Why Hungary's Ballooning Deficit is Bad News for Orban
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In the past few years, Hungarian PM Viktor Orbán has been on a bit of a spending spree, leading to Hungary developing a high budget deficit. But even if Hungary isn't in a full-blown crisis, Orbán is nonetheless in a difficult spot.
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CORRECTIONS:
At 2:30, we used the Bulgarian flag instead of the Hungarian flag.
At 3:12, the map showing which EU countries have exceeded the deficit isn't quite right: Bulgaria and Romania should be switched
At 3:20, the labels showing the deficit of each Visegrad country are incorrectly applied
These are sloppy errors, and we can only apologise (we've also edited the vid to remove the Visegrad bit) - we hope you nonetheless enjoyed the video.
PS to regular viewers, we're aware that our error rate has ticked up a bit over the past few weeks, which is obviously disappointing given (we feel) we made pretty good progress reducing errors over the previous six months or so. We think this is down to a combination of magazine deadlines, moving office and summer holidays, which has made everything a bit chaotic, but hopefully this effect will be only temporary. This is of course an explanation, not an excuse, and we'll still try to make sure all future videos are error-free - thanks for your patience/understanding.
it's just been 2 hours since the upload - you can still delete this, re-edit and reupload. These errors doesn't look good.
Was about to list these problems. I strongly suggest a re-upload of the video cause these are not simple mistakes and there are a lot of them.
I remember back at the end of 2022. You guys said you wanted to drastically reduce the number of errors in your vids. But they are still just as high as ever.
@@Kage-jk4pjcome on they are busy making a physical copy of all their errors.😂
@@bertalanolah6565 This amendment is fine, deleting the video to hide the fact they messed it up is less humble than accepting and clarifying a mistake.
Remember the human.
Corruption is a very expensive national project indeed.
Corruption is an international project... You can see the best examples among EU leaders....
@@balazsmarton255Bro, Orbán literally made his high school friend the richest man in Hungary. Corruption in Orbán's Hungary is on a whole another level compared to the EU, they dont compare.
@@balazsmarton255 My friend, at home this is systemic and nothing works. Don't strain. 😛
@@balazsmarton255 Hungary is the most corrupt EU country, by every measurable metric.
@@balazsmarton255:Corruption is everywhere. However there are huge differences in the rate. Hungary if clearly the most corrupt state of the EU. Thanks to Orbán.
2023 in Hungary:
- In January, bread inflation was almost 82%, food inflation was over 48%, general inflation was 26.2%, three times the EU average!
- In the first quarter, real wages fell the most in Hungary with a 15.6%, which is 4 times of OECD average
- In July our money lost 36% of its value in 2 years due to inflation !!!
- In January, Lőrinc Mészáros, Orban's main strawman increased the monthly tolls by 72% after he bought the 35-year motorway concession
- Lőrinc Mészáros bought a yacht for 27 billion forints, which is almost 11,000 years of average Hungarian pension. Mészáros's wealth increased by 50%, 330 billion forints in a single year
- The Matolcsy, the head of central bank (MNB), bought an apartment in New York for 14 billion forints, which is equivalent to 5608 years of average Hungarian pensions. Meanwhile, the MNB has accumulated losses of HUF 2400 billion
- The Orbán family's visible! wealth reaches HUF 100 billion, Orbán's father built a mansion in Hatvanpuszta for 10 billion forints
- The cows on János Lázár minister's stud farm got waterbeds for HUF 3 billion from the state!
- In 2023, Romania overtook Hungary in GDP per capita,
- In 2023, Bulgaria overtook Hungary in per capita consumption, making Hungary the poorest member of EU.
- Hungary has the 2nd lowest average wage and minimum wage in the EU !
- The Dear Leader has finally found the magic weapon against inflation: he just had to fire the leading statisticians of the Hungarian Statistical Office, put them under the Rogán-led propaganda ministry and the single-digit inflation was achieved...! In 2023, the consumer price index was still 17.6% and food inflation 25.9%.
- In 2023, growth (-0.9%) was the 3rd worst in the EU
- 700 billion forints spent by the government to buy the Vodafone Hungary and give it away to Orban's stooge (equivalent to about 280,000 years of average Hungarian pensions)
- 2021 foreign human traffickers were released from Hungarian prisons in 2023 (official explaination: keeping them in prison is too expensive)
- There are already 100,000 Asian migrant workers in Hungary, who are undercutting the wages of Hungarian workers, with their numbers increasing by about 1,000 a month
- 40% of the Hungarian population run out of money by the end of the month, with no savings
- The Hungarian birth rate has fallen to an all-time low
- OTP survey shows that 94 out of 100 young people do not want to work in Hungary !
- 125,000 Hungarians already work in Austria
- Half a million Hungarians have disappeared in 10 years, the country's population is below 9.6 million, at 1953 levels and falling
- In 2023 the budget deficit was 4593 billion forints , about 6.5 percent of GDP, more than double the 3 percent accepted by the EU, the Hungarian state paid the largest interest burden after the national debt in the EU to GDP (4.3%), the interest expenses amounted to HUF 3,500 billion, which is equivalent to 1.26 million years of Hungarian average pension, meanwile GDP growth rate was -0.9%.
- In december, a new law was launched to silence critical media outlets and civil organizations!
Just for those who look at Orban as a role model, you should know what to expect...
@123_1
You are vile. How many lies you have to tell! It's immoral to lie like that about your own country abroad. You list numbers that are not even a tenth of the truth. Why is that good for you? Does it give you satisfaction that abroad, those who have no way of checking what you say think Hungary is the last putri?
Shame on you.
(I write all this the day before the victory in Nándorfehérvár. Instead of being proud of them, you are smearing the country to the end, and in doing so, you are desecrating their memory.)
I knew that corruption was alive and well in Hungary, but I didn't understand to what extent. This is heartbreaking. As someone who lives in a Nordic country, this level of corruption is unthinkable to me.
I truly hope Hungary will recover fast after Orban is gone, when ever that will be :( ...
Thank you for the detailed economic information. Hope for better days for the Hungarian people.
Nice summary and yes, this is the sad reality... can i copy your comment and share on other social media platforms?
@@bjoardar Your sympathy is heartwarming. I always assume that everyone from the EU countries already hates us because they think that we want this crap. To be fair, a lot of us do want him, but that's because Orban has cemented his position by instilling fear into the people of Hungary using propaganda techniques. Fear of war, LGBTQ people, foreign workers, and even the EU itself is absolutely rampant in the country, as dictated by Orban's media.
It's interesting to discuss Hungary's role as a significant beneficiary of EU funds over the years. The EU allocates funds to member states to support various development projects, infrastructure improvements, and economic growth initiatives. However, there have been concerns and criticisms regarding how these funds are utilized, particularly under the leadership of Viktor Orbán.
Orbán viktor profi !
Tax revenue since the pandemic has increased in nominal terms. However, when adjusted for inflation-which exceeded 30% during this period-the real value of tax revenue has actually decreased. Concurrently, customer spending has declined, making it harder for Hungarians to make ends meet. Many believe that this situation is largely due to Orbán's policies. Anticipating a loss in the 2022 elections, the government spent heavily from state funds. Now that they have won, they are faced with the financial challenges they had hoped to leave for their opposition.
There are numerous issues with the maps and diagrams, such as confusing Hungary with Slovakia and Bulgaria, and even presenting incorrect data for some countries. As a Hungarian, I can say this doesn't deserve a 10-minute video. It's largely about Viktor Orbán and the rampant corruption.
Hungry is paying a million a day to EU for not accepting immigrants as their citizens dont want them
Either beg to EU pr listen to people
Both can’t be chosen simultaneously
@@Victoria-io7qbbitcoin bot go away
Having a Mafia Boss as your head of government and not hanging them immediately is bad for the economy.
Shocker.
Calls Orban a mafia boss yet shows no evidence, typical racist Hungarianophobe.
Great country and a hero nation. They actually enforce their borders and kicked out military aged islamic immigrants that entered illegally. Fantastic country!
For a country so dependent on EU subsidy, Orban loves to talk about foreign money (amazing how quickly he went quiet when that money was withheld). The EU needs to stop putting up with his s**t
Unfortunately, the EU cannot do much about Mr Orban. It's the Hungarian people who'd need to have big enough balls to finally vote him out. As a Hungarian, I do hope the new TISZA Party will do the job properly in 2026... if not earlier! Hungarians have suffered way too much already (and still suffering a lot) from Orban's selfish political games. :(
@@Juvenilescamp2000Nem lesz ebből győzelem a tiszának. Sajnálom de ez a szomorú igazság. 2 évig ki tartani a választásig nehéz
@@weirdguylol Nehéz, de semmi sem lehetetlen. Szemléletmód váltásra lenne nagy szüksége már a magyar társadalomnak. El kellene végre hinni hogy bármi lehetséges csak akarni kell. Ha folyton kételkednek a magyarországi magyarok, azzal csak azt érik el hogy Viktorka szépen nemcsak azt mondja meg mit gondolj, hanem azt is megszabja majd hogyan élj. Én már rég nem élek Mo-n, de továbbra is a legjobbakat kívánom annak az országnak. Az embereknek viszont össze kell kapniuk magukat; nemcsak a Tiszától kell várni a megváltást, különben Orbán végleg tönkreteszi azt az országot!
What he wrote is a joke. Western companies control our country. Call the bank, the insurance company, the gas stations, the chain stores. We Hungarians want to build our own economy. You have made a province out of us, only money is pumped out by foreign multinationals. 1 out of 10 stores is Hungarian, 1 out of 100 products is Hungarian. You took advantage of our seriously bad situation after the regime change and turned us into a province.
@vardekpetrovic ever heard something about morals or honor.
Hungary cant stay the ungrateful beggar it has become today.
Orban is ruining the long and great hungarian reputation and history.
But Hungary is top beneficiary of EU fund for decades!. It sucked EU money like Dracula😂🕳. Where Orban used that money ? In his pocket?
They never got the money, the EU witholds it because we dont want emigration.
Western European politicans are corrupt too but are worse for putting their own interest first instead of their people, they do not even elect politicans by asking people, but they call Hungarians dictator. Western Europeans are pathetic.
Yes, and nobody does anything.
Why the hell does the EU allow this? I am a hungarian, and all I can see that everybody knows what's happening, but they just keep sending money instead of penalizing or stepping in to deal with the corruption.
@@katalinnemeth5871 Google more about Hungary eu beneficiary countries since joining in 2004. The withheld fund is very recent and it was voted by EU parliament members after they realised that Hungary broke the rules.
his and his friends pockets. The whole country is full of his friends who receive a ton of money from the government. And since he controls the hungarian media all the brainwashed idiots vote for him.
In the Czech Republic, we already have more emigrants from Hungary than from any of the following countries: Romania, Bulgaria, Moldova, Serbia. This is remarkable if you take into account the huge language barrier between Czechs and Hungarians (as opposed to Slavic nations). And also because, historically, Hungarians never tended to settle anywhere in Czechia.
What? Hungarians settled even in Vysočina, beside Moravia and Slovakia over centuries. They were either recognized as Hungarians, Czechs, Slovaks, Ukrainians, Croats or Romanian later.
Dear maybe they go there cause they like you and Prague :-) . Mostly the well paid professionals love to move to Prague as the city is cosy to live in as Budapest.
The liberalist leaving only Hungary which is good for us and for them too. Here we have family such as Mother= Woman, Father=Man and no other genders exist😅 no queers, etc. Long live Hungary💪💪💪💪🇭🇺🇭🇺🇭🇺🇭🇺🇭🇺💪💪💪💪
Really? Here in the US, at least 1/3 of us believe Hungary is a utopia ruled by an admirable leader , loved by all Hungarians. Why would Hungarians emigrate to other countries?
@@harold5560 a utopia? ROFL
almost like Orban is a grifter who is taking the Magyars for a ride.
😂😅😢
@@atilla4352 saw another comment of yours saying you're from Hungary and I legitimately hope y'all get a good leader soon.
@@noahjohnson935 😂
Nah man he ain't leaving if he can help it.
@@LZS.8649 because he's an Oligarch, yeah .
@@noahjohnson935 Thank you brother
You can't talk about Hungary's economy and not talk about the widespread corruption by Orban and his circle of crooks
For example, regarding the Covid funding at 4:55 : Even that amount was party spent on a ridiculous amount of overpriced Chinese ventilators that ended up collecting dust in a warehouse. The vast majority (if not all) of them was never used for a second.
@@Dicska he and his cabal belong in only in one place: prison
@@nick90000 what you mean is a system officially called "NER". It's not simple corruption, it's more than that. It has 3 levels and is controlled by FIDESZ-burocrats in order to enhance it with political legitimacy. As a consequence, it has become something similar, than what you can also find in countries Switzerland, France, Germany, Belgium and Poland, etc etc...
On the topic of tax, would be interesting to understand why China delivers everything through Hungary, tax free somehow, usually undercutting Amazon prices, especially with free shipping
Hungarian “Income Tax” is around 50% from the employers point of view (33% from employees POV), then the VAT is 28%, the highest in the world.
27%. Please don't give ideas to Orbán... 😅
Exactly high VAT rates are the classical political instrument to skim the average people, and redistribute money to the wealthy few. Unbelievable, that his voter base (as also mentioned in the video, many pensioners) are unable to see this, and cheer Fidesz for these cheap subsidies and regulated prices. At the same time, the amount of propaganda is unbelievable. People should have a life instead of watching the crooked state TV .
High VAT tax means high costs of living and disproportionate costs for poor people who have a much higher share of consumption spending compared to rich people who can spend it on business costs, wealth maintenance costs etc. So low business taxes and high VAT taxes means favoring the rich.
@@mardasman428 exactly Listen to politicians like Trump, proposing to "lower taxes" (for the rich) and raise VAT and tariffs. Fascist from the toetip to the toupet.
@@mardasman428ofc. High VAT is good for nobody, but the government.
You also forgot to mention how the Hungarian population is considered the poorest in the EU and families have almost no money to spend, thus boost the economy. The prices of commodities have reached the level of that in thee Western EU, but the average salary is around 1/4 or less than of the same countries. The "high salary" level, that the FIDESZ is often referring to is coming from a simple thing. They are talking about the average salary / citizen. However if we look at the median salary, it is clearly seen that a few multi millionaire salary pumps up the average salary with almost 1/3 of the average. This means the majority of Hungarian Citizens are living in desperate conditions (just look at Borsod county). The consumption of Hungarian households was 68% of the EU average last year, slightly lower than a year earlier (68.3%), according to Eurostat data. Since Bulgaria's index increased significantly (67.9%), it was only a tenth of a percentage point that Hungary did not sink to the last place in the EU.
Ami késik, nem múlik... Döbrögivel majd utolsók leszünk abban is xddd
It's the same in a lot of the newer Eastern European members. My partner is from Latvia and we visit the Baltics every year and I just cannot fathom how people there afford to survive on their salaries when the cost of everything is basically the same as the UK.
A few years ago we visited Bavaria and Latvia + Estonia a few weeks apart and I swear I barely noticed a difference in prices.
Are you a political propagandist? Otherwise how do you explain that people still vote on Orban?
Peopke do not vote for orbán, orbán votes for himself a lot. There are a fukking ton of stupid people who still belive in the regime, but most of thier votes are administered unrightfully.
Lond story short: fidesz cheats whereever they can and thier real voters are mostly braindead retirees that were brainwashed by fidesz propagabda.
This is why.
@@gyukagyu1871 Voters, you mean rented voters from neighbouring countries. They have 1.9M voters, so yes, gerrymandering wins the elections.
So many issues with the maps and diagrams. Confusing Hungary with Slovakia and Bulgaria, even having wrong data in some countries' cases.
At least they got the continent right this time…
And now Ukraine has terminated the oil transfer from Russia
Persze decazt nem reklámozza hogy magyarországon keresztül kapja a dizelt amivel a harckocsik mennek😂😂😂😂amit meg a magyarolajfinomitok állitanak elő orosz olajbol! Ez a politika! Elvakitanak olyan hirekkel amit akarnak hogy tudj ! Es titokban tartanak olyan hireket amit nem akarnak hogy tudj😂😂😂😂😂😂😂😂😂😂😂😂😂
It was the Russians.
@@Pekka.Pekka.1296 nope Ukraine publicly stated that the pipelines for oil and gas coming from Russia through Ukraine are closed permanently (even after war), Russia told the Hungarian FM and Slovakia's ambassador that they would send the fuel if they got Ukraine to open the pipelines that's why both Hungary and Slovakia are now threatening Ukraine through the EU.
@@thegamerv2346 Sorry but that could have been expected. SLO snd HU play along with Russia undermining Ukraine’s self-defense on every level. Instead of having started looking for alternative resource HU even got closer to Russia. Disgusting.
1:47 Correction: It's a low-tax place for corporations.
Citizens suffer a 27% VAT combined with a 20% income tax, 7% health insurance "contribution" (meaning every working person pays for every medical bills, even if it's not their own) and a couple other taxes and fees. Roughly 40% of income never makes it to a worker and THEN there's a 27% VAT meaning most goods (those that aren't on the "special list" of lower VAT things) is 27% more expensive than MSRP would suggest (and that is before any import fees and so on)
I'm American.
Between payroll tax on Medicare and monthy insurance payments, I have never used, I am paying about 7% on healthcare that I'm not using.
The VAT is ridiculous
@@badluck5647 It really puts in context just how much that insane deficit is a failure of overspending, not a failure of raising money
@@HyperScorpio8688 It more of a testament to how people are living longer and require more healthcare when they are aged out of the workforce.
@@badluck5647 Oh no, most of our money don't go to pensions. They go directly to Orbán's vanity projects
27% VAT is insane. But what exactly is your problem with health insurance?
at 2:30 you used the Bulgarian flag
I lost track at how many times they screwed up with flags. Shouldn't be that hard to get it right?
It's part of the charm of TL;DR news 😂
Tbh I didn't spot it either. Guess I TL;DR'd the flag.
Come on they got it right like 10 times in this video, it’s just a “typo” or a flago I guess
you think people care about the difference between bulgarian and hungarian flags... hahahahah
They are english, since Brexit they are losing basic geographic knowledge.
idk how tldr wants to be taken as a lowkey yet professional channel when they're so consistently sloppy with their graphics
Do they ever double check their slides? 😂
Mistakes happens man 😂
@@NIdo-tj7vu I remember when they hired new editors and apologized in advance for some mistakes
But it was ages ago and TLDR is still consistently sloppy
They have fixes and corrections in the comments already.
>hungary runs the highest deficit among the visegrad four
>shows slovakia and poland having a higher deficit
He mistook Hungary for Slovakia it seems
Yeah I looked up the numbers and Hungary does have that 6,7 figure but they showed it wrong.
@@texanplayer7651 Well Slovakia is just Upper Hungary, so it's excusable
@@serebii666and serbia is southern hungary
@@serebii666hahahha 😂 we also have a saying that Slovakians are the hungarians who couodnt learn proper czech" sorry slovaks, just joking here ❤
You would never think it was in a bad place after visiting Budapest
@@wpjohn91 It is a great place.
Though the locals seem to be fed up with tourists now
Capitals are usually doing better, just look at London vs the rest of the UK
Whenever i see pictures from Budapest im like "This place looks great! I have to visit sometime!". Then i realise its Hungary and im never going to support a country with a semi dictator.
You would if you went outside downtown
Conservatives and pandering to old people, name a more common trend
Conservatives pandering to the wealthy. If it's not more common, it is at least just as common.
well, old people dont pay taxes, so I am not sure its a good straregy to scare away young population from the counry, in favor of old people
@@peterszarvas94 In the short run it's obviously working. And fuck the country after he is rich as hell and left it.
@@peterszarvas94 But old People Vote and make in many countries a bigger and bigger Part of the Voters.
Its looks more and more like a Gerontocracy
"Elderly power hypothesis
Politicians are guided by the median voter and base their political actions on this. The elderly power hypothesis states that the political balance of power has changed in favor of the elderly due to the increased electoral power of the older population. According to this theory, older people would use their superiority to their advantage and at the same time block investments in the future. This is the conclusion reached by Bonoli and Häußermann in a study[6] on referendums in Switzerland published in 2010. Button (1992) also comes to the conclusion that senior citizens are significantly more likely to vote against the expansion of education funding than other age groups[7].
“Because senior citizens are now in the majority, they can effectively and powerfully assert their concerns against the interests of other age groups. A gerontocracy is looming, both in terms of substance and numbers: the concerns of senior citizens seem to be moving to the center of all political regulation.”
- Emanuel Richter: Seniorendemokratie: Die Überalterung der Gesellschaft und ihre Folgen für die Politik, Berlin 2020, suhrkamp Verlag"
Liberals pandering to women, public-sector workers, bottom-feeders, homosexuals and immigrants.
at 3:18 you mean that hungary got a -6,7 % and not Slovakia.
It is more of a cultural and political crisis than an economic one. As a Hungarian, I watched as the people were hit by the global financial crisis in 2008 and the country almost went bankrupt in a matter of months. In 2010 the Orbán regime came in and was so empowered that it completely entrenched its power. It has now almost completely abolished the rule of law, created a one-party system in Hungary, and abolished full parliamentary democracy. Today, laws are made by decree without any meaningful debate, the Hungarian government is not in an executive role but rules the entire state and there is no one to stop them. Corruption is intolerable, nothing in Hungary today has political or criminal consequences. Viktor Orbán and his family and best friend have become the richest people in the country. They control the construction industry, banks, hospitality, tourism, and all the major strategic sectors. They have recently bought Vodafone and Budapest Airport, they are gobbling up retail chains and servicing their interests with cheap credit. Despite the global economic crisis, in 2010 Hungary had a good chance of becoming the leading economy in Eastern Europe; today, our goal is not how to keep up with the Czech Republic or Poland, but how to avoid a total collapse. Orbán's chaos is unbearable, his foreign policy is unacceptable, and his populist policies, with total media control, are leading to more and more election victories for him. Most Hungarians do not hold political leaders responsible for the current situation, they believe that the EU and other external factors are to blame. Stay far away from this country.
Thank you, every word is true.
Hungary is a utopia compared to The West so keep coping lmaoo
We have the same problem in Slovakia. If Fico stays in power for a couple of years, we will walk the path that Hungary is on today. It is sad, but true. I guess voters are easily fooled on both sides of the Danube.
Every word is an utter lie.
Ennyi hülyeséget rég olvastam.
Az emberek 2/3-os többséget adtak Orbánnak egy demokratikus választáson.
Ekkora többséggel valóban tud önállóan törvényeket hozni, ez kb mindenhol így van a világon.
Semmivel nem korruptabbak,mint az ellenzék, aki most kisebbségben vergődik.
Persze azok jó "demokraták" voltak, mert mindent külföldi kézbe adtak, aztán a 2008-as válságban a magyar gazdaság omlott össze a világon egyedülálló módon ,és elsőként.
A többi ferdítésed már nem is érdekel, mert mellébeszélsz.
Az a félelmetes, hogy már 14 éve hallgatom a teljes összeomlást, aztán mégsem ez történt.
Még úgy sem, hogy a liberális szélsőséges európai körök mindent megtesznek ezért.
És természetesen a hülyeség az elvándorlásról, minden választás előtt.
Ami ha igaz lenne, akkor 2 millió migránst kellene betelepíteni, hogy nulla ember legyen matematikailag az országban.
Ain't it a bit hypocritical that we always get an ad about the importance of data analytics, but the graph at 3:17 either has wrong data or the commentary is wrong.
Or maybe that's the whole point of the ad... xd
And for some reason, Orbán thinks that it is a good idea to buy oil from a pipe that literally crosses the frontline of an active warzone. What could ever go wrong, right?
You missed an important part. Hungary debt in a big ratio is in state bonds owned by the locals. And those interest went aroun 20% during the last year inflation.
I also bought, it was a good business but a huge burden for the government spending.
A lényeg hogy az országban marad a kötvény!!! Ellentétben más országokkal! Ha külfőldi veszi meg akkor befojásolhatja a kibocsájtó ország gazdaságát!kina 5 perc alatt csődbe teheti USA -t mert kina a legnafyobb usa adiság felvásárló
@@numeronoo8080ha csődbe tehetné már megtette volna. Nem ugrunk a mélybe csak azért, hogy mást is bele rántsunk.
At least the yields paid did not leave the country.
@@numeronoo8080 Lol, hát te se értesz semmit ehhez, de legalább utána sem néztél
@@numeronoo8080 Saját pénzben denominált tartozásban nem lehet csődbe menni, hiszen bármikor nyomtathat például az USA elég dollárt, kifizeti vele a hitelezőit, a nép meg majd szív pár évig az inflációval.
One more addition, which unfortunately is a factor, but foreigners can hardly know it.
Viktor Orban rules Hungary with full power. He uses the tax revenues as he pleases, without anyone to hold him to account. The money is flowing dramatically to Orban, his relatives, friends, oligarchs and vassals who are committing themselves. We are talking billions. This process has become even more drastic since EU funds have been withheld by the EU. The oligarchs use this money to buy companies in all important economic areas.
@@suportbghelp4938 Yes, I think it was Boyko Borisov who led Bulgaria in a similar way. Even the justice system was like ours. The Attorney General ensures the impunity of the government and all those close to the government. As Ivan Gesev did in Bulgaria.
You say that while showing no evidence, typical racist Hungarianophobe.
They even tried to buy up Talgo
@@huniqueThe EU has a number of nations in the corruption bottom. The EU tries to pressure them to at least start to build up anti-corruption institutions.
I guess silencing your opponents comes in expensive
The sad reality is that he doesn’t even need to silence his opponents, the opposition is just so bad and the people are just so stupid
I guess it doesn't help to spend more money avoiding immigrants than those immigrants would ever have cost; besides not having cheap workers to do the underpaid jobs.
6:40 Yes, a huge part of the spending is state bonds for Hungarian citizens which have a decent interest rate. It is a balancing act and Orbán managed to stay on top of it for a long time.
not sure if the deficit map is correct , romania has been running at well above 3% deficit for a very long time , and on your map it shows as if it is under the 3% ... which i don't even remember the last time it was under the 3% margin ... same goes for germany , i think germany has been around the 4.9% deficit for some time now, while on your map you also show it to be under 3% which is not true
Romania has over 8% at the moment
This channel has many mistakes sadly in everything they report.
Bulgaria is under 3% always in the map is over 3%
Germany has had a defizit of -2,5% in 2023 according to Statista.
Where you got the -4,9% number?
@@clawy99 2023 figures, Romania had a deficit of 5.6%. It has been at -0,5% as late as 2015.
Sweden and Scandinavia has an increasing acceptance of deficit spending.
Here come the Orban worshippers 😂
@Tovalokodonc Really? Do they speak Russian 😂?
@TovalokodoncRubbish, we can speak English.
Orban is friendly with Putin, thats why EU hates him, not because he attracts money to Hungrary
why would anyone worship dictator orban? lol
@@okinwonderland9734 No
You need more quality control. It's been pretty consistent with the errors. Sit back, reflect and start with less frequent but more accurate uploads and work from there
If it was going to economic development, it might be justifiable, the thing is it´s all going to Orban´s mates or stupid pet projects.
It´s laughable how anyone thinks Orban´s Hungary is any kind of model.
This is very sad, but many people think it is. Not only his voters, but also other EU citizens on the political right.
How is it that Orban & Hungary have such a huge influence over the EU when they are comparable in GDP & population and geographical size to Michigan?
The EU is a constitutional place based on political win-win situations. If you can blackmail other countries, your voice will be heard. Orbán has taken the EU hostage, criticising it for being a dictatorial place, when it is precisely the EU's total consensus-building that allows it to play games with other countries.
@@borgataipatrik Perhaps the most salient example of the negatives to using a consensus fo decision making. A worthy consideration for reform would be a majority vote rules or even a 2/3 vote
@@brianjonker510 The other extreme seems to be the US federal government politics, where winner-takes-all mentality rules.
It seems to create the unhinged mess of US federal politics. 2024 presidential elections in the USA show this extreme extremely well (Trump vs. Biden).
Somewhere in the middle of US-style & EU-style is a better place to be; I hope EU moves towards is. To me, it seems the consensus-building approach that EU is taking is working better than the USA model. EU system seems more federalised, less responsive, but more stable.
Much Love from Slovenia, EU ❤
The EU gives a lot of power to national governments. It sounds like the EU has a lot of transnational power when its critics speak, but each EU national government can veto pretty much any new law for any reason.
Like if Idaho state government disliked a new federal law and forced the process to a close. It creates a government by consensus. Other national governments have threatened with veto before, my nation has an exception in forestry and certain fish species.
The EU usually solves this with exceptions and funding and optional spheres. You can be outside the euro. You could theoretically leave Schengen. Or you could take development fund cash and accept.
@@elektrotehnik94The downside of the EU government by consensus is that it does not handle a crisis well. The EU fiddled during most of the Balkan wars. And outside nations have figured that one or two friends in EU is enough to block things. I think patriarch Kirill should be on the sanctions list but Orban did not.
Orban is deeply afraid of becoming unpopular, his hold on power may be more fragile than we tend to think.
Orban=666
Wrong flag around 2:30
Maybe they just used stats for Bulgaria for that one, who knows
That's why mistakes like these make a channel hard to take seriously. When can we trust information and data shown if it's this easily messed up by them? Or did they think Bulgaria meant Hungary in that graph? Not professional.
@@Mandarin9900 Because you can check the sources yourself if you want to verify..?
@@JaegerDreadful True, but what I mean is that it doesn't paint a good picture, not a good impression.
@@Mandarin9900 Understandable, it doesn't look very professional. Idk if the TL;DR team has proof readers or something, but they could use them.
What I'd love to know is what they spent the money on during covid, because I sure as hell didn't see any stimulus checks like in the US. The only thing maybe is Árstop from stopping certain foods in super markets to increase above a price. And maybe some cap on utility bills after the evergycrisis, but only if eligible. But these weren't in 2020... Maybe build less stadiums and fund public services more. Including healthcare after all, thats a big part of taxes now isn't it.
the same árstop froze fuel prices well above european average for at least a year..... MOL made money like crazy during that time
Bearing its long-term national and economic policy strategy objectives closely in mind, the Magyar Nemzeti Bank (MNB) has raised Hungary’s gold reserves from 31.5 tons to 94.5 tons. Following the decision, the MNB continued the process it started by increasing gold reserves by a factor of ten in 2018. As a result, based on the size of gold reserves, Hungary moved up from the middle of the international list to the top third by March 2021.
The fact that Orban went against the grain by cozying up to Putin really has crippled the Hungarian economy. It is just deteriorating.
what about Germany were they cozying too or were they just trying to secure their energy needs?
@@szia7104 the germans were also cozying up but at least they've been trying to cut ties since 2022.
@@AlexC-ou4ju some countries can but others like Hungary don't have the luxury of wealth to do so.
@@szia7104 they simply cowards to do. Lithuania is much smaller than Hungary and they did.
@@szia7104 Germany had ideas that economic ties will prevent war. And people like Schröder who had good personal relations with Russian leaders. Then it turned out that Putin was ready to take risks.
Russia in 1990 was hoped to be moving to democracy. There was a general belief that if our companies operate in Russia, democracy will sort of rub off. Like IKEA would bring a sphere of democracy.
Kudos to Zac Michaelis. A very well written analysis on Hungary. I know because I'm Hungarian from Romania.
so thats why urban is so popuilar. lol. wasting tax money
"urban" "popuilar"?
Orban is not popular in Hungary. We hate him.
@@Bernadettk Sajnos pedig népszerű, szavazatok alapján.
@@Walker956 Orban usualy pay for people to vote for him or gives them food like potatoes or pasta sometimes fire wood
@@Bernadettk Nope. we love him.
That's why Norway is outside the EU. EU's finances is not an standard EU should be proud of.
As a stundet living in Hungary since 2022 ( worst time for Hungary), I can see the only thing is hurting Hungary more than its politics is forint. There are so many regulations for switching to euro, but Hungary needs to do all very quick bc keeping forint is hurting itself and inflation will continue in the future if they do not find any long term solution. I love Hungary, it is very interesting live here, but living conditions are getting tough for everyone even Hungarians themself bc of stupid fiscal and monetary policy
I worry about the state of British economy, especialy since it claims to be 6th largest economy, but anyone who visited UK, only did get to see a developing country
Wow, didn't know Hungary had an economy.
Very well researched. Greetings from Budapest!
Can I just point out for any TLDR staff reading this, the income tax comparison isn’t really all that accurate. I’m Irish and the higher rate of tax is 40% but we also have 2 other taxes tied to income so in reality it’s near 52%
Which two other taxes are tied to income in Ireland?
And if your government didn't make so many tax giveaways to corporations (e.g., the Apple deal), but instead taxed them properly, it might not have to tax the population so much. Basically, you're paying the tax money that companies should have paid but didn't because they got shady tax deals.
There is a mistake in income tax in Czechia. The maximum income tax here is 23%, which applies after your income is over 48 times the average salary.
Haven't Ukraine just cut off the cheap oil from Russia too?
Yes
A small correction that energy prices did also spike up insanely about a year ago, in many cases to 5-6x what they were. Hungarian energy prices are heavily subsidised, and the system couldn't take the pressure from inflation and spike in oil and gas prices. Also didn't help that the govt re-negotiated the gas deal they had since decades ago with the Russians and the new contract turned out to be good for the Russian side.
The problem is that the system they run seems completely immune to pressure. There were several protests going on for weeks, but they just ignore that, just like they mostly ignore the EU when they can.
How could they overlay Russia? Russia has tried to sell raw materials to anyone who will take it. China seems to get it for cheap.
Well, maybe he must end the flat tax (15%) on personnal income tax.
We have several other taxes on top of the personal income tax. We have social security called TB which is 18,5% and the employer also needs to pay something called SzocHo which is 13% on top of your gross salary.
So there is a 33,5% difference between gross and net salaries. So €1000 net salary costs around €1600 to an employer.
Our social security is mostly spent on retirement spending, all the infrastructure, healthcare, and education is collapsing. I think they will need to reduce spending on retirement and increase taxes, but their main voters are all retired old people from the countryside and some business people who just want to get left alone and mind their business.
Talán bevezetni 20% és 25% szja kulcsot a magasabb jövedelmeken talán jobbá tenné az oktatás és az egészségügyet. De ne felejtsd el, hogy diákonként kétszer több állami támogatást kapnak az egyházi iskolák mint az ateista iskolák.
@@dharmagall9082 pont a fidesz vezette be az egykulcsos szja-t, szóval kétlem, hogy ebben változás lenne. Előttük minimálbér szja mentesnek minősült és egy adott összeg felett magasabb szja-t kellett fizetni.
A mostani rendszer eléggé cégeknek és a gazdagabb rétegnek kedvez.
Mondom ezt úgy, hogy elvileg a felső 5%-ban benne van a családunk vagyon és bevétel alapján. Be kéne végre hozni rendesen a magánegészségügyet, oktatást és támogatni piaci alapon a nyugdíjakat. Jelenleg minden csak leépül, ha így folytatjuk tovább. De erről órákat lehetne beszélni, a probléma az, hogy nem azok beszélnek róla, akiknek ez jelenleg a feladatuk. 😅
@@dharmagall9082 Ez persze feltételezi, hogy a plusz pénzt az oktatásra/egészségügyre fordítanák, amire mondjuk nem fogadnék.
@@dharmagall9082 eddig is tudtak volna oktatásra költeni h akarnak az EU öntötte ide a pénzt, akiknek sok pénzük van azoknak cég részesedésük van és részvényeik. A magasabb adókulcsot nem ajánlanám így is a multik bejelentik minimálbérrel a nagyobb jövedelmű embereket majd német céghálónak állít ki számlát az alkalmazott magánvállalkozóként a többletről.
If you include the private money of Orban and his oligarchs then you are already in plus!
3:18 am I stupid or is it a mistake? It says 6.7 next to slovenia and hungary has 4.9 3:19
And this is the guy the US right wing loves. I can see my future under Trump's 2nd term being bleak.
And Putin also, makes me sick. Hopefully we can stop the madness. Today gives a bit more hope (July 21).
pls don't vote for Trump, not just hungarians, all of europe counts on the US to keep the russkies in check. Trump would basically try to dissolve NATO by calling back the US's forces stationed in Poland and Germany, and that would spell tragedy for EU countries near the russian border, or bordering Belarus/ukraine
I do not understand how US Republicans see 27% VAT without yelling about communism as they usually do.
Far right parties in Europe can fall all over the economic scale. A few started as populist tax cutting movements. Others want wellfare chauvinism.
Ah the myth of conservative fiscal resposability.
There is a classic fiscal conservatism and a populist conservatism. And the populists have no reason to listen to the former.
The EU still owes Hungary a whole bunch of money. You haven't said a word about that. Why is the money being withheld?
Because the EU found out the the money is not spent on infrastructure and the betterment of the country and people but on private yachts, hotel chains, office buildings for the mafia regime’s family and friends.
In order to get that money, Hungary needs to fulfil its treaty obligations regarding the rule of law, specifically an independent judiciary. The country has been warned many times but always laughed it off. Maybe Hungary can borrow againt it's claim?
@@Conclusius68 Do you mean the dispute around the independence of the courts? or do you mean the regulation of gender issues by the constitution? ...or the distinction between refugees and economic migrants?
@@elwont As far as I know, the independence of the courts weighs heavily, but the regulation of gender issues might also play a part. Most if not all EU nations have a distinction between refugees and economic migrants, which is perfectly legal on face value. How one treats said migrants can be controversial, though.
@@Conclusius68 there is no clear jurisdictional or taxonomical guidance from the EU on all these topics . As a consequence discussions around the definition of the term "rule of law" have become an ideological swamp. In other words: your reasoning does not go deep enough.
I think it's often overlooked that Hungary has the highest standard VAT rate in the European Union at 27%. In addition to VAT, there are numerous fees for the registration of activities, cars, licenses, and more. Hungary even has mandatory chimney sweeping fees on all businesses in the country.
Hungary is simply missing like 13B EUR...+4 a loan they paying for but havent got a cent! Very Democratic! Is it?! Really?!
Should have spent the trillions of Eoros on the country, on hospitals, education, transport and culture, not on feeding the ruling party’s wealth creation strategies then the EU funds would have kept coming.
Do you understand this?
The EU has threatened with this for a while already.
Democracys purpose is to make bad leadership suffer. Choose better next time if you will even get a fair ellection again.
@@ilonakanalas8121 Az nem zavar, hogy 32 Milliárd EURo-t szöszmötölt A Leyen?! Vagy hogy, kb 150Milliár EURo ment Ukrajnába ahol nyílván nem nyúlták le a felét legalább.. Csak a magyar korrupció a lényeg..! Ez igen^^
If you want information about your friend, why listen to a stranger, instead of himself?
I've spent all my adult life living in Orbán's Hungary and it's been a wild ride, and we are far from it being over. Now I earn 30% more than I used to two and a half years ago, but thanks to the crazy inflation levels, it's worth basically the same. And I'm a lucky one, because many people earn the same wage as they used to.
I work in construction, and our company works on some projects ordered by the government (we are a small, specialist company, not one of those big construction companies owned by friends and relatives of Fidesz members), however, lately most of these projects have been halted, which signs that we are only now heading into the really bad economy where even Orbán's regime feels like they have to stop spending.
They run out of money since the EU funds got frozen? Orban and his oligarchs can still enjoy their wealth while people suffer.
You had an insight in the early 90s that this is what would happen in Italy?
Yeah, they had a floating exchange rate, same thing. One of our clients was Harvard Management and we all wanted to now put all these bonds in and they said, “Well, we’ve got connections, let’s go over and talk to the people in Italy to make sure they know which buttons to push so they don’t accidentally decide not to pay when all they have to do is push a button to pay.” So we said, “Fine, that’s good.” We went over there and it was a pretty dramatic trip and we wound up in the office of Luigi Spaventa who was of the Treasury back then and I think he was Assistant Treasury Secretary or Treasury Secretary. I asked him, I just said rhetorically, “Professor, why is Italy selling all these BTPs and CCTs, all these bonds?” He said, “To fund expenditures.”
“Or is it because if you did sell these securities, if you just spent the Lira and did sell securities, the overnight rate would fall from your target rate of 12 per cent or 11, whatever it was, to zero?” And he looks up and he thinks for a minute, he goes, “No, it wouldn’t fall to zero, it would only fall to half because we pay half a percentage just on reserves over here.” When he said, I knew he got it.
About two or three seconds later, he jumps up and he goes into this rage against the IMF, “You’re making us act procyclical for nothing!” He was just livid. We were supposed to be there for a 20 minute meeting. He starts calling in people from the other offices and it went from like doomsday - everywhere we went to was like doomsday - to a celebration.
They were making us cappuccino and everybody’s smiling, we’re all talking about how it’s just a reserve drain, you’re always going to make your payments, there is no crisis. Then a couple of days later, the news came out of Treasury in Italy, “No extraordinary measures would be taken, all payments would be met on time.” And we had good returns on our Italian bonds, we were the largest holders outside of Italy at the time.
Right, and you made 2 per cent carry?
We made 2 per cent, yeah, and it was on billions - we probably had $10 billion worth of Italian Lira because we didn’t have to put up any money, we borrowed all the Lira to pay for it and back then the leverage was huge that you were allowed to do.
Did all that come to an end when they created the Euro at the end of the 90s?
Yeah, there were no more Lira. I held a conference in 1996 with Bretton Woods and we had a lot of central banks and I remember Charles Goodhart was there and Bernard Connolly was there and we had a lot of economists from the street and we talked exactly about - the whole point was to outline to everybody exactly what was going to happen in this European thing when they locked the currencies - not even when they went to the Euro but just when they were locked, which was I think two years before they - maybe ’98, they were locked, and then they switched over in 2001. That was all the European member nations were going to become like the US states. The central bank is like the Fed and suddenly Bank of Italy is just a regional Fed, like the Fed Atlanta or something like that.
And so, if you look at the debt ratios in the US states, if they get up to 10 per cent of GDP, they’re in trouble, they’re in a crisis. California gets in a crisis at 5 per cent, right? If it’s not your currency in your central bank, if you’re a state or local government or emerging market in dollars, it’s all the same thing. Your debt limits are much, much lower than if it’s your own currency. So here you have these countries that have debt to GDP ratios of 70 per cent, 80 per cent, 125 per cent, all waltzing into this union where all of a sudden they’re US states that can’t survive financially with over 10 or 15 per cent at the most. One of them hadn’t had their own currency, I think it was maybe Luxembourg or Belgium - I think Belgium had the French Franc, one of them didn’t have their own currency and their debt ratio is 10 or 15 per cent, which is all you can do if you don’t have your own currency, all the others were high. They just walked into this meat grinder, right, with debt ratios that were absurd given their new status and it’s just a matter of time before…
And then all the bank deposit insurance was guaranteed by the member nations so they wouldn’t have to cover each other’s backs. That’s like California insuring Bank of America, how long would that last in a crisis? If New York was insuring Citibank or something like that, they’d both go down and that doesn’t work. It’s got to be the Federal Government, it’s got to be the FDIC where they can just write whatever cheque is necessary, it’s no consequence from a solvency point of view. It’s like, how can these guys who have no credibility, they’re not credible on their own, do debt ratios served for the new status, then be the insurance for the banking system - this is nuts. The first banking crisis that hits is going to take this whole thing down, and that’s what happened.
Then Draghi came in and had to say, “We’ll do what it takes to prevent the fall.” Which meant central bank guarantee and now, since then, as long as they stay under the central bank umbrella and behave themselves fiscally, fall in line, their bonds all trade at the policy rate and the only reason they have any spread is because of the risk that they step out of line. )
Another "[insert country here] crisis explained" video. Yet no awareness at all of the TLDR News crisis. 😂😂😂
Some aditional note:
Tha maximum and avarage taxrate is the same 43%. IN hungary you can get tax reduction in a very few cases, but not based on you sallary, if you earn 500€ and 1500€ you still pai 43%
The 13% levy is aplying to any kind of interest that you get. Howeveer it has a top what cannot exceed, but with well above avarage sallary you can't reach it simply from investing.
i love EU logic "you're running out of money, we're going to fine you for more money you don't have" flawless, i see no problems with this system at all.
Maybe, just maybe there is no such causation. You are running out of money (there can be several reasons) you are fined (for a specific violation).
Sounds like a you problem thief
Welcome to consequences of your own stupidity
Reading the title, I was left wondering what impact hot-air ballooning has on a nations' economy. 🤔
so good to listen to these reports from far away othetwise here in Hungary I would have missed the crisis... :)
There’s a couple of other important points missed here.
1) Hungarian infrastructure costs are among the highest in the world. Post covid, Hungary built an incredibly expensive motorway, the most expensive railway bridge, and the most expensive stretch of high speed rail. Along with very expensive football and sport projects.
All of these were built by companies owned by friends and family of Orban for higher than market rates.
Hungary also pays the second most on energy of any country in Europe, mainly because of paying incredible fees to Putin for Russian gas.
And, thirdly, businesses are failing, as people do not have the disposable income to spend, thanks to high income tax and low corporation tax. So the only way Hungary can continue to provide services to 60%+ of the population is through government support.
So orban corruption? makes sense.
high speed rail? In Hungary trains are struggling to have AC
@@davesteel81they do have AC, just not the right one
The level of corruption in Hungary is suffocating. The corruption goes from top to bottom. A driving instructor will fail his student untill his parents pay extra. This kind of small stuff. Then it goes up to the local legal system. Lawyers work without invoice, i.e. black money they can distribute in the system (judges, police, prosecutor).
People shut up instead of revealing these things. I live in Hungary but I don't understand, why people do not report corruption cases.
Orban needs to go, right into a prison cell.
His title is Crime Minister Orbán, not Prime Minister Orbán! Thank you!
Coming from an outsider looking in, can Europeans explain to me why you put up with Hungary’s nonsense anyway 😂how difficult would it be to just kick them out of the EU
As far as I know- EU can`t just kick out members, as there is no legal procedure in place for this. However, there are some options. EU can withhold funds(which in case of Hungary has already been done for different reasons) or temporarily suspend a member for not acting according to core values of the EU. Hungary could do "Hexit" but obviously will not, because they receive lots of money.
Furthermore, we don’t have anything like the FBI. All we have are the European prosecutors, which are prosecutors in many EU countries that are appointed by the EU and which can initiate court cases at the normal courts inside those countries. The idea is to get around corrupt/captured police/prosecutors in member states but they only work if the courts are clean.
It's the same thing for NATO, you can't just kick members out. Also, it wouldn't be fair to completely isolate a country based solely on the ruling (for now) regime. But they are free to do it themselves (UK). Also, most of the Hungarians I've met abroad are fiercely nationalist and populist and watch mostly state-approved media. Add to that a lack of alternatives (like the US election now) and you have the full recipe.
@@ligius3 i am hungarian, and kicking us out of the eu would completely destroy our economy, so most people (even brainless fidesz voters) are pro-eu
@@ligius3
U.K.??
There is at least one mistake in the map showing budget deficits. Romania is shown in blue having deficit under EU target while in fact it has one of the highest deficits in the EU. It's budget deficit in 2023 was at 6,6% (third largest after Italy and Hungary) with 2024 forcast predicting it rising as high as 6,9%.
Well, only Poland has the support of the USA, EU and China as well as large reserves of gold and other currencies. Hungary only has Russia
Hello, can y all make a video on Morocco and the major problems it faces right now in it's essential sectors (health, education, cost of living...)
Just like his friend Putin is losing money lol
Being forth largest battery producer in the world is surprising and impressive, but everything else negates it
Yeah the problem is orban
like in 1453 'Orban' means traitor to Europe.
The biggest EU subsidy country for the past 20 years have always been Hungary, 'nuff said..
Orban himself is the worst news for Hungary. Economy will survive.
The secret ingredient is stealing
Corruption is insane in hungary. I am a hungarian and its brutal.
Absurd has a negative connotation, government spending does have to be a bag thing especially if you invest it into improving your country like the inflation reduction act did.
Hungary had the lowest growth in Eastern Europe, and the highest inflation by far. Absurd is absolutely the correct term.
I think Orban has turned to a populist over the years. He was less like this at the start of his career. Now he's a populist with subsidies.
Eu has the debt problem, not Hungary
EU deficit target is for Euro countries, not for countries still having their own currency such as Hungary.
And might have been worth mentioning that Hungary has the highest VAT with 27%
And thats with all the EU Money Orban gets, what an economic genius.
It is more over than it was thought possible
It's baffling why Hungary seems to be running low on money. And after all the helpful fines and sanctions the EU has been giving us since 2015 too! Why does constant ostracization and mean spirited political meddling cause economic problems for a member nation in the EU? Someone should look into that...
If you join a club you should behave to club’s rules. Then everything works out smoother.
@@ilonakanalas8121 The club changed it's rules. It's like if you boarded a train because they promised to take you to a better place, but along the way, the pilot informs you that the route has changed and you're now going to a completely different destination, one that you didn't sign up for. Then they step on the gas and go full speed so nobody can get off without serious injury. Now the other passengers are asking: You don't like it? Why don't you jump off? Well, Britain jumped off. They're bigger and stronger than Hungary, but they still felt it.
Orban’s family became one of the richest in europe in 15 years. Circa 50% of the EU funds were stolen since the distribution of the funds is managed by Orban’s men. He has a “bio-wallet” called Lawrence Meszaros (a former plumber whose wealth grew faster than Zuckerberg’s) now they own a big chunk of the european hotel industry (they own hundreds of hotels in spain, croatia, austria etc etc), they own harbours in different countries, energy companies, transport companies, etc etc. This enormous wealth was finances by eu tax payers, but I blame the german government who allowed this just to ensure some german car factory’s cheap labour in Hungary (mercedes/audi/bmw). So he was allowed to act like a muggler in the heart of europe, stealing tax payer money as a policy and get away with it. If there is anyone to blame its the absolutely impotent eu leadership who let him use this money to build a pro russian autocracy (had 15 years in power to do that) and the reaction was nothing. Oh sorry, sorry he received some request to behave nicer lol. So thanks to the weak leadership and political deals the EU has a russian troll as its president for the next 6 months. Cheers!
Finally, a critical TLDR episode about a right-wing regime in the EU! Keep striving to maintain balance, and I'll resubscribe.
This is amateurish reporting. So many mistakes.
Orban will just kick the can down to road as long as he is in office. I feel bad for whoever replaces him, because he/she will have to deal with the mess that Orban created.
Orbánt nem váltják le❤❤❤
@@numeronoo8080 Eventually everybody is replaced.
I despise Orban with every fibre of my being, and I do see much of his spending as frivolous (funneling money to foreign Hungarians, home renovations, etc.)... but even I have to admit that this isn't a crisis of Hungarian economic mismanagement but instead a prime example of how neoliberal capitalism is at odds with human prosperity. Even though Orban's policies are primarily motivated by his rabid bigotry and ethnic nationalism, it's still incredibly telling that his spending meant to ease economic strain felt by families and pensioners is viewed as being fundamentally at odds with the EU's economic framework.
By no means am I trying to paint Orban as a victim of 'woke Brussels bureaucrats' or whatever boogeyman he's using these days. Altruism and compassion are the last things on Orban's rotten mind, and many of his welfare schemes are meant to exclude and eventually economically disenfranchise various minority groups within Hungary. However, since TLDR and most of us who tune in regularly are all acutely aware of the many economic hurdles facing young people all over the world, I think it's important to point out how established economic powers such as the EU respond when countries implement policies meant to ease economic hardship (even if those policies aren't rooted in genuine compassion).
@Tovalokodonc To clarify I do still believe that Orban's government is guilty of economic mismanagement, and his overall economic vision deserves to be swept away immediately. I just don't think the looming crisis discussed in this video is primarily the result of economic mismanagement. Many countries run similar deficits as stated in the video, so I don't see the problem being purely with Hungary, but rather with the EU and what EU policy considers a 'healthy' economy to look like.
As for other countries in the region doing better, that largely depends on what you mean by 'region' (Europe overall, central Europe, Balkans, etc.), and what you think makes one economy better than another. Looking at the HDI and GDP per capita of EU countries gives a very rough outline of the quality of life experienced in different countries. Obviously very easy data to look up yourself too. My point though is that Hungary can be reasonably described as having a better, worse, or similar economy when compared to others in the 'region' depending on your definition of region. Compared to Balkan countries like Romania and Bulgaria, Hungarians have higher standards of living. Compared to countries in Central Europe like Slovenia, Austria, and Czehcia then Hungarians are worse off. And compared to countries such as Poland and Slovakia that are experiencing many of the same political and social dynamics as Hungary (Highly religious, right-wing, Eurosceptic, etc.) then Hungary is extremely average.
Sorry for being so longwinded but my main point is that a lot of this comes down to subjective and personal ways of measuring economic prosperity, despite many attempts to make economic analysis into a semi-objective science in recent decades. The way that the EU and most other large economies measure economic prosperity centers on seeing the economy as a tangible thing whose on-paper growth, deficit rates, etc. have inherent value. This puts the EU's economic goals at odds with those of the actual people participating in the economy. In essense, the EU just wants green line to go up.
Lowest corporation tax yeah, people pay those missing taxes instead of corporations 27% VAT and 36% income+insurance taxes....😪😪
Nem baj még mindig sok a birka 😂
Elég baj az..
Notice how all these autocratic and their lackies have terrible haircuts?
Orban, Dump, Johnson, etc.
Telltale sign of incompetence and corruption.
Hungary and Rusdia is rocking. This channel running by Soros.
0:18 Romania has been doing 5-7% deficit every year since the pandemic, it is however incorrectly labeled as blue... Same with Greece, Latvia ...what is this? a Hit piece?
I'd love if you could complete a course on proper pronunciation.
This channel speaks English not you're fake language, cry about it.
@@kagnetix6674 I don't give a fk about other languages either, his English pronunciation is the one that needs fixing.
@@richardtosuto You're upset about the native speaker, having a native pronunciation? Not everything is like Hollywood xD
@@richardtosuto English pronunciation drastically per region/area. His is perfectly fine unless you want a fake accent that very few Brits actually have.
@Tovalokodonc No one speaks Hungarian it's culturally irrelevant. English is a global Lingua-Franca, If this was French/German or Spanish pronunciations then it would be a concern.
Gróf Apponyi Albert:
“Önök most megásták Magyarország sírját, de Magyarország ott lesz a temetésén mindazon országoknak, amelyek most itt megásták Magyarország sírját.” 1918 trianon
I love how everyone claims Orban is authoritative yet show 0 evidence for it. This video is once again completely bias, they forget how Hungarians are highly educational and many seek to work in the tech industry hence why Germany and china set up car manufacturing and battery manufacturing factories right beside each other and this provides a lot of Jobs for Hungarians. Also it puts Hungary as leading producer of car batteries etc.
Hungary is also the only EU nation with common sense to seek peace between Russia and Ukraine unlike the EU members. Plus once again everyone here claims Orban is authoritative despite never providing any evidence to back up their lies.
Brainwashed.