CORRECTION: As a handful commenters have pointed out, at 3:36 we say the Czech Republic, but the animation shows Hungary. Apologies for this sloppy error, and we hope you nonetheless enjoyed the video!
they don't have any option anymore though. THey have no natural resources and they have huge social programs. Either they need to make natural resources or they need to rethink their social safety nets.
That's why it makes me laugh to be in the UK or other big rich western european countries and see locals complaining about how much welfare they have and how much it costs... They've got no idea how far they are from France (where the budget will never be on the green ever, I just can't imagine it ever happening).
But spending more than army, éducation and healthcare in subvention to Big company that évadé the taxes. Crumbling the healthcare even more IS not going yo sufficient anymore
The differential debt service costs would be in 10 year JGB Japan bonds, . From negative rate to ECB 3.75% which means the actual interest has increased 375%+😊 the same steep increase in US deficit
@@archockencanto1645 Richer the country is the more debt it has. Bank don't loan money to poor people. Point is to loan money on low interest rates and invest it stuff that will bring a return on that investment. instead of paying the whole sum at once you pay on down payment at the same time you earn more on your investments, like france is doing
you can't really compare french public expenditure and german public expanditure the way you did, because of the different retirement pension systems, France has a system where 100% of the pensions is paid through the state in what is called "branche retraite de la sécurité sociale" while in Germany there is a base pension that comes through the state and a private pension that comes through the private sector and wheight about 7% of german gdp.
The sécurité sociale is an entity of its own. Pensions are financed from the salaries of the workers and the state doesn't intervene in the process ... Until recently since the deficit of the sécurité sociale is growing higher year after year, the state has started to inject money in the sécurité sociale. A special tax was created to address this issue but in essence the state and the sécurité sociale are two different entities.
@@Elyes_Messadi Despite being different entities the SS is still lumped into public expending and SS contributions as a tax. At least the Spanish SS is done.
Because foreign investors dumped the bonds they had starting in 2011 out of fear of a debt crisis which ironically caused the debt crisis for Italy. France should be wary of something like that happening to it as well and start incentivizing families and banks in France to buy French bonds.
At the end of the day debt is not a big thing if it stays inside...it's literally the Italian government paying interests to Italians that then pay taxes to the government....
@@bwhog no debt is bad when you can't secure that it can be paid back, a country is less likely to default than a household. If you take on 15k of debt to start a business but end up making 3k a month, it's much better than never having borrowed. That's how government investment should work as well. Of you never do the right industrial policy to foster startups, you'll be forever left behind without new, cheap ways of doing things and potentially tax paying young companies. And you can outgrow the debt by increasing the size of the economy this way.
@@ayoCC That's the point. Some debt is quite a good thing. It gives you credit and proves you're good for it. Continuous deficit spending is not. It means you can't control your debt levels and you're NOT a good risk. To pay back the debt, you have to take it from your citizens. Either through taxation or through monetary inflation. Either way, your whole country pays the price of government that can't control its budget.
GDP per capita is what really matters. Also there is low growth because there is less and less entrepreneurship and business innovation due to high tax burdens.
Looking at the graph for France's deficit as a percentage of GDP by year, it has increased at the low point of every business cycle, implying that they have a structural problem, which will add to their debt burden over time. Add to this the ongoing demographic transition, and France will need to take serious steps to stop it's public debt becoming unsustainable.
Let's just stop giving so much money and services to ministers and the such. Oh. Right. They're "essential and competent". Oh well. Let's tax the poor again.
That's not a structural problem. It came from Covid crisis and Ukrainian war increased the problem. It's conjectural but can become structural if nothing is done quickly
@@mjbaricua7403No, eventually the rich leave to Ireland and Singapore. There is a limit on how much you can tax a person/corporation before you start receiving less overall tax.
Clue this is a U.K. channel: claim France’s rating dropped below the U.K. In fact, of the three big rating agencies, one ranks it higher, one the same, one below…. And that’s after the downgrade
The opinion here in france is ... that nobody really cares, we could repay the debt with our savings quite easily if we were at risk of defaulting, but we are simply taking more loans with low interest rate to continue to pay for our social security and investments, doesn't really matter tbh we all know we are going to default on it eventually as soon as the current world order breaks.
False. France has loans from Britain and America that haven’t had a penny paid on them since 1931. The sovereign debts are in the trillions and if either country decided to call in or sell the loans, then France wouldn’t even qualify for membership of the EU any longer.
It probably makes sense to raise the retirement age, increase taxes on the richest of French taxpayers, and try to cut spending where possible. You can’t take just one avenue for such a big debt burden.
Taxes on richest french tax payer is already 70%. Unless they managed to get some sort if multilateral agreement on tax with other countries, rich people would simply leave france
Taxes on richest french tax payer is already 70%. Unless they managed to get some sort if multilateral agreement on tax with other countries, rich people would simply leave france
French debt is one of the most attractive in the world. The reason is government bonds are risk management assets in every financial institutions globally and there are only so much bonds volume graded AA or AAA. With its volume, liquidity and AA- rating, French debt is a best seller financial product.
The French have 5.8 trillion euros in private savings, which is why we are able to borrow money. This month, we issued 4 billion euros in French bonds, and there was a demand for 40 billion euros. Additionally, the total real estate value of French households is estimated to be around 7 trillion euros. In contrast, the state's real estate assets are valued at about 1 trillion euros, spanning around 200 million square meters.
Even though Macron is posturing as one, he is *not* a fiscal conservative. With time, his policies have more and more been to cut social spending to offer tax cuts to companies, to a point that his policies in his second term (2022-now) have had an overall net zero impact on the French's state deficit. (or even worse) But his government is pretty much counting on the tax cuts acting as a stimulus to the economy further than expectations from the prime minister's government policy analysis body France Stratégie (officially “Commissariat général à la stratégie et à la prospective”), international institutions like OECD or economic policy think tanks like Observatoire Français des Conjonctures Économiques, hence balancing their books on make believe growth targets that are not met anymore by the real French economy. As you correctly said, that's not a big problem when it comes to the economy or financing the French debt, but it has huge impacts politically, both in France (ruining Macron's image) and externally. (causing friction in Europe, especially with Germany and the “frugal four” that wish the max 3% deficit target to be complied with)
@@grimaffiliations3671 Defending(?) Macron on this one, his policy is not one of austerity, he's just removing demand-side stimulus to create more supply-side stimulus. It may make sense after the 2022 inflation period if you think it was mostly due to lack of supply (rather than greed as many have suggested, including French official statistics institute INSEE), but it's obvious the French government over-estimated how much good it will do to the French economy. (since, as I said, they were working with make believe growth targets) Not going to lie, it seems obvious to me that they choose this policy not because it may have been a good fix for the 2022 inflation crisis, but just because they just wanted to do supply-side stimulus due to ideological reasons, and they would have (and will continue to) pursued this policy no matter the state of the economy.
the issue is that in the EU (and especially when you share the same currency as your neighbours), it's quite tough to do demand-side stimulus, as any extra inflation you have relative to other EU countries means losing out in terms of competitivity, which in turn hampers economic growth :/ of course one solution is to leave the EU, but the benefits of this are very debatable in the medium-long run. in effect atm a lot of southern European economies are forced to reform their drivers of growth to a more supply-driven economy (with the uphill battle of a reluctant political consciousness for this) - and at the same time, the EU probably needs to have a discussion on it's monetary policy and deficit limits - or at the very least redistribute more between countries with different growth mechanisms
France has sovereign debt obligations to Britain and America for trillions that it doesn’t acknowledge in its accounts. If those loans were sold or called in then France wouldn’t qualify for the EU.
@@seanlander9321 a shame it was dropped in both cases right ? If we talk about dropped debts, we could talk about the fact USA never reimbursed their debt owed to the french state both for the military aid sent through Beaumarchai's company, and the colossal loans taken by the USA in 1793 to the french state to fund the creation of the federal state. Both never reimbursed.
@@bretonneux3389 False. America repaid every penny to France from the Revolutionary War, it took 26 years and another war started by France for the debt to be repaid. America forgave two thirds of the WWI loans to France, its the remaining third borrowed by France after 1918 that hasn’t had a penny paid since 1931, and its sovereign debt, chewing its head off in interest too.
@@seanlander9321 you're talking about an imaginary debt you read about on the internet. And Amercia NEVER repaid the loans taken, neither from the revolutionnary war, nor for the far more colossal loans taken to funditself at its birth.
I feel nobody has a good answer how to improve the economy of Europe. Europe is falling further and further behind the US and have a hard time competing with China. Add to that an high welfare expenses and the future looks bleak.
The EU has no solution. It's easy what EU should do but they won't. Remove sanctions on Russia, leave Nato and make up with your neighboors. Russia will respect it, and can't do much without losing face from allies (BRICS). Then, Europe has to become the Switzerland of the world. Don't try to be a hegemone, because you can't compete. Trade with whomever. Ignore the bullies in Washington. Like I said, will never happen. It will get worse.
@@yunusgokcen174”bullies in Washington” Right, because Europe was so innocent before the 1900s. Such hypocrites. Lmao. You have been doing more bad things centuries before the US even existed.
I suppose it can't really do much when it fundamentally lacks natural resources to draw from. If it can do protectionism, it could feasibly copy China's strategy of buying or stealing know-how and just building up their own economy. But in a world where international markets drive domestic prices, they have no buffer. Because their output is small. They have extremely advanced industries but lack the basics.
@@yunusgokcen174 “bullies in Washington” Europeans treating other countries poorly for centuries and then play victim when someone does it back at them. Amazing continent of people. 👏
To me it looks more like the high budget spending is due to the aftershocks of Covid. In 2018-19, was below the 3% level and seem stable compared to the previous years, then in 2020 it spiked due to Covid spending, and in 2021-23 it started reducing but it still remained higher than before Covid as more spending was allocated to social services and it may be hard to reduce it all at once.
*Lepen. Officialy you spell it this way I guess you are not French and therefore you don't know. On some topics yes she is an extremist. Her party is the descendants of the Nazi party. However there is more extremist than her: the Reconquête party lead by Éric Zemmour (he wanted to forbid foreign first name)
@@em499 I am not French no, Thankyou for correction She just doesn’t even seem right wing, being anti immigrant is a centrist position in Europe now, maybe if current leaders were not so useless this wouldn’t be an issue
@@9n3- You are welcome. But yes believe me she is right wing, not center. Macron is Center. Before the rise of the right wing in Europe, she was considered by the majority as far right, now it's just right. Her party is the most popular for the European election in France
A very big chunk of the spending is state pensions and the welfare state. For example at the beginning of the year pensioners got a raise and that alone cost 14 billion euros. So one idea is to freeze the increases in pensions and benefits for one year, that would save a lot of money without raising taxes that are already very high. Pensioners in France are wealthier than working people which is a bit of an issue, but not talked about by politicians because pensioners vote...
Depends. Go and tell someone who worked 40 years his monthly 900 euros will be freezed while working can earn at least 1200 euros. Pretty sure if that old person was still able to, it would gladly f*ck you with a hard baguette.
Your videos typically make good use of diagrams and charts 👍, but please pay attention to labels and axes! For example, the pie charts at 4:03 have no labels at all, which obviously makes it difficult to compare them, defeating their purpose... Again, at 1:22 you show a bar chart comparing annual targeted vs actual government spending, but without any labels. Indeed, this chart actually highlights 2020 as the problem year, with the biggest difference between the two, NOT 2023.
the debts of South Europe were always a problem - the Eurocrisis never ended - the ECB printed money to "hide " the crisis but it is still there and even worse than during the Greek crisis
it's hard to get growth when France ditch his private industrial sector and let it relocate freely elsewhere which got rid of so much jobs that it'll cost way more to get it back up, or selling assets that shouldn't have been, too much social policies that cost xay too much, acceptance of illegal immigration that has a cost too, acceptance of unfair trade deal within and outside EU. Many makes it almost sure to hit hard on the franch economy, and they're not the only ones in the EU that are getting less from it
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I never thought Marine la penn is ever going to be the President. But I also Knew, the tide of the failures to address key issues of the day by the French Establishment, is going to get so heavy that eventually that will lead to Marion Marachel La Penn. Things always seem to go really bad before it starts to get good in France. But the moment of truth seems to have arrived faster than expected. The desire for change has begun in France. France, Germany, Austria, Italy, Greece, Netherlands, Sweden, Poland, Belarus, Serbia, Ukraine, Belgium and Spain will follow suit. And May be UK will get sucked in too. Macron started as a Left then moved to the Centre to win elections and become President, Tried his technocratic Centrist policies and failed, but also realised The Right is actually Right so he kept on moving to the Right, and people saw through it, that they might oppose Marine la penn but her policies and assessment are actually right (mainly about immigration and religion of Peace). There is nothing Macron can do to save his presidency. Macron is going to end up in a Think Tank job in New York or Washington or WEF board member or some sort of special envoy to Middle East pretty much like Tony Blair. Emmanuelle macron is more suitable for that, than being the President of France. The French people should have never trusted someone who cares more about "His Career, After his Political Life" than about the people who he governs. Ever since Tony Blair and Barack Obama there has been an epidemic of politicians who care more about thier "political Afterlife" than thier own country. Hence they do what suits thier career and not what suits the larger population. "Hence we get Populism". Macron still doesn't do a lot of hard work that Marine la penn did. Macron ended up in the position because of spectacular failures of Francois Hollande and Sarkozy who were detached from any sort political reality and cared more about thier mistresses. I remember John Oliver doing segments fawning over Francois Hollande. After the failure of Hollande, John Oliver never did a segment about how Francois Hollande had an approval rating of 3 percent and had to step away from elections out of embarrassment. But if you ask any ordinary french people about Francois Hollande they'll tell you he was a terribly unserious president. Obviously The Academic Left, The Online Left, and The Media left wing will tell you that Francois Hollande was never left wing and did what left always does that is, shed thier skin like a snake, and casually move the goal post and say he's not Left Wing because he's not Left enough. That's the difference between Elite people' opinion and Ordinary people' opinion. Macron should have been released from the presidency of France long time ago, so that he can go to work in a think tank in New York or Washington and have sex with Grandmas in Epstein Island (or whatever he likes to do). Emmanuelle macron is more suitable for that, than being the president of France. There is nothing macron can do to save his presidency. Ursula von der layen is also going to be "gone" in two years and then end up in a think tank in New York or Washington, which is where she has more in common with, unlike the average voter in Germany, whom she despises, same can be said about Olaf Scholz and Macron. (Tony Blair model)
Macron can make huge spending cuts, but the public services are on the brink of collapse due to underinvestment for ages. teh biggest expense of Macron´s governement is actually subventions to companies, this represents 280 billions a years (4 times the education budget) and teh second "expenditures is actually the wealth tax that has been cutr and is reducing the revebnues by huge amounts. but he prefers cut another 10 billions in education, health services, infrastructures, social money, job less money and retirement money. The taxes on the wealthy are not new, just reinstoration of what Macron has cut to the benefits of his friends. cutting 30 billions out of 280 of the fiscal give away to the big multinational corporations, is not a big deal, just at the complete opposite of macron´s ideology.
@@MChagall Yep, a few billions, actually les than what they want to save in bare essentials. And the olympics will probably be a good things for the tourism based french economy.
@@benjaminlamey3591 France is already the most visited country in the world, do you think it will bring in so many more visitors to spend billions extra in taxable goods/services?
francophone are good people. churchill offered a union during ww2 to keep them in the fight, helped my country earn independence, philosophy on existentialism ( to a point some actually hurt us), and have ACTUAL pride in their country. I admit the neo colonial foreign policy is embarrassing, in MY opinion, but the are in the good aisle. I hope they continue to step up and lead european issues. as an American I am on the isolation side of the aisle and I think France is an honorable country ready to take over from us.
Missed the mark on this one, spent exactly 1 sentence on interest rates, no mention of being the largest welfare state, no mention on migrations effect on the welfare budget
Probably because those were already there for decades, including during the 1990s when France was the most dynamic european economy. Hence why they're not a problem per se, far from it.
Some people in the comment section don't understand the root cause of the higher working hours and worse living standards. The aging society took away the total productivity within the country is one thing, the other thing is that the Chinese squeeze your country's share of the GDP around the globe. EG, in a hypothetical world, your country's GDP used to be 10% of the world's GDP, so you are rich, especially the way GDP is C+I+G+X where X is the export (when you export stuff, you add other countries' GDP into your country, whilst subtract other countries). Now your country barely makes 3% of the world's GDP, so you are no longer rich... Hence the way to solve the problem in the West could very simply be to "Force China to stop their state subsidies and stop artificially suppress Chinese wages, so Chinese people can consume the excess capacity internally whilst improving the livelihood of Chinese" But China decided to just flood the market and bankrupt your company then steal your GDP by making your country deficit in trade.
France nabbed most of Britain's inward investment after brexit and have high productivity from a highly trained workforce but way higher spending on pensions, benefits, Industrial strategy and public services
High debt states will draw the eurozone/states into paying for their failure in long term, which will leave everyone in worse situation OR the eurozone as it is will break apart, it is held together by moneyprinting already
Almost all European countries except Norway/Switzerland have record high trade deficit/debt but there gdp per capita is growing out of thin air can anybody explain to me how that is possible
Sure. Inflation and foreign money from 3rd world oligarchs parked in those nations financial systems. You go to Ireland and tell me if it looks like they have 60k eur year income per capita.
Italains have much lower perosnal debt than most other major industrial economies.. look at canada.. pathetic levels of debt ($1.85 debt for every dollar). Canadian living standards are a facade
Spending more than what you make is unsustainable, a kid knows this. If you got good savings, access to good credit you can last way more but at the end France is another Latin-Catholic country going downhill as all such countries some abruptly some in a soft slope.
Tip: Show the chart of new debt v GDP growth and you will see what happened. Most EU countries took up debt to spend as GDP. A very cheap trick but with brutal consequences. Italy has bought 8% debt to buy itself 0.9% GDP, which pathetic. The reckoning will be terrible for all those EU countries which faked growth through increased debt.
Well, one of the ways they could tackle this is let people from English speaking countries to work in France. Even international companies in France dont hire people who dont speak French.
How about no? Workers are far from what is really needed... Here I always here that my country need immigration 😂 yhea try to find a job here and tell me if we really do.... Employers need slaves and more desperate people to lower wages which are already ridiculous. We don't even need engineers, we have too many, we need phisicians but you cannot help anyone without speaking the language....
Most French people never had one economics class during their education. They think money grows on trees or falls from the sky. It already has the biggest spending on welfare, the highest percentage of state employees, and almost the highest taxes in all of Europe. This all stems from Gaullist economic statism and Mitterand’s French neo-socialism.
@@em499, then why the massive pension protests last year? Anyone with basic knowledge of economics would have saw that your retraites par repartition was never going to be sustainable going forwards. You only had a surplus until 2030, you have a growing deficit in other sectors of the economy, the population is aging (despite it being the slowest), the fertility rate is declining.
@@em499 Half of France saying that 'taxing the rich' is the solution to any and all structural issues in your economy or social safety net is really indicative of the fact that those high school economics lessons haven't taught you anything. Then again, France's political culture is unique in that a very specific interpretation of the French Revolution has played a large role in your collective imagination. A political culture where you seem to believe that politics and the social contract is solely about politics rights, and not the political responsivities that come with them.
@@inbb510 I've never protested because I know it's the solution. Not every French protested. Is it hard to understand to not put everybody in the same bag ?
@@jamesclarke2789 I never said it was the solution. Not every French says that. Is it hard to understand that everybody is not the same ? Did you drop out of kindergarden ?
You think Italy and France's financial position is poor now? Sad about Ukraine but if they were to join the EU the financial burden would be vast on net contributor EU states across the board.
If Ukraine joins it’s just going to be another Poland finance wise meaning it’ll cost the other EU members 10 billion in net benefits, compare that to how much aid the EU is giving Ukraine right now to help it defend itself and it’s obvious that we’d be much better off if Ukraine was at peace and part of the EU.
Er?.. the problem is, where is much of this monumental French national debt held? ..and what percentage of the country's already sclerotic GDP growth is accounted for merely due to the huge immigration by disproportionately not-all-that skilled (and outright economically inactive) incomers? Indeed! In that regard, France is not dissimilar to Britain! Although amazingly, our own admittedly insipid real growth rate is at least somewhat better!
They are not the primary cause of the deficit. The games will cost 9-10 billion euros, half from the private sector. France's GDP is 2,5 trillion euros.
When you run a socialist economics policy, eventually revenue runs out and you and up running huge dept and deficits, Then you have to increase taxes and cut back on welfare handouts and the people get pissed
All of a sudden Frances 180 on the topic of European debt sharing makes sense. It’s not a “hey guys let’s work together to spend more and develop faster than we could alone.” It’s a “how can we sucker these idiots into paying our debt for us?”
What kind of world we are living in … they think Palestinians child are not human .. but what kind of human they are they hv killed 14000 thousands child in GAZA --human can not do this …
Growth, overall - will have to be more creative - Asia's population is going to decline and there will be a serious international demand challenge as AI is also taking more jobs.
French should wish to be like Italy. Italy has been running for many years primary budget surplus. That means that in absence of interest the budget is positive and the burden of debt goes down over the years, due to inflation. The “superbonus” is a one off, and is capital investments financed by European recovery plan. In absence of that the deficit is totally in line with the regular surplus.
Italy fiscal deficit reached 7.3% of GDP in 2023. It matters little were the money goes : what matters is that Italy's debt, like France's one, are growing fast year to year.
Italy's debt has been growing out of interest on debt itself. Not due to crazy spending. The superbonus is an exception in the last 20 years.@alioshax7797
Not really, being like Italy doesn’t lower the debt it just makes it rise slowly. Being like Portugal lowers the debt which is what Italy itself sho do after the super bonus ends.
Italy's debt has been growing out of interests on the debt itself. Not due to crazy spending. The superbonus is an exception in the last 20 years. @alioshax7797
@@ad_astra468 Portugal's strategy consists in making all people poor and out-priced by foreign investors. Should definitely be not an option for a big and diversified economy like Italy.
I have tried to lift France out the mud, But she will return to her errors and vomitings, one cannot prevent the French for being French.:- Charles De Gaulle
Matthew 24 6 You will hear of wars and rumors of wars, but see to it that you are not alarmed. Such things must happen, but the end is still to come. 7 Nation will rise against nation, and kingdom against kingdom. There will be famines and earthquakes in various places. 8 All these are the beginning of birth pains.
And yet they're more productive than most developed countries. Do you know what made the debt burden grow out of control ? Tax cuts for the rich and subsidies for corporations. Google it up
CORRECTION: As a handful commenters have pointed out, at 3:36 we say the Czech Republic, but the animation shows Hungary. Apologies for this sloppy error, and we hope you nonetheless enjoyed the video!
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We all used to joke about who was the “sick man of Europe” but now it feels like we’re all in the same hospice
You wrong. Turkey inflation 75.45% , bank base rate 50%.......
@@geoms6263 Well they’re the sick turkey of Europe then
@@geoms6263 they're not European.
Ordoliberalism led by german leadership on Europe and the euro...
Really sunk all of us.
The EU as an institution is killing capitalism
Taxing your economy at 50% of GDP and having to run a deficit is insane
they don't have any option anymore though. THey have no natural resources and they have huge social programs. Either they need to make natural resources or they need to rethink their social safety nets.
That's why it makes me laugh to be in the UK or other big rich western european countries and see locals complaining about how much welfare they have and how much it costs... They've got no idea how far they are from France (where the budget will never be on the green ever, I just can't imagine it ever happening).
But spending more than army, éducation and healthcare in subvention to Big company that évadé the taxes.
Crumbling the healthcare even more IS not going yo sufficient anymore
Now imagine the french govt also owns energy productions and many other industries that generate alot of money. Hiw did they end up here?
The differential debt service costs would be in 10 year JGB Japan bonds, . From negative rate to ECB 3.75% which means the actual interest has increased
375%+😊 the same steep increase in US deficit
It's also important to note that French people don't seem to care much about debt so it's not a popular topic to talk about during debates
The French has massive saves. Only 1% of that will resolve debts.
There is absolutely no risk of default.
@@walideg5304 Then why don't they use their savings instead of taking on debt 😂
@@walideg5304 where are these saves at?bonds?gold?
Talking about the national debt is not a popular topic anywhere tbh.
@@archockencanto1645 Richer the country is the more debt it has. Bank don't loan money to poor people. Point is to loan money on low interest rates and invest it stuff that will bring a return on that investment. instead of paying the whole sum at once you pay on down payment at the same time you earn more on your investments, like france is doing
It feels like everybody is becoming the next something at the moment.
We are so fucked
@@GlizzyGlizzers-yj5yr We all used to joke about who was the “sick man of Europe” but now it feels like we’re all in the same hospice
That is one of the most quotable expressions I have heard since 2020.
you can't really compare french public expenditure and german public expanditure the way you did, because of the different retirement pension systems,
France has a system where 100% of the pensions is paid through the state in what is called "branche retraite de la sécurité sociale" while in Germany there is a base pension that comes through the state and a private pension that comes through the private sector and wheight about 7% of german gdp.
Hi, are there any sources or sites on which I could find more info on the matter, because I'm interested in the subject?
The sécurité sociale is an entity of its own. Pensions are financed from the salaries of the workers and the state doesn't intervene in the process ... Until recently since the deficit of the sécurité sociale is growing higher year after year, the state has started to inject money in the sécurité sociale. A special tax was created to address this issue but in essence the state and the sécurité sociale are two different entities.
@@Elyes_Messadi Despite being different entities the SS is still lumped into public expending and SS contributions as a tax. At least the Spanish SS is done.
with a big difference, almost 80% of Italian debt is in the hands of Italian institutions and savers.
Because foreign investors dumped the bonds they had starting in 2011 out of fear of a debt crisis which ironically caused the debt crisis for Italy.
France should be wary of something like that happening to it as well and start incentivizing families and banks in France to buy French bonds.
At the end of the day debt is not a big thing if it stays inside...it's literally the Italian government paying interests to Italians that then pay taxes to the government....
It's 55%, not 80%.
@@MarketsDriveTheWorld like in Japan
@@marcoac-sx6lq Bank of Italy data 2024, 25.4 foreign owned
Your Czech republic looks a bit Hungary
That's because they highlighted Hungary lol. Czechia is due North from Slovenia and doesn't border it. SMH
@@serebii666 (I am aware haha)
We had Austria-Hungary, now we have Czechia-Hungary.
@@DisKKJ Most cursed timeline 😰😰
All part of the Dual Monarchy. 😅
Continuous deficit spending necessarily leads to continuously increasing debt. Why will no one ever learn this lesson?
Trying to step on the speed dial when you could just move at a rate that the country can manage
Because large amounts of debt doesn't necessarily mean things are bad. Debt for a household is completely different from debt for a nation.
@@andrelee7081 Yes... it's worse. Because it takes from every household in the country.
@@bwhog no debt is bad when you can't secure that it can be paid back, a country is less likely to default than a household.
If you take on 15k of debt to start a business but end up making 3k a month, it's much better than never having borrowed. That's how government investment should work as well. Of you never do the right industrial policy to foster startups, you'll be forever left behind without new, cheap ways of doing things and potentially tax paying young companies. And you can outgrow the debt by increasing the size of the economy this way.
@@ayoCC That's the point. Some debt is quite a good thing. It gives you credit and proves you're good for it. Continuous deficit spending is not. It means you can't control your debt levels and you're NOT a good risk. To pay back the debt, you have to take it from your citizens. Either through taxation or through monetary inflation. Either way, your whole country pays the price of government that can't control its budget.
3:36. You said Czechia, but instead highlighted Hungary on the map.
A great insult for the Czech people indeed.
pony pfp chad
They don't care...
eastern europe is one country
@@Panlew2 Czech republic is Central Europe - come to Prague and say we are Eastern Europeans and you will be taught very quickly, how wrong you are...
GDP per capita is what really matters. Also there is low growth because there is less and less entrepreneurship and business innovation due to high tax burdens.
Lol.
Looking at the graph for France's deficit as a percentage of GDP by year, it has increased at the low point of every business cycle, implying that they have a structural problem, which will add to their debt burden over time. Add to this the ongoing demographic transition, and France will need to take serious steps to stop it's public debt becoming unsustainable.
Let's just stop giving so much money and services to ministers and the such.
Oh. Right. They're "essential and competent". Oh well. Let's tax the poor again.
You would see similar for many other industrialised countries.
That's not a structural problem. It came from Covid crisis and Ukrainian war increased the problem. It's conjectural but can become structural if nothing is done quickly
eventually you run out of other people's money
Eventually the rich must pay their dues
@@mjbaricua7403No, eventually the rich leave to Ireland and Singapore. There is a limit on how much you can tax a person/corporation before you start receiving less overall tax.
the issue with france is that taxes are already so high that there are no easy solutions
That is a joke, the richest man in the world is french.
True… maxed out
@@tahaymvids1631 you are naïve to think that raising taxes would mean that they would actually pay
Cutting costs massively.
@@comraderoffel alors taxez ces gens et pas nous mdr ☠️
Clue this is a U.K. channel: claim France’s rating dropped below the U.K.
In fact, of the three big rating agencies, one ranks it higher, one the same, one below…. And that’s after the downgrade
The opinion here in france is ... that nobody really cares, we could repay the debt with our savings quite easily if we were at risk of defaulting, but we are simply taking more loans with low interest rate to continue to pay for our social security and investments, doesn't really matter tbh we all know we are going to default on it eventually as soon as the current world order breaks.
False. France has loans from Britain and America that haven’t had a penny paid on them since 1931. The sovereign debts are in the trillions and if either country decided to call in or sell the loans, then France wouldn’t even qualify for membership of the EU any longer.
@@seanlander9321 Yup foreign loans we will never repay.
It probably makes sense to raise the retirement age, increase taxes on the richest of French taxpayers, and try to cut spending where possible. You can’t take just one avenue for such a big debt burden.
Thing is, Macron is just taking one avenue and it's by selling out the country to the rich and corporations while the middle class pays for all of it
Who do you consider the ‘richest’ taxpayers? What about going after those who earn their money from French citizens but pay NO tax to French coffers!!
Taxes on richest french tax payer is already 70%. Unless they managed to get some sort if multilateral agreement on tax with other countries, rich people would simply leave france
Taxes on richest french tax payer is already 70%. Unless they managed to get some sort if multilateral agreement on tax with other countries, rich people would simply leave france
Retirement age linked to life expectancy, higher penalties if you widdraw pension earlier, but last time people R1oted😂
So good luck macron
French debt is one of the most attractive in the world. The reason is government bonds are risk management assets in every financial institutions globally and there are only so much bonds volume graded AA or AAA. With its volume, liquidity and AA- rating, French debt is a best seller financial product.
The French have 5.8 trillion euros in private savings, which is why we are able to borrow money. This month, we issued 4 billion euros in French bonds, and there was a demand for 40 billion euros. Additionally, the total real estate value of French households is estimated to be around 7 trillion euros. In contrast, the state's real estate assets are valued at about 1 trillion euros, spanning around 200 million square meters.
Even though Macron is posturing as one, he is *not* a fiscal conservative.
With time, his policies have more and more been to cut social spending to offer tax cuts to companies, to a point that his policies in his second term (2022-now) have had an overall net zero impact on the French's state deficit. (or even worse)
But his government is pretty much counting on the tax cuts acting as a stimulus to the economy further than expectations from the prime minister's government policy analysis body France Stratégie (officially “Commissariat général à la stratégie et à la prospective”), international institutions like OECD or economic policy think tanks like Observatoire Français des Conjonctures Économiques, hence balancing their books on make believe growth targets that are not met anymore by the real French economy.
As you correctly said, that's not a big problem when it comes to the economy or financing the French debt, but it has huge impacts politically, both in France (ruining Macron's image) and externally. (causing friction in Europe, especially with Germany and the “frugal four” that wish the max 3% deficit target to be complied with)
It's never made sense to try and growth via austerity
Very good comment Palazzosama.
@@grimaffiliations3671 Defending(?) Macron on this one, his policy is not one of austerity, he's just removing demand-side stimulus to create more supply-side stimulus.
It may make sense after the 2022 inflation period if you think it was mostly due to lack of supply (rather than greed as many have suggested, including French official statistics institute INSEE), but it's obvious the French government over-estimated how much good it will do to the French economy. (since, as I said, they were working with make believe growth targets)
Not going to lie, it seems obvious to me that they choose this policy not because it may have been a good fix for the 2022 inflation crisis, but just because they just wanted to do supply-side stimulus due to ideological reasons, and they would have (and will continue to) pursued this policy no matter the state of the economy.
@@llPalazzosama cutting social spending is austerity tho, even if you also pass tax cuts for the rich
the issue is that in the EU (and especially when you share the same currency as your neighbours), it's quite tough to do demand-side stimulus, as any extra inflation you have relative to other EU countries means losing out in terms of competitivity, which in turn hampers economic growth :/
of course one solution is to leave the EU, but the benefits of this are very debatable in the medium-long run. in effect atm a lot of southern European economies are forced to reform their drivers of growth to a more supply-driven economy (with the uphill battle of a reluctant political consciousness for this) - and at the same time, the EU probably needs to have a discussion on it's monetary policy and deficit limits - or at the very least redistribute more between countries with different growth mechanisms
France has sovereign debt obligations to Britain and America for trillions that it doesn’t acknowledge in its accounts. If those loans were sold or called in then France wouldn’t qualify for the EU.
source ?
@@bretonneux3389 Churchill-Caillaux Agreement @5%, Mellon-Berenger Agreement @4.5%; France hasn’t paid a penny on either loan since 1931.
@@seanlander9321 a shame it was dropped in both cases right ?
If we talk about dropped debts, we could talk about the fact USA never reimbursed their debt owed to the french state both for the military aid sent through Beaumarchai's company, and the colossal loans taken by the USA in 1793 to the french state to fund the creation of the federal state. Both never reimbursed.
@@bretonneux3389 False. America repaid every penny to France from the Revolutionary War, it took 26 years and another war started by France for the debt to be repaid.
America forgave two thirds of the WWI loans to France, its the remaining third borrowed by France after 1918 that hasn’t had a penny paid since 1931, and its sovereign debt, chewing its head off in interest too.
@@seanlander9321 you're talking about an imaginary debt you read about on the internet. And Amercia NEVER repaid the loans taken, neither from the revolutionnary war, nor for the far more colossal loans taken to funditself at its birth.
I feel nobody has a good answer how to improve the economy of Europe. Europe is falling further and further behind the US and have a hard time competing with China. Add to that an high welfare expenses and the future looks bleak.
The EU has no solution. It's easy what EU should do but they won't. Remove sanctions on Russia, leave Nato and make up with your neighboors. Russia will respect it, and can't do much without losing face from allies (BRICS). Then, Europe has to become the Switzerland of the world. Don't try to be a hegemone, because you can't compete. Trade with whomever. Ignore the bullies in Washington. Like I said, will never happen. It will get worse.
@@yunusgokcen174”bullies in Washington”
Right, because Europe was so innocent before the 1900s. Such hypocrites. Lmao. You have been doing more bad things centuries before the US even existed.
I suppose it can't really do much when it fundamentally lacks natural resources to draw from.
If it can do protectionism, it could feasibly copy China's strategy of buying or stealing know-how and just building up their own economy.
But in a world where international markets drive domestic prices, they have no buffer.
Because their output is small.
They have extremely advanced industries but lack the basics.
@@yunusgokcen174 “bullies in Washington” Europeans treating other countries poorly for centuries and then play victim when someone does it back at them. Amazing continent of people. 👏
@@yunusgokcen174"Russia will respect it" lmao
But how will you afford subsidies to the hand craft cheese makers...
To me it looks more like the high budget spending is due to the aftershocks of Covid. In 2018-19, was below the 3% level and seem stable compared to the previous years, then in 2020 it spiked due to Covid spending, and in 2021-23 it started reducing but it still remained higher than before Covid as more spending was allocated to social services and it may be hard to reduce it all at once.
If only there was a way to decrease spending…
as we say in france "c'est pas grave"
therealdualipa it's Fake!!! French people don't hide their own identity with fake accounts!
France, unlike the US and UK, cannot simply issue new money to cover its budget deficits. The euro is managed outside the control of the members.
La pen isn’t an extremist, that’s incredibly unfair.
*Lepen. Officialy you spell it this way I guess you are not French and therefore you don't know. On some topics yes she is an extremist. Her party is the descendants of the Nazi party. However there is more extremist than her: the Reconquête party lead by Éric Zemmour (he wanted to forbid foreign first name)
@@em499 I am not French no, Thankyou for correction
She just doesn’t even seem right wing, being anti immigrant is a centrist position in Europe now, maybe if current leaders were not so useless this wouldn’t be an issue
@@9n3- You are welcome. But yes believe me she is right wing, not center. Macron is Center. Before the rise of the right wing in Europe, she was considered by the majority as far right, now it's just right. Her party is the most popular for the European election in France
@@em499 Le Pen -(written as two words)
@@edmerc92 Yes you're right it's my that phone wrote it this way
Nowadays, debt is not even a problem as long as you're renewing it. In french, we see "faire rouler la dette"
yours is the most stupid statement posted here.. Debt will destroy western economies.. it's going to happen soon.
A very big chunk of the spending is state pensions and the welfare state. For example at the beginning of the year pensioners got a raise and that alone cost 14 billion euros. So one idea is to freeze the increases in pensions and benefits for one year, that would save a lot of money without raising taxes that are already very high. Pensioners in France are wealthier than working people which is a bit of an issue, but not talked about by politicians because pensioners vote...
You can't upset the older voters 😅 same problem in the UK
Depends. Go and tell someone who worked 40 years his monthly 900 euros will be freezed while working can earn at least 1200 euros. Pretty sure if that old person was still able to, it would gladly f*ck you with a hard baguette.
the next italy? italy is outperforming most if not all of europe these days
Outperforming in what ?
@@zaydalaoui9397delusions of grandeur
@@zaydalaoui9397 idk basil production?
😂
🤣
The Main Political Debate In france is to regulate Palestinian Protest. And tu regulate how Women should wear a piece on cloth on their head or not.
Macron has a reputation for competence? What? Next thing you tell me is that Scholz is famous for his iron will.
Or his memory 😅😂🙈
I mean, he was sold to us as "Finance's Mozart" so if one thing the french expected, is competence balancing the books...
He is and nobody serious thinks otherwise.
@@DemonZest Sure, for example his idea of "strategic ambiguity" in Ukraine just screams competence.
@@DemonZest depends
Your videos typically make good use of diagrams and charts 👍, but please pay attention to labels and axes!
For example, the pie charts at 4:03 have no labels at all, which obviously makes it difficult to compare them, defeating their purpose...
Again, at 1:22 you show a bar chart comparing annual targeted vs actual government spending, but without any labels. Indeed, this chart actually highlights 2020 as the problem year, with the biggest difference between the two, NOT 2023.
the debts of South Europe were always a problem - the Eurocrisis never ended - the ECB printed money to "hide " the crisis but it is still there and even worse than during the Greek crisis
Just another sign of the overall failure of European politcal union. If they do not go back to a more economic union, it will fail..
Idk but the economic to political transition was so funny
it's hard to get growth when France ditch his private industrial sector and let it relocate freely elsewhere which got rid of so much jobs that it'll cost way more to get it back up, or selling assets that shouldn't have been, too much social policies that cost xay too much, acceptance of illegal immigration that has a cost too, acceptance of unfair trade deal within and outside EU. Many makes it almost sure to hit hard on the franch economy, and they're not the only ones in the EU that are getting less from it
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Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
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Remember the accuracy of those rating agencies in the past?
I never thought Marine la penn is ever going to be the President.
But I also Knew, the tide of the failures to address key issues of the day by the French Establishment, is going to get so heavy that eventually that will lead to Marion Marachel La Penn.
Things always seem to go really bad before it starts to get good in France.
But the moment of truth seems to have arrived faster than expected. The desire for change has begun in France.
France, Germany, Austria, Italy, Greece, Netherlands, Sweden, Poland, Belarus, Serbia, Ukraine, Belgium and Spain will follow suit.
And May be UK will get sucked in too.
Macron started as a Left then moved to the Centre to win elections and become President, Tried his technocratic Centrist policies and failed, but also realised The Right is actually Right so he kept on moving to the Right, and people saw through it, that they might oppose Marine la penn but her policies and assessment are actually right (mainly about immigration and religion of Peace).
There is nothing Macron can do to save his presidency.
Macron is going to end up in a Think Tank job in New York or Washington or WEF board member or some sort of special envoy to Middle East pretty much like Tony Blair.
Emmanuelle macron is more suitable for that, than being the President of France.
The French people should have never trusted someone who cares more about "His Career, After his Political Life" than about the people who he governs.
Ever since Tony Blair and Barack Obama there has been an epidemic of politicians who care more about thier "political Afterlife" than thier own country. Hence they do what suits thier career and not what suits the larger population. "Hence we get Populism".
Macron still doesn't do a lot of hard work that Marine la penn did. Macron ended up in the position because of spectacular failures of Francois Hollande and Sarkozy who were detached from any sort political reality and cared more about thier mistresses.
I remember John Oliver doing segments fawning over Francois Hollande. After the failure of Hollande, John Oliver never did a segment about how Francois Hollande had an approval rating of 3 percent and had to step away from elections out of embarrassment.
But if you ask any ordinary french people about Francois Hollande they'll tell you he was a terribly unserious president.
Obviously The Academic Left, The Online Left, and The Media left wing will tell you that Francois Hollande was never left wing and did what left always does that is, shed thier skin like a snake, and casually move the goal post and say he's not Left Wing because he's not Left enough.
That's the difference between Elite people' opinion and Ordinary people' opinion.
Macron should have been released from the presidency of France long time ago, so that he can go to work in a think tank in New York or Washington and have sex with Grandmas in Epstein Island (or whatever he likes to do). Emmanuelle macron is more suitable for that, than being the president of France.
There is nothing macron can do to save his presidency.
Ursula von der layen is also going to be "gone" in two years and then end up in a think tank in New York or Washington, which is where she has more in common with, unlike the average voter in Germany, whom she despises, same can be said about Olaf Scholz and Macron. (Tony Blair model)
People's of France have to understand Olympics tournaments is coming.
The labour productivity is dropping in France and their population is aging. I'm worried for their economic future.
The french population is actually aging slower than most of Europe.
They have plenty younger migrants 😅
Macron can make huge spending cuts, but the public services are on the brink of collapse due to underinvestment for ages. teh biggest expense of Macron´s governement is actually subventions to companies, this represents 280 billions a years (4 times the education budget) and teh second "expenditures is actually the wealth tax that has been cutr and is reducing the revebnues by huge amounts. but he prefers cut another 10 billions in education, health services, infrastructures, social money, job less money and retirement money.
The taxes on the wealthy are not new, just reinstoration of what Macron has cut to the benefits of his friends.
cutting 30 billions out of 280 of the fiscal give away to the big multinational corporations, is not a big deal, just at the complete opposite of macron´s ideology.
Yet billions is spent on prestige projects like the olympics..
@@MChagall Yep, a few billions, actually les than what they want to save in bare essentials. And the olympics will probably be a good things for the tourism based french economy.
@@benjaminlamey3591 France is already the most visited country in the world, do you think it will bring in so many more visitors to spend billions extra in taxable goods/services?
6:50 Correction. It's not right, it FAR-RIGHT. Macron IS the right party. Don't be mistaken
francophone are good people. churchill offered a union during ww2 to keep them in the fight, helped my country earn independence, philosophy on existentialism ( to a point some actually hurt us), and have ACTUAL pride in their country. I admit the neo colonial foreign policy is embarrassing, in MY opinion, but the are in the good aisle. I hope they continue to step up and lead european issues. as an American I am on the isolation side of the aisle and I think France is an honorable country ready to take over from us.
Missed the mark on this one, spent exactly 1 sentence on interest rates, no mention of being the largest welfare state, no mention on migrations effect on the welfare budget
Probably because those were already there for decades, including during the 1990s when France was the most dynamic european economy. Hence why they're not a problem per se, far from it.
Those are the first signs that Europe is going downhill. Even the countries that are doing surprisingly well right now should be afraid.
First signs?!
We are going down since 2019 and falling fast.
Some countries have less hills 😆
Europe has been decline for may years... welfare state/socialism is killing it.. Migration crisis is a major issue too
So what countries will replace it?
@@Phyt5 Asia is the future.
Some people in the comment section don't understand the root cause of the higher working hours and worse living standards. The aging society took away the total productivity within the country is one thing, the other thing is that the Chinese squeeze your country's share of the GDP around the globe. EG, in a hypothetical world, your country's GDP used to be 10% of the world's GDP, so you are rich, especially the way GDP is C+I+G+X where X is the export (when you export stuff, you add other countries' GDP into your country, whilst subtract other countries). Now your country barely makes 3% of the world's GDP, so you are no longer rich... Hence the way to solve the problem in the West could very simply be to "Force China to stop their state subsidies and stop artificially suppress Chinese wages, so Chinese people can consume the excess capacity internally whilst improving the livelihood of Chinese" But China decided to just flood the market and bankrupt your company then steal your GDP by making your country deficit in trade.
France nabbed most of Britain's inward investment after brexit and have high productivity from a highly trained workforce but way higher spending on pensions, benefits, Industrial strategy and public services
You only can spend your money once in France.
Corruption, maltusianism, lies everywhere.
High debt states will draw the eurozone/states into paying for their failure in long term, which will leave everyone in worse situation OR the eurozone as it is will break apart, it is held together by moneyprinting already
Almost all European countries except Norway/Switzerland have record high trade deficit/debt but there gdp per capita is growing out of thin air can anybody explain to me how that is possible
Sure. Inflation and foreign money from 3rd world oligarchs parked in those nations financial systems. You go to Ireland and tell me if it looks like they have 60k eur year income per capita.
It’s pretty easy to explain: you are wrong,
The EU has a trade surplus almost constantly.
@ad_astra468 rubbish EU has no trade surplus Germany/Luxembourg has but almost the only 2 countries in EU
@@ambessaseway5594 Google it
@@ambessaseway5594 It literally does, google it.
All them migrants u av to look after,thank god uk got out of the eu
I thought the UK was becoming the next Italy, but with lake Windermere instead of lake Garda
After the Olympics 2024, things will get pretty revolutionary.
Italains have much lower perosnal debt than most other major industrial economies.. look at canada.. pathetic levels of debt ($1.85 debt for every dollar). Canadian living standards are a facade
FYI: 7:11 Wrong person to ilustrate the left in France European election
Spending more than what you make is unsustainable, a kid knows this. If you got good savings, access to good credit you can last way more but at the end France is another Latin-Catholic country going downhill as all such countries some abruptly some in a soft slope.
The French don't care about state debt. Maybe they need a visit from TROIKA to remind them of the consequences.
Isn't France the country where most foreign companies go to in Europe now? Not sure the debt is spooking investments....
No that's Germany
@@SelfProclaimedEmperorno it’s France that had the most FDE in 23
Tip: Show the chart of new debt v GDP growth and you will see what happened. Most EU countries took up debt to spend as GDP. A very cheap trick but with brutal consequences. Italy has bought 8% debt to buy itself 0.9% GDP, which pathetic. The reckoning will be terrible for all those EU countries which faked growth through increased debt.
Becoming? It already is.
Surely it's President Macron, not Macron? You wouldn't hear any serious presenter referring to King Charles as simply Charles or Windsor, would you?
This is not an issue I guess.
Fall in Investments in France means to say downgrade of Debt.
Investors lost Confidence in France for Investments to Tap the National GDP.
France is the first recipient of FDE in Europe. I don’t know what you’re talking about
There's a lot of things Macron should be worried about. I swear, his entire tenure has been plagued by Murphy's law.
Au revoir, Macron. Bonjour, Marie Le Pen and Jordan Bordella!
And now Europe should pay for the war in Ukrain? One billion per day? Whahahaha.
Well, one of the ways they could tackle this is let people from English speaking countries to work in France. Even international companies in France dont hire people who dont speak French.
How about no? Workers are far from what is really needed... Here I always here that my country need immigration 😂 yhea try to find a job here and tell me if we really do.... Employers need slaves and more desperate people to lower wages which are already ridiculous. We don't even need engineers, we have too many, we need phisicians but you cannot help anyone without speaking the language....
@@MarketsDriveTheWorld What is wrong with Slavs?
@@cheerful_crop_circlehe said slaves not slavs?
@@VMohdude- 😂😂😂😂 Oh Im so dumb
@@cheerful_crop_circle 😂
Most French people never had one economics class during their education. They think money grows on trees or falls from the sky. It already has the biggest spending on welfare, the highest percentage of state employees, and almost the highest taxes in all of Europe. This all stems from Gaullist economic statism and Mitterand’s French neo-socialism.
We litteraly have economic in highschool what are you talking about? It's easy for a foreigner to put every French in the same bag
@@em499, then why the massive pension protests last year?
Anyone with basic knowledge of economics would have saw that your retraites par repartition was never going to be sustainable going forwards. You only had a surplus until 2030, you have a growing deficit in other sectors of the economy, the population is aging (despite it being the slowest), the fertility rate is declining.
@@em499 Half of France saying that 'taxing the rich' is the solution to any and all structural issues in your economy or social safety net is really indicative of the fact that those high school economics lessons haven't taught you anything.
Then again, France's political culture is unique in that a very specific interpretation of the French Revolution has played a large role in your collective imagination.
A political culture where you seem to believe that politics and the social contract is solely about politics rights, and not the political responsivities that come with them.
@@inbb510 I've never protested because I know it's the solution. Not every French protested. Is it hard to understand to not put everybody in the same bag ?
@@jamesclarke2789 I never said it was the solution. Not every French says that. Is it hard to understand that everybody is not the same ? Did you drop out of kindergarden ?
France is pulling the Greek card /s
You think Italy and France's financial position is poor now? Sad about Ukraine but if they were to join the EU the financial burden would be vast on net contributor EU states across the board.
If Ukraine joins it’s just going to be another Poland finance wise meaning it’ll cost the other EU members 10 billion in net benefits, compare that to how much aid the EU is giving Ukraine right now to help it defend itself and it’s obvious that we’d be much better off if Ukraine was at peace and part of the EU.
An evening in Paris 🎇
Meanwhile Macron wants a Full fledge war Against Russia. 🤣🤣🤣🤣
It can't be cheap maintaining that hairpiece 😅
Er?.. the problem is, where is much of this monumental French national debt held? ..and what percentage of the country's already sclerotic GDP growth is accounted for merely due to the huge immigration by disproportionately not-all-that skilled (and outright economically inactive) incomers?
Indeed! In that regard, France is not dissimilar to Britain! Although amazingly, our own admittedly insipid real growth rate is at least somewhat better!
Britain is worse off I think since they've tried a kind of austerity, not sure though
@@azertyuiop432 What "austerity"?
I am half-way into the video... I hope you assest the big elephant in the room which is the missmanagement of the olympic games
They are not the primary cause of the deficit. The games will cost 9-10 billion euros, half from the private sector. France's GDP is 2,5 trillion euros.
@@edmerc92 those are NOT the data I am hearing
Stop acting like an arrogant as you are super rich, but you are not rich, so shameful.
When you run a socialist economics policy, eventually revenue runs out and you and up running huge dept and deficits, Then you have to increase taxes and cut back on welfare handouts and the people get pissed
All of a sudden Frances 180 on the topic of European debt sharing makes sense. It’s not a “hey guys let’s work together to spend more and develop faster than we could alone.” It’s a “how can we sucker these idiots into paying our debt for us?”
What kind of world we are living in … they think Palestinians child are not human .. but what kind of human they are they hv killed 14000 thousands child in GAZA --human can not do this …
This why France wants eurobonds and Germany and the Netherlands don't
Growth, overall - will have to be more creative - Asia's population is going to decline and there will be a serious international demand challenge as AI is also taking more jobs.
French should wish to be like Italy. Italy has been running for many years primary budget surplus. That means that in absence of interest the budget is positive and the burden of debt goes down over the years, due to inflation. The “superbonus” is a one off, and is capital investments financed by European recovery plan. In absence of that the deficit is totally in line with the regular surplus.
Italy fiscal deficit reached 7.3% of GDP in 2023. It matters little were the money goes : what matters is that Italy's debt, like France's one, are growing fast year to year.
Italy's debt has been growing out of interest on debt itself. Not due to crazy spending. The superbonus is an exception in the last 20 years.@alioshax7797
Not really, being like Italy doesn’t lower the debt it just makes it rise slowly. Being like Portugal lowers the debt which is what Italy itself sho do after the super bonus ends.
Italy's debt has been growing out of interests on the debt itself. Not due to crazy spending. The superbonus is an exception in the last 20 years. @alioshax7797
@@ad_astra468 Portugal's strategy consists in making all people poor and out-priced by foreign investors. Should definitely be not an option for a big and diversified economy like Italy.
I have tried to lift France out the mud, But she will return to her errors and vomitings, one cannot prevent the French for being French.:- Charles De Gaulle
Hungary is different from Czech republic.
If you squint though.. 🤣
Meybe they should start to tax the rich and corporations...
The top 10 percent of earners and corporations pay almost all of the taxes. They are taxed extremely highly.
How nice too live in the few country with AAA
Matthew 24
6 You will hear of wars and rumors of wars, but see to it that you are not alarmed. Such things must happen, but the end is still to come. 7 Nation will rise against nation, and kingdom against kingdom. There will be famines and earthquakes in various places. 8 All these are the beginning of birth pains.
Yeah, France is the new basket case in europe.
France seems to have plenty of money to give Ukraine!
That's loose change 🤡
Did us is 95% of gdp in dept?
French people dont talk about budget deficit ot govt debt, because they have no clue about it, they simply lack the knowledge to understand it.
French people work 7 hours per day and retire 5 years before any other European country.
2 years before, since last year's reform. And that's an average.
And yet they're more productive than most developed countries.
Do you know what made the debt burden grow out of control ? Tax cuts for the rich and subsidies for corporations. Google it up
African neocolonialism is still alive in Françafrique and getting weaker.
Bru highlighted bad contry
Macron, dont tax the rich, just keep talking shit, lets go
I'm German