France is broke and need to cut something like 130b from it's budget annually by 2030.
If they don't, bond yields will skyrocket making their fiscal pain even more pronounced. They need to raise taxes, cut retiree benefits and raise the retirement age.
Either France does it on their own terms or the bond market will do it for them.
Their social benefits have been much too rich for too long for an economy that isn't growing. It sucks for young people but the math is the math.
France needs a president that will explain that to the French people as most are not experts in bond yields and budget deficits relative to GDP. The last few presidents have tried and the people have responded by rioting.
Nah, they need to balance the budget, which means tackling tax evasion and fraud by the rich. This Rothschild's very own boy Macron has (obviously) failed to do, and it's about time France got a government to do it
The French government already spends 57% of its GDP. It doesn’t sound like much evasion is going on. Are you just outraged that 43% of the economy manages to avoid being seized by the grubby mitts of government?
Over 100 bn are spent annually on subsidizing low wages for corporates and other social charges reductions / tax credits to already profitable corporates.
No sure, it's just about 90bn~, but it's small, you're right.
About 14x drugs trafficking.
And that's not accounting for tax optimization, which is insane here.
The rich barely have assets to repay the debt. The actual answer will be everyone but the rich will see their tax increase. It’s always the same thing. You understand if you tax the rich, they will move capital offshore. If you tax the poor what will they do? Eat more 2 minutes noodles?
Taken to its logical conclusion, you’re basically saying that taxing the rich is impossible. That clearly isn’t the case. Governments just have to be willing to close loopholes allowing the rich to dodge the taxes.
You can seize the entirety of the wealth of French billionaires, we'll even assume that the wealth can be sold at the same price and ignore supply and demand.
You'll pay for 4-5 months of the French budget before its run out.
This is ignoring the negative effects of increasing upper echelon taxes, the uncertainty asset seizing creates, and ignoring the chilling effect.
4-5 months, and you're back to square one.
The French are just outspending what they can afford, the people are entirely to blame.
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u/us1549 5h ago edited 2h ago
France is broke and need to cut something like 130b from it's budget annually by 2030.
If they don't, bond yields will skyrocket making their fiscal pain even more pronounced. They need to raise taxes, cut retiree benefits and raise the retirement age.
Either France does it on their own terms or the bond market will do it for them.
Their social benefits have been much too rich for too long for an economy that isn't growing. It sucks for young people but the math is the math.
France needs a president that will explain that to the French people as most are not experts in bond yields and budget deficits relative to GDP. The last few presidents have tried and the people have responded by rioting.
Great explanation of France's fiscal crisis
https://youtu.be/Uje_KSCzJJc?si=rUPmEbJjsPG-TMXu