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Austerity measures have not only put social cohesion at immense risk but also restrained the growth dynamic in Europe and massively shaken the confidence of citizens in reliable institutions. In any case, it is undisputed that inaction and therefore acceptance of the continuing Existence of problems is a very expensive option, associated with massive costs for the individual and society. Deciding to do nothing in case of doubt can relieve the burden in the moment, but can have (un)intended effects.This publication demonstrates the social and economic significance and necessity of social investments using several examples, as welfare policy influences the economic performance of a country through several mechanisms having positive multiple dividends. On the one hand, they can stabilize consumption and hence the economy (e.g. retirement and unemployment benefits), on the other hand, they can be seen as investments which make a positive contribution to growth and budgets in the medium and long term (e.g. health and education expenses).Calculations by the Chamber of Labour – the first of their kind in Austria – on potential effects of planned investments in the area of all-day schools clearly show that expanding all-day schools benefits budgets in the medium term. Simulations also show that the costs of more and better childcare will be at least neutralized – through additional revenue (contributions from employment and reduced expenditure on unemployment)– after just four years.
Austerity measures have not only put social cohesion at immense risk but also restrained the growth dynamic in Europe and massively shaken the confidence of citizens in reliable institutions. In any case, it is undisputed that inaction and therefore acceptance of the continuing Existence of problems is a very expensive option, associated with massive costs for the individual and society. Deciding to do nothing in case of doubt can relieve the burden in the moment, but can have (un)intended effects.This publication demonstrates the social and economic significance and necessity of social investments using several examples, as welfare policy influences the economic performance of a country through several mechanisms having positive multiple dividends. On the one hand, they can stabilize consumption and hence the economy (e.g. retirement and unemployment benefits), on the other hand, they can be seen as investments which make a positive contribution to growth and budgets in the medium and long term (e.g. health and education expenses).Calculations by the Chamber of Labour – the first of their kind in Austria – on potential effects of planned investments in the area of all-day schools clearly show that expanding all-day schools benefits budgets in the medium term. Simulations also show that the costs of more and better childcare will be at least neutralized – through additional revenue (contributions from employment and reduced expenditure on unemployment)– after just four years.
