[BostonCard]

Good analysis of the Russian fiscal situation, which looks... stretched.

https://theovershoot.co/p/russian-war-sp...dium=email

Even with massive increases in value-added taxes, excise taxes, income taxes, and social insurance taxes, more than 80% of the increase in Russian federal spending over the past 12 months was financed by an increase in the deficit and more than 70% of the increase in spending by the “pension and social insurance fund of the Russian fund” was financed by an increase in the deficit. Across the consolidated budget, incremental deficit increases financed about two-thirds of the overall spending increase (in rubles).

BC

[BostonCard]

Good analysis of the Russian fiscal situation, which looks... stretched.

https://theovershoot.co/p/russian-war-sp...dium=email

Even with massive increases in value-added taxes, excise taxes, income taxes, and social insurance taxes, more than 80% of the increase in Russian federal spending over the past 12 months was financed by an increase in the deficit and more than 70% of the increase in spending by the “pension and social insurance fund of the Russian fund” was financed by an increase in the deficit. Across the consolidated budget, incremental deficit increases financed about two-thirds of the overall spending increase (in rubles).

BC