis.

The writer brings contrasting examples of Germany and Italy to support his point.

I’m uploading the first paragraph of the article which was already corrected and the second paragraph on which I want you to give some advice!

Teachers, please help me T.t Emotion: heartEmotion: heartEmotion: heart

Germany and Italy are countries that have become ‘super-aged societies’ following Japan, where the elderly population (the number of people aged 65 and over) accounts for 20 percent or more of the entire population. Both of them once achieved fiscal soundness. But when you look at the percentage of debt to GDP as of 2019, the figures are 59.8% and 134.8% respectively. Even after spending the astronomical reunification cost of 2,600 trillion won, Germany still maintains its financial health and economic vitality. In contrast, Italy had descended to be ‘a sick man’ of Europe. What made the difference between the two countries is the prevalence of political populism.

German governments have long run the country prioritizing financial stability regardless of their ideologies. Although its % of debt to GDP once surged up to 82.4% going though the global financial crisis in 2008, the ratio fell by more than 20% again after Merkel’s government imposed fiscal austerity. Germans consider it to be unfair to pass on the national debt to the future generations which could be a big burden for them. German voters do not want their government to misuse taxes in populism policies. They specified that the amount of newly issued government bonds must not exceed 0.35% of GDP in the constitution in 2009. Although the Germans have experienced the “German Disease” of low growth and high unemployment in the early 2000s, they successfully revived the economy by adopting standard tactics of labor and pension reforms other than a stopgap of releasing money.

Thank you so much for reading my post Emotion: big smileEmotion: big smileEmotion: big smile

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