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May 28, 2020
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Professor Krzysztof Piech: The Minister of Finance has lost control over finances – Blocksats

The economic crisis in Poland is just beginning. You can’t have the illusion that the worst is behind us. It is just the opposite. Politicians no longer hide from us that you will have to tighten your belt. However, the last words of the Minister of Finance worried experts. Professor Krzysztof Piech is of the opinion that this one “Lost control of finances.”

Professor Krzysztof Piech critically about the Minister of Finance

If the epidemic lasts longer, then the budget will have to be constructed quite differently – assessed the head of the Ministry of Finance Tadeusz Kościński, who was quoted in the MF post on Twitter on Monday.

“The budget that applies is a balanced budget. We are not in a hurry to amend it. If we amend it quickly, we will have less reliable parameters. The budget will have to be constructed quite differently if the epidemic lasts longer “

– thinks Kościński.

His words disturbed, among others prof. Krzysztof Piech, who in response published his post on Twitter.

“In other words: although we will spend over PLN 100 billion more from the budget, we still have zero deficit. And how big it will be, it is not known “ – says Piech.

The Minister of Finance has lost control of finances … Said the economist.

I warned you!

Professor Piech has recently felt bitter satisfaction. He often repeats in his tweets that he has already predicted the various economic phenomena that we observe today in the markets today. The most striking example is growing inflation, which he warned the rulers and us all in 2019. Then nobody listened to him.

“If you believe the CSO estimates (i.e. if the signal information is confirmed), then the price increase in April compared to March this year. amounted to 1.1 percent By 5% fuel and food prices increased by 1% On an annual basis this would give inflation at 2.2% This is not much (still below the inflation target – which has remained the same for many years). However, more disturbing than the level itself inflation there is a scale of price increase in one month – in April. I put forward the thesis that the Central Statistical Office (GUS) has not yet managed to capture the price increase in the whole month – especially the increase in food prices after Easter, which was visible in retail trade. In addition, I believe that the high dynamics of price growth in April can also be continued in May – which would give grounds for concern “

– it’s his statement from May 2019

As we know today, prices went up over the following months, and this process continues to this day. When someone like prof. Piech says the finance minister “Lost control” over the budget, we know that real problems are just beginning.

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