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.
Basically. France is in late atage socialism where they ran out of other people's money to spend.
The problem is made worse by importing a ton of people who put even more strain on a social safety net that they never paid into.
🤷♂️
I was just there this summer. It's pretty meh. A lot of the city is run down. The locals are either really poor or really rich. There's no middle class. And if I wasn't a tall dude built like a linebacker and had the mind of a carnie, there probably were a few parts of the city that would not have been safe to visit
We just took the UHC money and spent it on Trump's Hookers and Israel.
Why do you think America had to go in and change the way they calculate unemployment (it doesn't count people who are perpetually out of work) or changed the cutoff for a recession / depression?
Okay brother but we're in late stage capitalism. it's not any better. The only difference is if you make a lot of money you don't know until it's too late. Or you probably don't care.
Americans have a lot to learn from the French. When our (USA) government steals money from social welfare and retirement accounts, we shrug and find a new show to stream and soon forget about the problem.
Relatively soon (within a couple of decades) pelple will start getting outraged when Millenials begin retiring but only drawing ~70% of promised Social Security benefits and their children will have fork out to cover the difference. Those people will be the ones burning cars and terrorizing politicians in the streets to force change
All nations around the world have done worse since brexit, we've had a pandemic and everything since then it's not down to Brexit. 🤣
We are all poorer, we are just less poorer than most EU nations including France. As for the connection, why the fuck do we want to be like France? Italy is also starting similar riots if you check the news, its gonna happen all over the EU they're all fucked. Fuck joining that shit.
As I said, I have no idea why you think that these riots are happening because of the EU, or that leaving the EU somehow protects Britain from riots or makes them less likely. It makes absolutely no sense
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u/us1549 9h ago edited 7h 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