Perspectives for social progress

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Austerity measures have jeopardized social cohesion, hindered growth in Europe, and eroded citizens' trust in institutions. Inaction regarding ongoing issues proves costly for individuals and society alike. While choosing to do nothing may provide temporary relief, it often leads to unintended consequences. This publication highlights the critical importance of social investments, illustrating their social and economic significance through various examples. Welfare policies can enhance economic performance by stabilizing consumption—such as retirement and unemployment benefits—and serving as investments that foster growth and improve budgets in the medium to long term, like health and education spending. Unique calculations by the Chamber of Labour in Austria reveal the potential benefits of investing in all-day schools, indicating that such expansions can positively impact budgets over time. Simulations suggest that the costs associated with improved childcare will be offset by increased revenue from employment contributions and decreased unemployment expenditures, achieving a neutral financial balance within just four years.