{"id":85020,"date":"2026-05-14T06:27:14","date_gmt":"2026-05-14T06:27:14","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/85020\/"},"modified":"2026-05-14T06:27:14","modified_gmt":"2026-05-14T06:27:14","slug":"ocima-byznysu-pohadka-o-verejnych-financich-kde-minus-tri-je-vlastne-nula","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/85020\/","title":{"rendered":"O\u010dima byznysu: Poh\u00e1dka o\u00a0ve\u0159ejn\u00fdch financ\u00edch, kde minus t\u0159i je vlastn\u011b nula"},"content":{"rendered":"<p class=\"e_bX\">Ve\u0159ejn\u00e1 debata o\u00a0rovnov\u00e1ze a\u00a0dlouhodob\u00e9 udr\u017eitelnosti \u010desk\u00fdch ve\u0159ejn\u00fdch financ\u00ed se dostala do absurdn\u00ed roviny. P\u0159esto\u017ee ji\u017e \u0159adu let vid\u00edme, jak n\u00e1\u0161 ve\u0159ejn\u00fd sektor nedok\u00e1\u017ee hospoda\u0159it se schodkem ni\u017e\u0161\u00edm ne\u017e dv\u011b procenta HDP, tv\u00e1\u0159\u00edme se, \u017ee je vlastn\u011b v\u0161echno v\u00a0po\u0159\u00e1dku. A\u00a0vym\u00fd\u0161l\u00edme v\u0161elijak\u00e1 zd\u016fvodn\u011bn\u00ed, pro\u010d nen\u00ed t\u0159eba o\u00a0fisk\u00e1ln\u00ed rovnov\u00e1hu usilovat. Tv\u00e1\u0159\u00ed v\u00a0tv\u00e1\u0159 v\u00fdzv\u00e1m, kter\u00e9 n\u00e1s nejpozd\u011bji po roce 2030\u00a0nevyhnuteln\u011b \u010dekaj\u00ed.<\/p>\n<p class=\"e_bX\">\u010cesko bude letos ji\u017e sedm\u00fdm rokem hospoda\u0159it se schodkem ve\u0159ejn\u00fdch rozpo\u010dt\u016f v\u00a0\u0159\u00e1du stovek miliard korun. V\u011bc, kter\u00e1 byla je\u0161t\u011b p\u0159ed rokem 2020\u00a0zcela nemysliteln\u00e1. Ostatn\u011b o\u00a0tom bylo ji\u017e naps\u00e1no a\u00a0\u0159e\u010deno tolik, \u017ee nem\u00e1 smysl jen opakovat, co u\u017e ka\u017ed\u00fd v\u00ed. Tedy ka\u017ed\u00fd, koho je\u0161t\u011b chronicky deficitn\u00ed ve\u0159ejn\u00e9 rozpo\u010dty v\u00a0objemu n\u011bkolika procent HDP vyv\u00e1d\u011bj\u00ed z\u00a0rovnov\u00e1hy.<\/p>\n<p class=\"e_bX\">P\u0159esto si nejde nev\u0161imnout, \u017ee do ve\u0159ejn\u00e9 debaty p\u0159ibyla nov\u00e1 zd\u016fvodn\u011bn\u00ed, \u017ee se nic hrozn\u00e9ho ned\u011bje, \u017ee \u010cesko si je\u0161t\u011b n\u011bkolik let fisk\u00e1ln\u00edho pou\u0161t\u011bn\u00ed \u017eilou m\u016f\u017ee dovolit. Mezi n\u011b lze za\u0159adit nejm\u00e9n\u011b n\u00e1sleduj\u00edc\u00ed dv\u011b: T\u0159\u00edprocentn\u00ed schodek je nov\u00e1 nula a\u00a0kdy\u017e jde schodek na investice, je to schodek hodn\u00fd.<\/p>\n<p>Na reformy nebo na \u0159e\u0161en\u00ed kriz\u00ed<\/p>\n<p class=\"e_bX\">Ano, skute\u010dn\u011b m\u016f\u017eete i\u00a0mezi ekonomy naj\u00edt zast\u00e1nce teze, \u017ee je-li schodek ve\u0159ejn\u00fdch rozpo\u010dt\u016f pod t\u0159emi procenty HDP, nic se ned\u011bje. Proto\u017ee p\u0159ece maastrichtsk\u00e9 t\u0159\u00edprocentn\u00ed krit\u00e9rium je n\u011bco jako nov\u00e1 nula, tak pro\u010d tohoto \u201ezdarmaob\u011bdov\u00e9ho\u201c prostoru nevyu\u017e\u00edt.<\/p>\n<p class=\"e_bX\">Zde se slu\u0161\u00ed p\u0159ipomenout, jak\u00e1 idea za t\u00edmto maxim\u00e1ln\u00edm p\u0159\u00edpustn\u00fdm rozpo\u010dtov\u00fdm schodkem stoj\u00ed. P\u016fvodn\u00ed my\u0161lenka byla, \u017ee t\u0159\u00edprocentn\u00ed schodek d\u00e1v\u00e1 vl\u00e1d\u00e1m \u010dlen\u016f EU prostor pro p\u0159\u00edpad, \u017ee jejich zem\u011b budou \u010delit ekonomick\u00fdm kriz\u00edm, kdy\u017e budou cht\u00edt prosazovat (rozum\u011bj financovat) struktur\u00e1ln\u00ed reformy nebo budou cht\u00edt sni\u017eovat da\u0148ovou z\u00e1t\u011b\u017e (m\u011bnit da\u0148ov\u00fd mix) a\u00a0podobn\u011b.<\/p>\n<p class=\"e_bX\">T\u0159\u00edprocentn\u00ed schodek ve\u0159ejn\u00fdch rozpo\u010dt\u016f zde rozhodn\u011b nen\u00ed proto, aby jej n\u011bkdo vyu\u017e\u00edval pro bezuzdn\u00e9 p\u00e1len\u00ed ve\u0159ejn\u00fdch pen\u011bz, notabene v\u00a0situaci, kdy \u017e\u00e1dn\u00e1 z\u00a0unijn\u00edch ekonomik (a u\u017e v\u016fbec ne ekonomika \u010desk\u00e1) ne\u010del\u00ed hospod\u00e1\u0159sk\u00e9 recesi, \u010di snad dokonce krizi.<\/p>\n<p><a data-dot=\"mol-article-card-media\" aria-hidden=\"true\" tabindex=\"-1\" href=\"https:\/\/www.seznamzpravy.cz\/clanek\/ekonomika-finance-schodek-rozpoctu-vzrostl-na-1061-miliardy-je-paty-nejvyssi-od-vzniku-ceska-305446\" class=\"e_n f_l1\" rel=\"nofollow noopener\" target=\"_blank\"><img fetchpriority=\"high\" height=\"1501\"   width=\"2669\" src=\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/03\/iBb3.jpeg\" loading=\"eager\" decoding=\"sync\" class=\"e_aa e_Z\"\/><\/a>Kdo nechce investice, je proti lidem<\/p>\n<p class=\"e_bX\">A kdy\u017e ten schodek vyd\u00e1me na investice? Argument, kter\u00fd absurdnost debaty o\u00a0nerovnov\u00e1ze \u010desk\u00fdch ve\u0159ejn\u00fdch financ\u00ed je\u0161t\u011b podtrhuje. A\u00a0to hned z\u00a0n\u011bkolika d\u016fvod\u016f. Zaprv\u00e9, investice je v\u00fddaj, kter\u00fd m\u00e1 n\u011bjakou n\u00e1vratnost. Naprost\u00e1 v\u011bt\u0161ina takzvan\u00fdch vl\u00e1dn\u00edch investic ve skute\u010dnosti \u017e\u00e1dnou investic\u00ed nen\u00ed. Jde jen o\u00a0v\u00fddaj na v\u011bci dlouhodob\u00e9 spot\u0159eby, \u0159\u00edkejme jim tedy rad\u011bji v\u00fddaje kapit\u00e1lov\u00e9, nikoli v\u0161ak investice.<\/p>\n<p class=\"e_bX\">Zadruh\u00e9, p\u0159edstavte si, \u017ee v\u00e1m v\u00a0rodinn\u00e9 kase chyb\u00ed ka\u017ed\u00fd m\u011bs\u00edc t\u0159eba deset tis\u00edc korun. Jak pozn\u00e1te, zda v\u00e1m chyb\u00ed proto, \u017ee chod\u00edte na ob\u011bd do luxusn\u00ed restaurace, nebo proto, \u017ee jezd\u00edte p\u0159\u00edli\u0161 \u010dasto autem, nebo proto, \u017ee jste \u201einvestovali\u201c do nov\u00e9ho mobilu? Jin\u00fdmi slovy, jak v\u00edte, \u017ee za va\u0161e deficitn\u00ed hospoda\u0159en\u00ed m\u016f\u017ee ten, ten, nebo ten typ v\u00fddaj\u016f?<\/p>\n<p class=\"e_bX\">Na z\u00e1klad\u011b \u010deho v\u00edme, \u017ee n\u00e1m jen letos bude ve st\u00e1tn\u00edm rozpo\u010dtu chyb\u011bt p\u0159es 300\u00a0miliard korun kv\u016fli kapit\u00e1lov\u00fdm v\u00fddaj\u016fm, a\u00a0ne kv\u016fli p\u0159\u00edli\u0161 rychl\u00e9mu r\u016fstu plat\u016f ve ve\u0159ejn\u00e9m sektoru, nebo kv\u016fli tomu, \u017ee m\u00e1me \u0161patn\u011b nastaven\u00fd d\u016fchodov\u00fd syst\u00e9m? Nev\u00edme to. Proto jsme si vymysleli b\u00e1chorku, \u017ee je to kv\u016fli \u201einvestic\u00edm\u201c, a\u00a0ty p\u0159ece chceme, a\u00a0proto je mus\u00edme financovat st\u016fj co st\u016fj. B\u00e1chorka zn\u00ed nav\u00edc uv\u011b\u0159iteln\u011b, proto\u017ee objem kapit\u00e1lov\u00fdch v\u00fddaj\u016f, je\u017e i\u00a0mnoz\u00ed ekonomov\u00e9 z\u00a0n\u011bjak\u00e9ho d\u016fvodu ozna\u010duj\u00ed do posledn\u00ed koruny za \u201einvestice\u201c, se n\u00e1padn\u011b podob\u00e1 (i kdy\u017e dokonale nesed\u00ed) v\u00fd\u0161i pl\u00e1novan\u00e9ho schodku st\u00e1tn\u00edho rozpo\u010dtu.<\/p>\n<p><a data-dot=\"mol-article-card-media\" aria-hidden=\"true\" tabindex=\"-1\" href=\"https:\/\/www.seznamzpravy.cz\/clanek\/audio-podcast-ve-vate-ekonom-o-rozpoctu-zacina-to-bobtnat-ve-velkem-nikdo-nevi-jak-z-toho-ven-302586\" class=\"e_n f_l1\" rel=\"nofollow noopener\" target=\"_blank\"><img fetchpriority=\"high\" height=\"1501\"   width=\"2669\" src=\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/03\/iBb3.jpeg\" loading=\"eager\" decoding=\"sync\" class=\"e_aa e_Z\"\/><\/a><\/p>\n<p class=\"e_bX\">Zat\u0159et\u00ed, pov\u011bst o\u00a0hodn\u00e9m (investi\u010dn\u00edm) schodku je ale balena do dal\u0161\u00edch l\u00edbiv\u00fdch p\u0159\u00edb\u011bh\u016f. Jeden takov\u00fd nap\u0159\u00edklad \u0159\u00edk\u00e1, \u017ee plody z \u201einvestic\u201c budou skl\u00edzet na\u0161e d\u011bti, tak a\u0165 si to tak\u00e9 zaplat\u00ed. Pro\u010d ale auto\u0159i takov\u00e9 historky ne\u0159eknou, \u017ee jsme se t\u011bch d\u011bt\u00ed nezeptali, zda o\u00a0takovou \u201einvestici\u201c v\u016fbec stoj\u00ed? A\u00a0pro\u010d zaml\u010duj\u00ed, \u017ee \u201einvestic\u00ed\u201c na dluh na\u0161e d\u011bti zavazujeme nejen k\u00a0jej\u00edmu splacen\u00ed, ale tak\u00e9 k\u00a0jej\u00ed \u00fadr\u017eb\u011b, a\u00a0tedy budouc\u00edmu, tak\u0159ka v\u011b\u010dn\u00e9mu, v\u00e1z\u00e1n\u00ed finan\u010dn\u00edch zdroj\u016f? Nebo si skute\u010dn\u011b mysl\u00edme, \u017ee na novou d\u00e1lnici nebude muset nikdo 20\u00a0\u010di 30\u00a0let s\u00e1hnout?<\/p>\n<p>V\u00edce silnic, m\u00e9n\u011b byt\u016f<\/p>\n<p class=\"e_bX\">Za\u010dtvrt\u00e9, zast\u00e1nci teze \u201ekdy\u017e je schodek na investice, je to v\u00a0po\u0159\u00e1dku\u201c rovn\u011b\u017e zcela opom\u00edjej\u00ed, \u017ee po\u0159izovat v\u011bci dlouhodob\u00e9 spot\u0159eby nen\u00ed jen ot\u00e1zkou obstar\u00e1n\u00ed pot\u0159ebn\u00e9ho mno\u017estv\u00ed pen\u011bz. Abyste mohli postavit 300\u00a0kilometr\u016f nov\u00fdch d\u00e1lnic, budovat vysokorychlostn\u00ed \u017eeleznice nebo nov\u00e1 vodn\u00ed d\u00edla, pot\u0159ebujete stavebn\u00ed kapacity. Tedy materi\u00e1l, bagry a\u00a0lidi, kte\u0159\u00ed um\u00ed obsluhovat bagry a\u00a0vyr\u00e1b\u011bt stavebn\u00ed materi\u00e1l.<\/p>\n<p class=\"e_bX\">V ekonomice, kter\u00e1 operuje na sam\u00e9 hranici sv\u00fdch v\u00fdrobn\u00edch mo\u017enost\u00ed, se stavebn\u00ed kapacity zaji\u0161\u0165uj\u00ed velmi komplikovan\u011b. Jednodu\u0161e proto, \u017ee se \u017e\u00e1dn\u00e9 voln\u00e9 nikde nepovaluj\u00ed, prost\u011b nejsou. Pokud tedy st\u00e1t \u0159ekne \u201ekon\u010d\u00edme s\u00a0p\u00edsmenkama, lejeme kulky\u201c, mus\u00ed nutn\u011b materi\u00e1l, lidi i\u00a0techniku st\u00e1hnout z\u00a0projekt\u016f, kde v\u0161e uveden\u00e9 je ji\u017e alokov\u00e1no. Je-li \u0159e\u010d o\u00a0v\u00fdstavb\u011b, nen\u00ed slo\u017eit\u00e9 dovodit, jak\u00e9 lidi, jak\u00e9 stroje a\u00a0jak\u00fd materi\u00e1l si st\u00e1t bude cht\u00edt pronajmout. P\u0159esn\u011b tak, o\u00a0co v\u00edce se budou stav\u011bt silnice, d\u00e1lnice nebo \u017eeleznice, o\u00a0to m\u00e9n\u011b se budou stav\u011bt nap\u0159\u00edklad byty. Tahle jednoduch\u00e9 to skute\u010dn\u011b je.<\/p>\n","protected":false},"excerpt":{"rendered":"Ve\u0159ejn\u00e1 debata o\u00a0rovnov\u00e1ze a\u00a0dlouhodob\u00e9 udr\u017eitelnosti \u010desk\u00fdch ve\u0159ejn\u00fdch financ\u00ed se dostala do absurdn\u00ed roviny. P\u0159esto\u017ee ji\u017e \u0159adu let vid\u00edme,&hellip;\n","protected":false},"author":2,"featured_media":21144,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[883,17,21,69,16,10331,3502,18,19,22,14442,562,20],"class_list":{"0":"post-85020","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-zpravy","8":"tag-finance","9":"tag-headlines","10":"tag-hlavni-udalosti","11":"tag-investice","12":"tag-news","13":"tag-schodek-statniho-rozpoctu","14":"tag-statni-rozpocet","15":"tag-top-news","16":"tag-top-stories","17":"tag-udalosti-dne","18":"tag-verejne-finance","19":"tag-vlada-andreje-babise","20":"tag-zpravy"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116571514036783890","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/85020","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=85020"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/85020\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/21144"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=85020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=85020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=85020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}