France

[Édito] This deficit that makes you dizzy – Debates



If the security issue is heating up the minds of all our political staffs today, what will happen when the time comes to confront the vertiginous figures of deficits, debt, covid invoice?

Let us confine ourselves to deficits, the latest data to come, this weekend, from Bercy. According to Minister Olivier Dussopt, the deterioration of the accounts should reach, this year, “about 220 billion euros”, or nearly 120% of GDP. Two hundred and twenty billion, which means 47 billion more than expected! Last year, Bercy recalls, our budget deficit of 182 billion was double the previous one, it exceeded the 2010 record by 30 billion, the day after the subprimes.

We thought we had hit the bottom of the pool. No, since all records will therefore be broken at the end of the year and our country has never known such a surge since the Second World War! We suspect that the pandemic is the major cause, but the crisis does not explain the extent of the disaster. The management of the crisis, certainly, yes.

In detail, the principle of “whatever the cost”, decreed by Emmanuel Macron at the start of hostilities, was unanimous in France. Saving businesses, businesses, paying partial unemployment… the State has nationalized the crisis and few have found fault with it. Our generous social model and the pusillanimity of the Executive on the road to the presidential election are the real cause of the improbable drift.

The power is in the trap. It must no longer manage the pandemic but the way out of the crisis, succeed, one after the other, the sequences of the recovery, the restarting, watch over the labor market. Legitimate? Certainly. But exorbitant and worrying.

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