Hollande's 75% supertax was never actually implemented. This was considered unconstitutional by the French Constitutional Court. A minor variation of this project was imposed on company employees' salaries for two years. The overall point is correct but the 75% tax on overall earnings was never done.
Which is funny as when I watch the news here in Belgium, netherlands and some UK or US news (some, not all), they all claim that it was implemented but when macron came in to power got rid of it and the left parties were all angry at him. So I guess journalist just copy each other without proper research. Nothing new I guess 😅
It’s a bit sad to see the video isn’t as graphical as before, now mostly made of stock footages. I know graphics are costly, but they’re more interesting to watch.
All this video is based on the french left being allowed to govern France. But thats not at all a given, they dont have majority. You should ask "what government Frnace is going to have" before starting predictions on stuff that might not happen
to be fair, they specify that the centrists are also reluctant to embrace austerity, with the National Rally breathing down their necks. But it is inaccurate to star with the assumption that the left will be governing.
No one has majority, that s the issue. Even a coalition with centrist+right wing+ "left" wing (ps and greens) wouldn t have one. So either no gov, or let the people with most seats rule... But waiting for a majority to happen is child dreams...
@@etienne8110 A "centrist" coalition would't have a majority but the RN probably would tolerate it and allow it to govern The same strategy they used these last 2 years to increase their "credibility"
Melenchon just said "no new expenses without new revenues". Now, I get this is just rethoric, but it's already more fiscally responsible than pretty much all Italian politicians lol
@@badluck5647 I'd say she was more irresponsible because she did that whilst in power. On the contrary, the left can propose whatever idiocy they want because they knew they wouldn't be governing, at least not alone
and do you really believe that m0ron?😂 he said he wanted to raise a 90% tax on >400.000€ revenues. That should tell you enough of what this buffoon is going to do if he (God help us) would become PM
@@armingleiner5292 Not saying his economic plan is a good idea, I'm saying that he at least understand you can't just print more money or borrow indefinitely and you need to have the resources to pay for everything you wanna do. That's not the case among italian
Possible. But with the Risk of the Far Right coming into Power there is alot of Incentive for them to Compromise. And Funny enough. The EU is Worried not even about a Compromise. But about Macron abandoning his Austerity Measures and going for Big Spending himself. Because the Austerity Measures are effectively what has cost Macrons Party their Votes. So the Centrist Party might be Surprisingly Willing to give in to the Left Wings Demands for more Spending. Making a Government alot more likely.
@@Adowrath the left, the liberal centrist and the far right basicly each have a third of the assembly. It will be hard to make anybody agree on anything.
5:18 France's 75% super tax actually never got past the Constitutional council, this was never made into actual law. Saying that it got suspended after a few years is not only misleading, it is factually incorrect. And the conclusion that transpires from this statement is widely inaccurate : France has actually had a much more progressive income taxing in the past, with great results in terms of public finances. The narrative of conservatives (nothing can be done because of a so-called "bon sens économique") seems to have been digested pretty well there
That and and macron has spent 150 billion on companies since the start of his mandate (2017). 50% of which went to big companies (and let's not lie, they didn't need it). Not to mention the 80-160 billion estimated yearly loss from tax fraud (mostly the hyperrich)
Yes the way the taxes increase proposed form the left are pictured in this video is very inaccurate. - Reinstalling the rich assets tax that Macron deleted is very easy and will bring back a very clear amount of money. - Deleting the flat tax on finance incomes that Macron created is very easy and will bring back a very clear amount of money. - More progressive income tax is probably a little harder/longer to do but there is nothing preventing it (without getting to a supertax territory).
It's more of a threat than a measure. Like prison in some countries; It's not meant to actually help or rehabilitate, but rather as a threat of violence. I'm not defending it, just stating the probable.
To be fair, the most sustainable way to grow an economy and pay a debt is by funding programs that pay for themselves in the long run. Austerity would just force the issue to repeat itself in a decade when the country as a whole is poorer and thus forced to borrow more.
Yeeeah...not when your coutnry is already the 3rd most in debted to GDP and 3-4th in highest yearly deficits within EU. TWICE THE 3% CAP from the treaties. Going higher and thinking its gonna be fine is an absolute clownshow. Edit: Not to mention, the vid does mention where that extra debt would go...state employee salary hikes, pension hikes. "Paying itself in the long run" my ass, youre creating a black hole that will only get bigger as the yearly hikes start to stack on top of each other xD
@@heyho4770 That's not true, social programs are also important for the economy. People that can't even afford food can't put money into the economy at all. And if more people have to severely cut back in spending that will hit the economy.
I remember when Slovenia was having economic problems after the 2008 crisis and it had to abide by the rules of not getting more in debt as it was. There were threats of Troika stepping in and effectively making decisions if it was not done by the government in time. It was a very stupid move by eu with their austerity measures and ultimatums. Eu luckily changed their methods in Covid era. But I see it very hypocritical that now the french dont like the rules of this game, especially when they were quite active when Greece had their debt problems.
True. But i wonder why the EU doesn't back stop member state deficit spending when they spend on economic development like they did with covid? How can it be expected to compete with China or the US if it doesn't do this?
To be fair during the height of Greece's debt crisis the president was Nicolas Sarkozy, from the right wing, who's approval rating abslutely collapse due to exactly that kind of behaviour during his presidency. He was since not only defeated in the polls but his popularity never truly recover despite several attempt to stage a comeback, each time he was ridiculed. Most of the party which today form to popular front (with the exception of the socialist which are a bit of a special case in that regard) condemned the way Greece was treated by both the EU and the IMF.
@@grimaffiliations3671 Because that will make it trivial for all EU governments to just start overspending, and hope that someone will make up the difference. Down that road lies hyperinflation, the Weimar Republic, and war.
@@LeeKelly-dj4rfEurope is very much the EU. Europeans countries that aren't in the EU are either completely irrelevant, corrupt eastern dictatorships, or countries associated with the EU i.e Norway, Switzerland, Iceland, Lichtenstein ect.
There is nothing wrong with not balancing a budget. Most countries never do. What matters is how unbalanced it is and what the economic prospects are. Not the fact that it is unbalanced in and of itself. This is basic economic understanding.
@@MJW238 Only one country in history didn't collapse from having a debt to gdp ratio of over 100% and that is Japan. Now guess what is happening right now? I suppose they too can't escape it in the end. Budgeting is also important for states. If they don't they just create inflation. Several countries including the USA started to run huge deficits and those create more and more problems. In a decade down the line we will see the fallout from that. Switzerland even has a law where it's illegal to take on new debt.
@@xXdnerstxleXx I’m not talking about debt to GDP ratio of over 100% or engaging in budgeting - I’m talking about merely having a deficit. This guy thinks having deficits going back to 1973 somehow means anything on its own, when it doesn’t.
The super-rich are exceptionally skilled at evading taxes. There'd probably have to be some major international tax reform to make it effective, which again is difficult. Still seems more feasible than revolution at this point, though.
The thing is when you want singular people that pay hundreds of thousands, maybe even millions in tax, they can hire a whole lot of tax lawyers for less just to find new loopholes. If everyone just pays their share of taxes, these super taxes and and the extra paperwork and gov workers are unneccesary.
@@MChagallYou do know that the richest 1% pays lowest percentage of income in taxes? With that share rising the poorer someone becomes. That is the reality that exists now. To tax the richest in society more does not mean they pay more in relative terms. It equalises the share they are not paying thanks to having to spend a lower percentage on flat and secondary taxes, and that stocks gained from labour are not taxes as much as flat income from labour. Although I agree that the problem of the richest in society not paying their fair share is a thing that can only be solved by international cooperation.
@@millevenon5853 The US's reserve currency days are numbered. Anyone who's following the developments around the globe can see that coming from a mile away.
The current French deficit is also due to a lack of tax revnue rather than an increase in public spending. France has to find out a way to efectively collect taxes or the state will eventualy go under.
France is well known to recover something like 99% of the taxes due, it's extremely efficient at that. What you're talking about is increasing taxes, which are already the highest in the world (or 2nd behind Denmark).
NOT at all. Don't repeat the french goverment statements. France has the highest compulsory deduction rate per capita. 47% on average (and higher as you get richer) is paid to the governments, highest of the OECD. France has the most public spending per capita, in the world. As a ratio to GDP in 2022, the highest levels of government expenditure were found in France (58.3 % of GDP), followed by Italy (56.1 % of GDP), Finland (53.5 % of GDP). The money is wasted everywhere and is distributed without control, without inspections. The money goes into imports, mostly from China. France is digging the grave of the eurozone.
@@OptLab It's spending per capita is high, but not the highest. It is simular to that of the US and Australia. Tho Frances economy does lag behind which means that their economy doesn't grow enough to keep up the borowing. Same for almost all southern european country's actually. I think the commen currency was a mistake honestly because now they can't even devalue to increase exports and reduce stress from intrest on debt..
@@OptLab It's spending per capita is high, but not the highest. It is simular to that of the US and Australia. Tho Frances economy does lag behind which means that their economy doesn't grow enough to keep up the borowing. Same for almost all southern european country's actually. I think the commen currency was a mistake honestly because now they can't even devalue to increase exports and reduce stress from intrest on debt..
The thing is with borrowing, it can be a good way to solve short term problems, but some countries use them to delay doing major reforms, Italy is known for that, Greece used to be as well. I think the rules on borrowing should be tied to reforms, because reforms are the thing that really kick-start the economy but can be sometimes difficult to implement, depending on the reforms, but borrowing to try and get out of a hole without the reforms is potentially digging a bigger hole long term. Regardless of what some might think of the EU rules when it comes to borrowing, they do make a lot of sense as lower debts are in the interest of everyone, but with that said, I do think there can be a bit more flexibility when it comes to borrowing, especially in emergencies, but reforms are always the key, and if reforms are done all the time, then the shock of them is much smaller on the people, whereas if a country leaves doing reforms and ends up needing to do big reforms, let's just say, the government in power isn't going to be very popular with the voters, so it's better to do reforms on a constant basis so they end up being much smaller on the impact and they don't pile up, that would also do wonders for the economy and potentially living standards if the right reforms are done. The sad thing is, because of the democratic process, you've got a system where governments are not in power for long and usually think in short term interest, in other words, they are more than willing to spend public money and borrow a lot, knowing they can past the burden onto the people and the next government, maybe stricter rules are needed in place to prevent governments from getting reckless, the EU kinda always has that but it needs to be more enforced, with a bit of flexibility depending on the circumstance. Also, don't get me wrong, I'm not against borrowing, in some circumstances, it's needed, but too many governments, use it as a mean to paper over the cracks in the economy, which only ends up delaying and making things worse over the long run, reforms are the key to staying competitive and getting the economy back on track, sometimes borrowing can help on that, but only with competent governments that have a long term plan to put in motion, but unfortunately, it's just too easy to borrow now and pass the burden on future governments and the people, which that Stability and Growth Pact from the EU is supposed to resolve but it only works if it's enforced. But seriously, countries that have had high debt, Japan, Italy, Greece, have not done that well economically because the debt is acting like a drag on the economy, so all countries are better off lowering debts as soon as possible. Also, countries need to stop trying their cake and eat it, the amount of times during elections where you hear them say they will promise tax cuts and more public spending is becoming a bit of a joke now, the only way to have both is with major reforms to the economy to boost growth, otherwise, the burden is being passed onto the people longer term and usually that is painful as it usually means austerity measures, it's all about the reforms, do the reforms to boost growth which then allows more spending and potentially lower taxes, whereas higher debts is just digging a bigger hole for the country, which there is a lot of evidence around the world that shows that.
@@diegoyuiop Italy is in way better shape than France. The Italian government took a bold step and tried to restart the economy with debtspending, but the baseline of the Italian government is below 0. France hasnt done anything like that and their baseline is at 5%
It helps the people and stops inflation as the government and it's usage of money it hasn't earned leads to inflation. If anything, cutting spending helps the left as they can intoxicate the people with ideas of more government spending and other populist ideas as can be seen with France or Brazil after austerity measures came in place.
The EU is still trying to push austerity like every country is Greece in the 2010s. While borrow-and-spend isn't always economically sustainable, borrowing is also how you fund economic growth. Just ask... basically anyone in business. Growth without debt is horrifically slow. And countries without economic growth prospects get turned into feudal hellscapes as power players start dividing up 'their' parts of the government and extracting more and more from the people. Other people already pointed out that the French supertax wasn't just abandoned, it was struck down. Between that and the borrowing limits I'm not sure how the hell you grow a country's economy under EU rules. These rules almost seem like they were intended solely for a handful of rich, mature countries whose populations hadn't yet caught up to the realities of systemic public underinvestment.
If the left wing party do manage to take control and go ahead with the spending plans they are going to make the Liz Truss budget + fallout look like a minor blip here 🤣
Over the last 30 years, the French left has been doing better in government on deficit/suplus than the center, and the center than the right. Also, Le Maire is currently running the highest non-crisis deficit for the last 40 years, so expecting changes to be for the worse when he's currently the closest France has been to have their Liz Truss is just partisan make believe.
@@llPalazzosama Im not up on French politics is the 150 billion this goverments pledged actually costed under a reputable source I know theyre on about super taxes and stuff not sure thatll cover the difference. Liz Truss's budget messed up due to it being uncosted my point is more itll be larger than that.
@@liamstubbins3000 They claim it's costed and that they have the support of 300 economists. However when you check, no prominent macroeconomist would dare put his/her name on their platform. And the most high profile economists that support it, or rather say things like "it goes in the right direction", are well known leftists obsessed with making the rich poorer over anything else.
@@aesma2522 Of course classical economists wouldn't support but that's not exactly the news you think it is considering the left doesn't belive in the classical economics.
EU rules apply only to small countries, certainly not to France or Germany. Therefore, unless Germany gets tough with the French, Brussels will huff & puff but do nothing effective.
@@MChagall The partie socialiste renounce to do social politics (for the economy) since 20 years that’s why La France Insoumise take most of the left-wing elector. When you are looking at Hollande prime minister, Valls, Cazeneuve…
Same problem with states in the US. Only the US can print money. But whether a state can deficit spend depends on the state, California in particular. California runs a huge deficit, expecting the rest of the US to pay for it.
Wait, when a country is spending too much money, the EU's "solution" is to fine them to spend even more money? Seriously? Who came up with that and how is it supposed to help?
Sorta paradoxical when it's during the right wing & (very) liberal government that the French debt exploded. It decreased during the left / center-left periods of government. It's literally shown in your graph. The EU going after the french Left, especially when it won't be allowed to put its program into action (or even rule at all at this rate), is as ideologically driven as is this episode.
3% target and EU deficit rule is a joke: "Where do the values that limit debt come from? Why 60 percent and not 50? Why 3 percent, not 5? 3 percent deficit was an idea attributed to a French economist named Guy Abeille, who argued that we needed to impose some limits on ourselves, but 2 percent deficit relative to GDP seems to be too little, so let's do 3. Abeille himself admitted years later that this value was achieved in an hour, without any theoretical foundation. However, 60 percent was determined as the average debt value at that time. When the Maastricht criteria were adopted, these 60 percent seemed achievable."
@@ad_astra468 always impressed by the level of the left, having idiotic ideas and then proceed to create new idiotic ideas to make the first one more viable
@@Mouchos And how exactly is making offshoring money more difficult or impossible and "idiotic" idea? May I remind you that offshoring is an illegal financial activity punishable by law?
3:44 the note regarding Belgium is factually wrong: Belgium was also reprimanded by the EU as was France. In Belgium an immediate debt crisis is imminent if no action is taken as without reform the automatic increase in public spending due to for example aging population and the raising interest projects a 117% Debt/gdp figure in 10 years time, coming from 105%.
what should be done instead is a big productivity drive. I´m open to the argument that it´s not realistic to keep France´s retirement age as low as it is, but it´s definitely true that Macron will do anything except tax the rich
The EU always was about neoliberalism and austerity, they ruined our European national railways and so many other public services, with their awful liberalisation policies.
Since when are state employee salary hikes and pension hikes "public investment". Its a toptier example of french, already hardcore, welfare state turning itself into proper blackhole ready to suck rest of europe into its shit.
@@mx338 To be fair to the EU, France having a 5% deficit and 112% debt to gdp is not good. Then you look at the policies of the left alliance and see how much more they want to spend, you can understand their nervousness. If France's debt was much lower (Germany's is 63%, Netherland's 46%) then there would be much less apprehension about big spending plans.
@@ecnalms851 Well if the EU wants fiscal responsibility, then France switching to the left is good news, because in the last 30 years right wing governments have been making deficits like crazy (especially under Sarközy), Macron's centrist governments have been doing ok-ish (even though this year Le Maire has been running the highest non-crisis deficit in the last 40 years) and the left wing governments have been doing ok-ish (Hollande) to actually running surplus. (Jospin)
That’s what happens when a country gives its fiscal and monetary controls to a extra national party, they don’t have that nations best interests in mind
Here is the deal. France can leave the euro and get their own shitty currency. Then they can get as much debt as they want and the euro will go up in value.
@@bzuidgeestThat's true but never should a Democratic Socialist party, even if they have left-wing populist elements, should be considered 'far-left'. I'm OK with the Communist being called so, because it's accurate and the French Communists aren't hardliners MLs which is good because MLs are crazy.
@@partlyawesome the EU just says:"get your deficit down" its France who chooses how. But obviously the RN is going to blame whatever the gov does to the EU as they win more votes by doing that even if its false
@@joelimbergamo639/videos Right, but the deficit is a vehicle for imposing austerity. How are you expected to start growth without borrowing initially? The UK would be stuck with perpetual austerity with the rules the EU is asking France to follow right now.
@@partlyawesome the problem is that France has been borrowing over its budget for over 30y, so sure, you need to borrow sometimes, but at some point debt needs to stop growing. And now is the time. And again, the EU o ly imposes the reduction of deficit, this can be done by grow, taxation or austerity, its France who choses which one
Why this channel is only about the west part of EU? Why you don't do videos about rest of EU. For example about new government in Poland or newly announced "East Shield"?
Because what happens in the western side of the EU is way more relevant for Europe than what happens in the eastern side? The French economy is big, it's as big as the "Three Seas Initiative" countries combined.
1 they don't know anything because its too different 2 its boring because most of those countries are either so stable it doesn't really matter who wins unless we are talking about the Balkan or countries that are being hassled by Russia and 3 if the politics are less stable its usually for reasons that are unrelatable to westerners like religion or nationalists .
@@diogorodrigues747 The situation in the post communist members of EU is important for both EU and NATO. One example: Orban can veto many EU and NATO decision. Any other country that gets rogue can do it too. For Hungary to be punished by EU institutions for rule of law violation, unilateral agreement of all other member states is required. That was for a long time blocked by Poland during the PiS government. PiS lost the last election and Poland will not back Orban any more, but mafia-murder-connected populist Fico won elections in Slovakia and now he can back Orban instead. Oligarch and former communist-secret-police agent Babiš, the leader of the biggest Czech party ANO, has just made an alliance with Orban in the EU parilament. ANO will most probably win the next elections in Czechia and if the other parties would not be able to make a coalition without him in the similar way they are making it now, Babiš will be the next Czech prime minister and a Orban will get a new ally. That will give him greater possibility to block EU procedures and more space to avoid possible EU punishments. In the worst scenario, Orban-Fico-Babiš alliance can block entire EU's decision making. In a moderate scenario, they will block EU's support for Ukraine. Sorry for being boring and insignificant...
What for tough. Norway is effectively Cooperating with the EU more closely than some EU Members. And Norway is Obeying pretty much all the Rules from the EU Onesidedly without making a Fuss. So Norway would actually have more Power if it was Inside the EU lol. And Norway also isnt accumulating massive Debts either. So it would not be Affected by this Story at all.
@@user-qo4kb4dr1i And what would that be ? Print Money instead of taking on Debt. Thus the People having to Pay the Interest Directly due to Inflation instead of Paying it with Taxes ? The only Option Countries with their own Currency can do that Countries with the Euro cannot. Is Devaluing their own Currency and thus increasing the Government Budget by Devaluing the Citizens Wages and Reserves.
Norway like Switzerland had to folllow all the EU norms of and rules, without taking part in the process. They even pay contributions to multiple programs like any European country
@@Gilder-von-Schattenkreuz Wrong... they can also not print money like the ECB and not load up their central banks balance with loads of crap debt. Norway doesnt have to pay with inflation for lazy southern europeans overspending.
Also, 90% tax for people making more than 400k Euro a year is too high. Rich people will just leave to Luxembourg or other EU tax haven. I have no clue how anyone can take NFP seriously, their whole economic policy is just fairy tales.
I find this really interesting. This didn't happen when these taxes existed in the past, why should it now? (Although I agree, 90% for that amount is a bit high)
Yea, it just too much. 65% is in my opinion the highest you can charge for the super² rich, you'll also need to give them something in return as well like maybe a better healthcare or smth. But 90% ? As a Social Democrat i must say if it was a dumb idea, a super dumb idea ☠️
Because its all communists now and they only understand receiving. They dont understand basic economics... everybody was always afraid of the right untill the extreme left shows up. We can pick up the shards when this self implodes.
indeed it's ridiculous. if you earn 110k€, 50% is taxed so you end up with 55k€, if you earn 410k€ 90% is taxed so you end up with 41k€. Currently in France is better to receive a salary of 110k than 410k, which is ridiculous. Makes you wonder if the leftists ever bothered to learn math.
Its really sad that on such an important matter you guys decide to only talk about what France spends without never talking about how much money is plan on coming into the banq. Macron has massively cut into France's sources of revenue over the years which makes it impossible to pay back the debt. Yes the NFP plans to increase the spending but it also plans on massively increase the sources of revenue. Both need to be mentioned, but Germany doesn't want to hear this, they only talk the austerity language
I am a data analyst. I always used to be skeptical of anyone trying to give knowledge about ideologies and politics because I was skeptical about their political biases and half baked information. You have such a beautiful way of giving in-depth information. I wish you keep continuing and shed a light on more structures.
TLDR is Generally Fairly Neutral unless its an UK vs Others Issue like Brexit ^^ Then You will notice a good bit of Bias on them. For Fairness Said. Even that Bias is usually more down to them trying to Present Both Sides Fairly. But You can Notice they are giving more Credit than they should to alot of UK Side things in such Situations ^^
Well there is a bit of Bias, but hey hearing different point of views is cool too ! i would say he is a bit centrist liberal, and they just cover what mainstream media says about things, it's more like a relay to get a snapshot about what is going on
Why are they in debt in the first place? Is it the massive amount of support they've given to Ukraine, their waning power in Africa and the add cost of money into military actions in Africa? The implication is always put on the left policies but yet, many of the left policies actual pay back in the future.
I hope that Germany will leave the currency union Euro. Then I will take my popcorn and watch with joy how Greece, Italy and France pay/steal each other's debts/money...
@@etienne8110 You do have a party with the tri-color flame rising in popularity so it’s already happening. Which by the way is pretty weird to use the flame on Mussolini’s grave as a symbol for on a ultra nationalist party in a country that he invaded.
If you are going to tax the rich, first you need to make tax aviation illegal in practice by enforcing it and making it effective, then mend the tax avoidance loopholes. The rich don't care about the society they live in, they have proved it time and time again. They have carefully engineered it so that they pay little to no tax. Any damage they cause to society, environment or the planet in whole, is paid by working people. And any costs they can externalize onto the government they do. So in short, the fact that the rich don´t pay their fair share of taxis is just the top of the iceberg when compared to the damage they cause and the costs they avoid by making it the job of the government and normal people to deal with the problems that those damages.
That's so untrue it's ridiculous. More than 80% of taxes are paid by the 10% in the Us. In Europe it's a similar number. Only 30% of people are net positive tax payers. The rest are a drain to the system. If you want to tax the rich more than you already do then they'll leave. Simple as.
This video is okay on some of the context, but it is incorrect on some key details such as the Hollande "tax the super rich" project. It was never implemented, so it can not be described as having failed and been discreetly shelved. Another recurring issue with TLDR news is its passion for over dramatic clickbait titles.
Nothing will happen... until they go bankrupt. At which point nothing will really change, people will just riot a lot, which is just the national sport of France, so that changes nothing.
What should they do? In the 1970s, companies in France were the net investors, with a financial balance of -4% compared to GDP, but since then they have started to save. The private sector is also saving 3% of GDP (which is not bad per se) and foreign debt is only -0.2% of GDP. Who else but the state should take on net debt without causing a recession because everyone is saving?
That's an incredibly odd definition of war given the global situation - I would say it's extremely inappropriate and dismissive of the suffering of those who live in actual. This is remarkably poor judgement from your side, and I am extremely disappointed by the ignorance in your choice of words - you couldn't ask for a worse argument to buy this paper magazine you seem so keen on selling me. I really think you should edit this and then take this version down.
5:17 You are lying. 75% supertax were judged non constitutional. France never ever applied it. Now we should try, for real. Your bias and your lack of objectivity are sickening
Spending money on social assistance does not solve people's problems and even makes them lazy. In Poland, the radical right-wing and economically socialist PiS government has been handing out money left and right for 8 years. 500+ for the second child was supposed to increase the number of births, but it increased pathology and alcoholism. Instead of investing in schools, kindergartens or nurseries, the government preferred to give money to parents, which led to the fastest decline in the birth rate in Poland. Apartments throughout the EU are expensive, there are no places in nurseries and the EU focused on social welfare and immigration. This does not help, it destroys our European identity, we need to invest in infrastructure that will help people.
I support your channel and enjoy your content, but I disagree with the statement near the end where you say that you "give away free content". I know you are trying to persuade your viewers to get the magazine, but in my opinion, the statement is false. When I watch your videos, you get compensated because I have TH-cam Premium. When others watch your videos, you get compensated from the ad revenue. And from all of us, you get compensated by the in-video ads like the VPN ads. Persuade people, but keep it honest. Don't mislead people.
You guys need to talk more about reform movements tackling 1) global taxation policy, 2) the EMU, and 3) the intergovernmental monetary system. These reforms are needed to haul over the international political economy of austerity countries currently live under
No matter what the people choose, in a EU country, they will execute EU politics. So don't scare who is going to win elections. There will be not much of a difference.
Please delete this video. Government debt is totally different from persobal debt. The state sells bonds to a group of banks, which buys them with money from the central bank. This way the state prints money. The debt of the state is the financial asset of us.
Many people are not in debt and have savings. Companies also disappear if their debt is too large and the successful companies are not in debt and have capital. So why does every government I know of have so much debt Maybe they need business men not politicians in charge..
every euro of saving is a euro of debt somewhere else. if private people and companies have savings the state needs to have the debt. (with a multi-nation currency like the euro other countries could have the debt and france as a single country could also have savings, but thats not the point.) don't compare government debt to private debt.
Because people don't see government resources, and therefore debt too, as their own but rather someone else's money being spent, unlike what they do with their own family finances
@@jot2369 dude google has 28 billion dept and 100 billion in cash. and google and googles Total Revenue is like 300 billion.. the other one are more depts but they have alot of cash too.
Whats missing from this whole debate is that not all debt is bad, as long as its an investment(that is, increases productivity in the long run). And not all "austerity" is bad. Pension reform mentioned here being a good example. As healthcare gets better and better. People will also live longer, and more importantly, live healthier longer. Pension age can not remain the same, given changing demographics. And this is assuming we could afford keeping it low(which we can't). Its not really a debate when you have the numbers in hand.
Right. Problem with that kind of bull is that people living longer are also those whose work isn't especially physically draining, thus allowing them to live long, and earn a lot. Workers are earning little in comparison, barely the "minimum vieillesse", and die shortly after they retire. Many conditions were created to allow them to retire earlier, according to their working environment, but said conditions are ridiculous and ignore many life-threatening/shortening things. It leads to many workers contributing a lot in comparison to what they earned, and then being pushed into a grave after retiring, and blue collars and the such being more and more numerous, living longer and costing more and more as time passes. Which leads to far-right votes and so on, and so on. That, in itself, is also investment. For populism. Is that a good investment? Ask them.
Taking on more debt while your creditors are downgrading you is absolutely bad. There is a limit on how much debt your economy can take and it looks like France is reaching that limit
@@lewis123417 Who are those creditors you are talking about? Every Euro comes from the EZB! Every state spending comes from the EZB. The third party state bonds buyer Never really are creditors.
France should balance thier budget or fine them. The French have seen how Brexit affected the UK, the EU has to force the French to get I to fiscal shape, it won’t occur willingly.
You see, it's all about ze price stabilité, maybe if we cut off pensions for old people and rise ze price of diabetes medication, maybe in 90 years France will be a proud part of the Coalition. Transparency is one of our principles. Would you like an informational pamphlet?
Isn't it important to remember and reference how speculative rating entities like the ones you quote have a bias towards preferring austerity (which does nothing to help consumers) and are also highly prone to agreeing with each other in an appeal to authority? Also, any in depth examination of the French tax system in comparison to the lending and appropriation of public funds would be appreciated to get a clearer understanding of the issues that are causing this deficit.
1:53 "the highest debt to GDP ratio in Europe apart from Greece and Italy" so the 3rd highest in Europe, this sentence is obviously inaccurate and biased
@@temtem9255 this sentence is made purposely to maximise the gravity of the situation, yes 3rd highest it's bad but it sounds much worse when you say highest one in Europe besides, by this logic you can say that The Vatican is the largest country in the world besides (enumerate the rest of the world) and it would technically not be inaccurate
@@Robertosungureanu The point of the video still stands. France debt to gdp ratio is notoriously high. And the French government needs to cut expending. Greece and Italy are the WORST countries, not the average
How us in the EU balance country-specific spending is such a complex matter the minimum it would take to explain is a 30 minute video. The mechanisms were set in place after the Greece-problem and at the moment there is no 'war' or 'problem' with any EU country. The central bank and the mechanism on GDP/loan/spending ratio as well as EU central bank cash infusion are already agreed upon and set. ETA: France has no 'debt-crisis'. ALL EU countries are under a microscope constantly - Italy of course firstly and foremost but as mentioned, the rules are set.
I know more about France’s political system than my country’s system from all these french videos😂
😂
Same
If you're in the US then there is nothing to see or understand. It's broken and no one can fix it
@@wind7bag68 i’m not in the US
@@ks4733 I said "IF"
Hollande's 75% supertax was never actually implemented. This was considered unconstitutional by the French Constitutional Court. A minor variation of this project was imposed on company employees' salaries for two years. The overall point is correct but the 75% tax on overall earnings was never done.
Which is funny as when I watch the news here in Belgium, netherlands and some UK or US news (some, not all), they all claim that it was implemented but when macron came in to power got rid of it and the left parties were all angry at him. So I guess journalist just copy each other without proper research. Nothing new I guess 😅
Exactly!
It was lowered to 66% which was deemed the maximum that would be legal.
They can make it 100% if they want, once you become a millionaire, taxes aren't a thing anyway.
Yeah was wondering why that point wasn't elaborated further in the video
No matter if it's in America or in EU, no one likes EDPs 💀
Can't have your cupcake and eat it too
😂
Great, just as I was heading to the comments to make an EDP joke, I saw one as the most liked.
😂
@@StrikeBolteafc⚪️🗑
It’s a bit sad to see the video isn’t as graphical as before, now mostly made of stock footages.
I know graphics are costly, but they’re more interesting to watch.
And totally incorrectly used word 'war' in the thumbnail is also not a good sign of quality.
I hope when the news cools down it'll be back to normal
I think either the rushed the video (since there were no face cam in the video) or they are testing different styles
All this video is based on the french left being allowed to govern France. But thats not at all a given, they dont have majority.
You should ask "what government Frnace is going to have" before starting predictions on stuff that might not happen
to be fair, they specify that the centrists are also reluctant to embrace austerity, with the National Rally breathing down their necks. But it is inaccurate to star with the assumption that the left will be governing.
Exactly 💯
No one has majority, that s the issue.
Even a coalition with centrist+right wing+ "left" wing (ps and greens) wouldn t have one.
So either no gov, or let the people with most seats rule... But waiting for a majority to happen is child dreams...
@@etienne8110 A "centrist" coalition would't have a majority but the RN probably would tolerate it and allow it to govern
The same strategy they used these last 2 years to increase their "credibility"
The 10 Year Bond in France is at 3.1 percent so it's not a crisis
Melenchon just said "no new expenses without new revenues". Now, I get this is just rethoric, but it's already more fiscally responsible than pretty much all Italian politicians lol
The French left are looking for Liz Truss economic meltdown with their silly populist agenda.
@@badluck5647 I'd say she was more irresponsible because she did that whilst in power. On the contrary, the left can propose whatever idiocy they want because they knew they wouldn't be governing, at least not alone
Yeah sure if his insane taxes come into affect, revenue will fall drastically not increase.
and do you really believe that m0ron?😂 he said he wanted to raise a 90% tax on >400.000€ revenues. That should tell you enough of what this buffoon is going to do if he (God help us) would become PM
@@armingleiner5292 Not saying his economic plan is a good idea, I'm saying that he at least understand you can't just print more money or borrow indefinitely and you need to have the resources to pay for everything you wanna do. That's not the case among italian
I don't even think they will have a government let alone borrowing more money
Possible. But with the Risk of the Far Right coming into Power there is alot of Incentive for them to Compromise.
And Funny enough. The EU is Worried not even about a Compromise. But about Macron abandoning his Austerity Measures and going for Big Spending himself. Because the Austerity Measures are effectively what has cost Macrons Party their Votes.
So the Centrist Party might be Surprisingly Willing to give in to the Left Wings Demands for more Spending. Making a Government alot more likely.
⚪️🗑
Why so?
@@Adowrath it’s a hung parliament. Do you really think Macron will join them?
@@Adowrath the left, the liberal centrist and the far right basicly each have a third of the assembly. It will be hard to make anybody agree on anything.
5:18 France's 75% super tax actually never got past the Constitutional council, this was never made into actual law. Saying that it got suspended after a few years is not only misleading, it is factually incorrect. And the conclusion that transpires from this statement is widely inaccurate : France has actually had a much more progressive income taxing in the past, with great results in terms of public finances. The narrative of conservatives (nothing can be done because of a so-called "bon sens économique") seems to have been digested pretty well there
Soit les journalistes sont mal informés, soit c’est de la manipulation.
Perso j’ai déjà mon opinion
That and and macron has spent 150 billion on companies since the start of his mandate (2017). 50% of which went to big companies (and let's not lie, they didn't need it). Not to mention the 80-160 billion estimated yearly loss from tax fraud (mostly the hyperrich)
What’s going on with this channel today? 0 for 2 so far 😞
This channel is just right wing propaganda.
So do expect frequent lies and omissions.
Yes the way the taxes increase proposed form the left are pictured in this video is very inaccurate.
- Reinstalling the rich assets tax that Macron deleted is very easy and will bring back a very clear amount of money.
- Deleting the flat tax on finance incomes that Macron created is very easy and will bring back a very clear amount of money.
- More progressive income tax is probably a little harder/longer to do but there is nothing preventing it (without getting to a supertax territory).
That thumbnail title though... Yeah, Brussels will drive tanks through the Ardennes to go to war with France.
I mean it wouldn't be the first time france has gone to war with Europe. That was pre nato though
Yes. Not used to this level of click bate sensationalist thumbnails from TLDR.
Wait so the plan for dealing with countries spending too much is to fine them? What kind of plan is that?
Well you're not wrong but propose a better plan
It's more of a threat than a measure. Like prison in some countries; It's not meant to actually help or rehabilitate, but rather as a threat of violence. I'm not defending it, just stating the probable.
kick them out of eu eassy they dont have less 60 . or change the law
@thelegend2776 well prisons dont work either
@@veemo8605 did you read their comment
To be fair, the most sustainable way to grow an economy and pay a debt is by funding programs that pay for themselves in the long run. Austerity would just force the issue to repeat itself in a decade when the country as a whole is poorer and thus forced to borrow more.
Welfare programs do not pay for themselves in the short or long run.
Yeeeah...not when your coutnry is already the 3rd most in debted to GDP and 3-4th in highest yearly deficits within EU. TWICE THE 3% CAP from the treaties. Going higher and thinking its gonna be fine is an absolute clownshow.
Edit: Not to mention, the vid does mention where that extra debt would go...state employee salary hikes, pension hikes. "Paying itself in the long run" my ass, youre creating a black hole that will only get bigger as the yearly hikes start to stack on top of each other xD
Yeah pure Austerity is pretty damn stupid. However the money in Europe is often being spent on social programs that have little economic benefit.
Cut down on consumption boost investment, or invest yourself out of the crisis
@@heyho4770 That's not true, social programs are also important for the economy. People that can't even afford food can't put money into the economy at all. And if more people have to severely cut back in spending that will hit the economy.
I remember when Slovenia was having economic problems after the 2008 crisis and it had to abide by the rules of not getting more in debt as it was. There were threats of Troika stepping in and effectively making decisions if it was not done by the government in time. It was a very stupid move by eu with their austerity measures and ultimatums.
Eu luckily changed their methods in Covid era.
But I see it very hypocritical that now the french dont like the rules of this game, especially when they were quite active when Greece had their debt problems.
True. But i wonder why the EU doesn't back stop member state deficit spending when they spend on economic development like they did with covid? How can it be expected to compete with China or the US if it doesn't do this?
1000%
To be fair during the height of Greece's debt crisis the president was Nicolas Sarkozy, from the right wing, who's approval rating abslutely collapse due to exactly that kind of behaviour during his presidency. He was since not only defeated in the polls but his popularity never truly recover despite several attempt to stage a comeback, each time he was ridiculed. Most of the party which today form to popular front (with the exception of the socialist which are a bit of a special case in that regard) condemned the way Greece was treated by both the EU and the IMF.
@@grimaffiliations3671⚪️🗑
@@grimaffiliations3671 Because that will make it trivial for all EU governments to just start overspending, and hope that someone will make up the difference. Down that road lies hyperinflation, the Weimar Republic, and war.
When France sneezes the rest of europe catches a cold
Only the EU countries in Europe, Europe isn’t the EU.
@@LeeKelly-dj4rfEurope is very much the EU. Europeans countries that aren't in the EU are either completely irrelevant, corrupt eastern dictatorships, or countries associated with the EU i.e Norway, Switzerland, Iceland, Lichtenstein ect.
thanks caspian report
@@LeeKelly-dj4rfsorry he meant the civilized parts of Europe
France ain't as important as Germany
France has been unable to balance a single budget since 1973. Let that sink in...
Like unfortunately, most countries around the world. Very few exceptions like China, Germany, Switzerland and so on.
There is nothing wrong with not balancing a budget. Most countries never do. What matters is how unbalanced it is and what the economic prospects are. Not the fact that it is unbalanced in and of itself. This is basic economic understanding.
Countries don’t need to balance budgets.
Leave some economics and stop applying your household finances to nations.
@@MJW238 Only one country in history didn't collapse from having a debt to gdp ratio of over 100% and that is Japan. Now guess what is happening right now? I suppose they too can't escape it in the end. Budgeting is also important for states. If they don't they just create inflation. Several countries including the USA started to run huge deficits and those create more and more problems. In a decade down the line we will see the fallout from that.
Switzerland even has a law where it's illegal to take on new debt.
@@xXdnerstxleXx I’m not talking about debt to GDP ratio of over 100% or engaging in budgeting - I’m talking about merely having a deficit. This guy thinks having deficits going back to 1973 somehow means anything on its own, when it doesn’t.
War is a bit of an overstatement
😊
Yep, quite the overstatement and cheapening the term.
Confrontation or conflict maybe, but definitely not war.
Words are loosing meanings. I am sad that TLDR is part of that.
The super-rich are exceptionally skilled at evading taxes. There'd probably have to be some major international tax reform to make it effective, which again is difficult. Still seems more feasible than revolution at this point, though.
The thing is when you want singular people that pay hundreds of thousands, maybe even millions in tax, they can hire a whole lot of tax lawyers for less just to find new loopholes.
If everyone just pays their share of taxes, these super taxes and and the extra paperwork and gov workers are unneccesary.
@@MChagallYou do know that the richest 1% pays lowest percentage of income in taxes? With that share rising the poorer someone becomes. That is the reality that exists now.
To tax the richest in society more does not mean they pay more in relative terms. It equalises the share they are not paying thanks to having to spend a lower percentage on flat and secondary taxes, and that stocks gained from labour are not taxes as much as flat income from labour.
Although I agree that the problem of the richest in society not paying their fair share is a thing that can only be solved by international cooperation.
And I thought my country's debt was bad.
US to France: “hold my beer.” “Our debt is 123% of GDP.”
We are the reserve currency and used in 88% of financial transactions globally unlike France which is beholden to the Euro
@@millevenon5853 For now the dollar is the reserve currency. It won’t be in future. I give it a decade. And there will be hell to pay when it is not.
@@millevenon5853keep going like that and this isn’t lasting. If the dollar falls, the US is an instant third world country
@@vovcha01yeah people are just begging to use the yuan or euro lol
@@millevenon5853 The US's reserve currency days are numbered. Anyone who's following the developments around the globe can see that coming from a mile away.
0:54 The " .. and ringing the bEeEeEelll" part always finds me unprepared
The current French deficit is also due to a lack of tax revnue rather than an increase in public spending. France has to find out a way to efectively collect taxes or the state will eventualy go under.
They have close to the highest tax revenue as percentage of GDP in the world. The French are taxed up to their baguette-filled ass.
France is well known to recover something like 99% of the taxes due, it's extremely efficient at that. What you're talking about is increasing taxes, which are already the highest in the world (or 2nd behind Denmark).
NOT at all. Don't repeat the french goverment statements. France has the highest compulsory deduction rate per capita. 47% on average (and higher as you get richer) is paid to the governments, highest of the OECD. France has the most public spending per capita, in the world.
As a ratio to GDP in 2022, the highest levels of government expenditure were found in France (58.3 % of GDP), followed by Italy (56.1 % of GDP), Finland (53.5 % of GDP). The money is wasted everywhere and is distributed without control, without inspections. The money goes into imports, mostly from China. France is digging the grave of the eurozone.
@@OptLab It's spending per capita is high, but not the highest. It is simular to that of the US and Australia. Tho Frances economy does lag behind which means that their economy doesn't grow enough to keep up the borowing. Same for almost all southern european country's actually. I think the commen currency was a mistake honestly because now they can't even devalue to increase exports and reduce stress from intrest on debt..
@@OptLab It's spending per capita is high, but not the highest. It is simular to that of the US and Australia. Tho Frances economy does lag behind which means that their economy doesn't grow enough to keep up the borowing. Same for almost all southern european country's actually. I think the commen currency was a mistake honestly because now they can't even devalue to increase exports and reduce stress from intrest on debt..
The thing is with borrowing, it can be a good way to solve short term problems, but some countries use them to delay doing major reforms, Italy is known for that, Greece used to be as well.
I think the rules on borrowing should be tied to reforms, because reforms are the thing that really kick-start the economy but can be sometimes difficult to implement, depending on the reforms, but borrowing to try and get out of a hole without the reforms is potentially digging a bigger hole long term.
Regardless of what some might think of the EU rules when it comes to borrowing, they do make a lot of sense as lower debts are in the interest of everyone, but with that said, I do think there can be a bit more flexibility when it comes to borrowing, especially in emergencies, but reforms are always the key, and if reforms are done all the time, then the shock of them is much smaller on the people, whereas if a country leaves doing reforms and ends up needing to do big reforms, let's just say, the government in power isn't going to be very popular with the voters, so it's better to do reforms on a constant basis so they end up being much smaller on the impact and they don't pile up, that would also do wonders for the economy and potentially living standards if the right reforms are done.
The sad thing is, because of the democratic process, you've got a system where governments are not in power for long and usually think in short term interest, in other words, they are more than willing to spend public money and borrow a lot, knowing they can past the burden onto the people and the next government, maybe stricter rules are needed in place to prevent governments from getting reckless, the EU kinda always has that but it needs to be more enforced, with a bit of flexibility depending on the circumstance.
Also, don't get me wrong, I'm not against borrowing, in some circumstances, it's needed, but too many governments, use it as a mean to paper over the cracks in the economy, which only ends up delaying and making things worse over the long run, reforms are the key to staying competitive and getting the economy back on track, sometimes borrowing can help on that, but only with competent governments that have a long term plan to put in motion, but unfortunately, it's just too easy to borrow now and pass the burden on future governments and the people, which that Stability and Growth Pact from the EU is supposed to resolve but it only works if it's enforced.
But seriously, countries that have had high debt, Japan, Italy, Greece, have not done that well economically because the debt is acting like a drag on the economy, so all countries are better off lowering debts as soon as possible.
Also, countries need to stop trying their cake and eat it, the amount of times during elections where you hear them say they will promise tax cuts and more public spending is becoming a bit of a joke now, the only way to have both is with major reforms to the economy to boost growth, otherwise, the burden is being passed onto the people longer term and usually that is painful as it usually means austerity measures, it's all about the reforms, do the reforms to boost growth which then allows more spending and potentially lower taxes, whereas higher debts is just digging a bigger hole for the country, which there is a lot of evidence around the world that shows that.
Without the EU and its rule we in Italy would have ended up like Argentina
@@diegoyuiop Italy is in way better shape than France. The Italian government took a bold step and tried to restart the economy with debtspending, but the baseline of the Italian government is below 0. France hasnt done anything like that and their baseline is at 5%
@@nox5555Itally isnt on a better shape than France ian any way, they are at 7% deficit. Thats just huge
Cutting spending and not taking in more debt than allowed really only helps the far right, just look at Germany.
completely true. you can see it now when countries implement austerity and it had the same consequence in the 1930s.
It helps the people and stops inflation as the government and it's usage of money it hasn't earned leads to inflation. If anything, cutting spending helps the left as they can intoxicate the people with ideas of more government spending and other populist ideas as can be seen with France or Brazil after austerity measures came in place.
@@xXdnerstxleXx It helps whom? Most people suffer when "spending is cut".
Melechon has promised to raise taxes on those making more than 400k euros a year. Thats the solution, not austerity,
TLDR is a glorifed neoliberal propaganda channel at this point so don't ever expect them to advocate for anything other than austerity.
And Macron will accept that?
Assuming it works, which is a big bet.
The richer someone is, usually the easier it is to legally dodge taxation
2:44 OMG HE'S EVERYWHERE 🤣💀
😂
I'm in the mood for cupcakes.
Lmao
That title was incredibly clickbait. Calm down people...
The EU is still trying to push austerity like every country is Greece in the 2010s. While borrow-and-spend isn't always economically sustainable, borrowing is also how you fund economic growth. Just ask... basically anyone in business. Growth without debt is horrifically slow. And countries without economic growth prospects get turned into feudal hellscapes as power players start dividing up 'their' parts of the government and extracting more and more from the people.
Other people already pointed out that the French supertax wasn't just abandoned, it was struck down. Between that and the borrowing limits I'm not sure how the hell you grow a country's economy under EU rules. These rules almost seem like they were intended solely for a handful of rich, mature countries whose populations hadn't yet caught up to the realities of systemic public underinvestment.
Beeing a mature developped country is a prerequisite for entering the DU, so yes, those rules where made for already stable developped countries
If the left wing party do manage to take control and go ahead with the spending plans they are going to make the Liz Truss budget + fallout look like a minor blip here 🤣
Over the last 30 years, the French left has been doing better in government on deficit/suplus than the center, and the center than the right.
Also, Le Maire is currently running the highest non-crisis deficit for the last 40 years, so expecting changes to be for the worse when he's currently the closest France has been to have their Liz Truss is just partisan make believe.
@@llPalazzosama Im not up on French politics is the 150 billion this goverments pledged actually costed under a reputable source I know theyre on about super taxes and stuff not sure thatll cover the difference. Liz Truss's budget messed up due to it being uncosted my point is more itll be larger than that.
@@liamstubbins3000 They claim it's costed and that they have the support of 300 economists. However when you check, no prominent macroeconomist would dare put his/her name on their platform. And the most high profile economists that support it, or rather say things like "it goes in the right direction", are well known leftists obsessed with making the rich poorer over anything else.
@@aesma2522 Of course classical economists wouldn't support but that's not exactly the news you think it is considering the left doesn't belive in the classical economics.
EU rules apply only to small countries, certainly not to France or Germany. Therefore, unless Germany gets tough with the French, Brussels will huff & puff but do nothing effective.
TLDR is excellent for telling what is happening, with having no clue on what will happen.
@@NewDealDem2187
Not so much. They are pretty bias with conservatives policies.
"Hollande left-wing president..." looool, it's a joke ? Liberal-Macron politics start with him
It's almost like the left/right ideological axis is a toxic myth that doesn't align with reality
Macron liberal
Stop joking Macron is a socialist
@@alexlehrersh9951 Were you dropped on your head?
How is he not left wing when he comes from the socialist party?
@@MChagall The partie socialiste renounce to do social politics (for the economy) since 20 years that’s why La France Insoumise take most of the left-wing elector. When you are looking at Hollande prime minister, Valls, Cazeneuve…
Same problem with states in the US. Only the US can print money. But whether a state can deficit spend depends on the state, California in particular. California runs a huge deficit, expecting the rest of the US to pay for it.
It’s because they have 20% of the economy, you dingbat.
Wait, when a country is spending too much money, the EU's "solution" is to fine them to spend even more money? Seriously?
Who came up with that and how is it supposed to help?
Ironically France came up with it. And it has never been applied as as you say its dumb. But it is a way to force a country to react
Sorta paradoxical when it's during the right wing & (very) liberal government that the French debt exploded. It decreased during the left / center-left periods of government. It's literally shown in your graph. The EU going after the french Left, especially when it won't be allowed to put its program into action (or even rule at all at this rate), is as ideologically driven as is this episode.
And I'm pretty sure the right wing, liberal EU is ok when governments are using taxpayer money to bail out banks that acted carelessly.
Get a life. Not everything is propaganda, these guys are trying their best to be neutral. Go pay for some leftie newspaper if this not to your liking.
stop spending money simple
Just close tax loopholes for companies and stocks
3% target and EU deficit rule is a joke:
"Where do the values that limit debt come from? Why 60 percent and not 50? Why 3 percent, not 5?
3 percent deficit was an idea attributed to a French economist named Guy Abeille, who argued that we needed to impose some limits on ourselves, but 2 percent deficit relative to GDP seems to be too little, so let's do 3. Abeille himself admitted years later that this value was achieved in an hour, without any theoretical foundation. However, 60 percent was determined as the average debt value at that time. When the Maastricht criteria were adopted, these 60 percent seemed achievable."
The trick is probably not only to tax the rich, but have them keep their money in France, instead of offshoring to a tax haven.
it won't happen, those clowns don't even accept the principles of borders
Well make offshoring either impossible or ineffective, problem solved
@@ad_astra468 always impressed by the level of the left, having idiotic ideas and then proceed to create new idiotic ideas to make the first one more viable
@@Mouchos And how exactly is making offshoring money more difficult or impossible and "idiotic" idea? May I remind you that offshoring is an illegal financial activity punishable by law?
In Macronist France, it's nicknamed "Fiscal optimisation", and is legal. For rich people, of course.
3:44 the note regarding Belgium is factually wrong: Belgium was also reprimanded by the EU as was France. In Belgium an immediate debt crisis is imminent if no action is taken as without reform the automatic increase in public spending due to for example aging population and the raising interest projects a 117% Debt/gdp figure in 10 years time, coming from 105%.
the debt problem is why macron tried to reform the pension system
Sweden is the only country were the cost of pension has gone down after reform
It's not lol
They don't know what instability looks like, they just know they want free money
He did that because he's a liberal, not because the EU asked him to.
what should be done instead is a big productivity drive. I´m open to the argument that it´s not realistic to keep France´s retirement age as low as it is, but it´s definitely true that Macron will do anything except tax the rich
@@Minimmalmythicist retirement age is too high
If your government is spending more than the country is earning you can't just turn around and blame that on the EU lmao
Not increasing spending when already running a 5.5% deficit is needlessly austere?
Nice to see the EU endorse Le Penn by hamstringing the leftists.
So much for democracy and public investnent
The EU always was about neoliberalism and austerity, they ruined our European national railways and so many other public services, with their awful liberalisation policies.
Since when are state employee salary hikes and pension hikes "public investment".
Its a toptier example of french, already hardcore, welfare state turning itself into proper blackhole ready to suck rest of europe into its shit.
@@mx338 To be fair to the EU, France having a 5% deficit and 112% debt to gdp is not good. Then you look at the policies of the left alliance and see how much more they want to spend, you can understand their nervousness. If France's debt was much lower (Germany's is 63%, Netherland's 46%) then there would be much less apprehension about big spending plans.
@@ecnalms851 Well if the EU wants fiscal responsibility, then France switching to the left is good news, because in the last 30 years right wing governments have been making deficits like crazy (especially under Sarközy), Macron's centrist governments have been doing ok-ish (even though this year Le Maire has been running the highest non-crisis deficit in the last 40 years) and the left wing governments have been doing ok-ish (Hollande) to actually running surplus. (Jospin)
That’s what happens when a country gives its fiscal and monetary controls to a extra national party, they don’t have that nations best interests in mind
Here is the deal. France can leave the euro and get their own shitty currency. Then they can get as much debt as they want and the euro will go up in value.
Lol " François Hollande is a left wing socialiste" thats a absurde thing to say
?? Hollande is literally the leader of the socialist party
Yeah a Third Way guy who just wanted to tax the rich, that makes you socialist apparently.
Left and right is a matter of perspective and differs per country, per people etc.
@@bzuidgeest unfortunately people will insist left and right are immutable and therefore independent from time and place
@@bzuidgeestThat's true but never should a Democratic Socialist party, even if they have left-wing populist elements, should be considered 'far-left'. I'm OK with the Communist being called so, because it's accurate and the French Communists aren't hardliners MLs which is good because MLs are crazy.
Sorry the first sentence is wrong. A stunning victory is a 100 seats over the majority. Not 100 under. What the hell
I think stunning being in the sense 'unexpected'...
I think the EU trying to force austerity on it's member states is ridiculous and if this becomes widely reported will definitely grow euroskepticism.
The sad part is that this isnt true. The EU demands a solution to deficit, its not the EU that cones with it. Sadly RN voters won't get the nuance
@@joelimbergamo639 Could you clarify what you mean?
@@partlyawesome the EU just says:"get your deficit down" its France who chooses how. But obviously the RN is going to blame whatever the gov does to the EU as they win more votes by doing that even if its false
@@joelimbergamo639/videos Right, but the deficit is a vehicle for imposing austerity. How are you expected to start growth without borrowing initially? The UK would be stuck with perpetual austerity with the rules the EU is asking France to follow right now.
@@partlyawesome the problem is that France has been borrowing over its budget for over 30y, so sure, you need to borrow sometimes, but at some point debt needs to stop growing. And now is the time. And again, the EU o ly imposes the reduction of deficit, this can be done by grow, taxation or austerity, its France who choses which one
If there's a fight between the EU and France, my money is on France... every time. 😐 🇬🇧
Why this channel is only about the west part of EU? Why you don't do videos about rest of EU. For example about new government in Poland or newly announced "East Shield"?
Poland stronk. Poland can into space!
They don't like Poland... Their recent successes are.... politically inconvenient.
Because what happens in the western side of the EU is way more relevant for Europe than what happens in the eastern side? The French economy is big, it's as big as the "Three Seas Initiative" countries combined.
1 they don't know anything because its too different 2 its boring because most of those countries are either so stable it doesn't really matter who wins unless we are talking about the Balkan or countries that are being hassled by Russia and 3 if the politics are less stable its usually for reasons that are unrelatable to westerners like religion or nationalists .
@@diogorodrigues747 The situation in the post communist members of EU is important for both EU and NATO. One example: Orban can veto many EU and NATO decision. Any other country that gets rogue can do it too. For Hungary to be punished by EU institutions for rule of law violation, unilateral agreement of all other member states is required. That was for a long time blocked by Poland during the PiS government. PiS lost the last election and Poland will not back Orban any more, but mafia-murder-connected populist Fico won elections in Slovakia and now he can back Orban instead. Oligarch and former communist-secret-police agent Babiš, the leader of the biggest Czech party ANO, has just made an alliance with Orban in the EU parilament. ANO will most probably win the next elections in Czechia and if the other parties would not be able to make a coalition without him in the similar way they are making it now, Babiš will be the next Czech prime minister and a Orban will get a new ally. That will give him greater possibility to block EU procedures and more space to avoid possible EU punishments. In the worst scenario, Orban-Fico-Babiš alliance can block entire EU's decision making. In a moderate scenario, they will block EU's support for Ukraine.
Sorry for being boring and insignificant...
Bit of a misleading thumbnail, you had me seriously freaked out for a second
So the EU is basically trying to force France into austerity?
They're still doing that? Hasn't austerity politics working been thoroughly debunked by now?
@@gewreid5946 The EU is a Neoliberal institution it doesn't care so long as privatization continues.
The title is wrong
EU and Europe aren't interchangable terms
I'm happy that Norway is not inside the Euro.
What for tough. Norway is effectively Cooperating with the EU more closely than some EU Members. And Norway is Obeying pretty much all the Rules from the EU Onesidedly without making a Fuss.
So Norway would actually have more Power if it was Inside the EU lol.
And Norway also isnt accumulating massive Debts either. So it would not be Affected by this Story at all.
@Gilder-von-Schattenkreuz it would be very affected by using the euro
Now they can do whatever they want
@@user-qo4kb4dr1i And what would that be ?
Print Money instead of taking on Debt. Thus the People having to Pay the Interest Directly due to Inflation instead of Paying it with Taxes ?
The only Option Countries with their own Currency can do that Countries with the Euro cannot.
Is Devaluing their own Currency and thus increasing the Government Budget by Devaluing the Citizens Wages and Reserves.
Norway like Switzerland had to folllow all the EU norms of and rules, without taking part in the process. They even pay contributions to multiple programs like any European country
@@Gilder-von-Schattenkreuz Wrong... they can also not print money like the ECB and not load up their central banks balance with loads of crap debt.
Norway doesnt have to pay with inflation for lazy southern europeans overspending.
The EU really thinks it's got the power to tell France what to do lmao
Also, 90% tax for people making more than 400k Euro a year is too high. Rich people will just leave to Luxembourg or other EU tax haven. I have no clue how anyone can take NFP seriously, their whole economic policy is just fairy tales.
I find this really interesting. This didn't happen when these taxes existed in the past, why should it now? (Although I agree, 90% for that amount is a bit high)
Yea, it just too much. 65% is in my opinion the highest you can charge for the super² rich, you'll also need to give them something in return as well like maybe a better healthcare or smth. But 90% ? As a Social Democrat i must say if it was a dumb idea, a super dumb idea ☠️
Because its all communists now and they only understand receiving. They dont understand basic economics... everybody was always afraid of the right untill the extreme left shows up.
We can pick up the shards when this self implodes.
indeed it's ridiculous. if you earn 110k€, 50% is taxed so you end up with 55k€, if you earn 410k€ 90% is taxed so you end up with 41k€. Currently in France is better to receive a salary of 110k than 410k, which is ridiculous. Makes you wonder if the leftists ever bothered to learn math.
@@dark0rockyou dont understand how it works. It's 90% for any money you earn above 400k. Any money earn below that IS taxes based an another system
Its really sad that on such an important matter you guys decide to only talk about what France spends without never talking about how much money is plan on coming into the banq. Macron has massively cut into France's sources of revenue over the years which makes it impossible to pay back the debt. Yes the NFP plans to increase the spending but it also plans on massively increase the sources of revenue. Both need to be mentioned, but Germany doesn't want to hear this, they only talk the austerity language
TLDR as bias as all sources of information. It's just getting clearer now.
I am a data analyst. I always used to be skeptical of anyone trying to give knowledge about ideologies and politics because I was skeptical about their political biases and half baked information. You have such a beautiful way of giving in-depth information. I wish you keep continuing and shed a light on more structures.
You really didn't explain anything with a finishing dose of flattery
TLDR is Generally Fairly Neutral unless its an UK vs Others Issue like Brexit ^^ Then You will notice a good bit of Bias on them.
For Fairness Said. Even that Bias is usually more down to them trying to Present Both Sides Fairly. But You can Notice they are giving more Credit than they should to alot of UK Side things in such Situations ^^
@@Gilder-von-Schattenkreuz well they are living in UK.
May be that's why...
@@akshatparag2884 Indeed...
Well there is a bit of Bias, but hey hearing different point of views is cool too !
i would say he is a bit centrist liberal, and they just cover what mainstream media says about things, it's more like a relay to get a snapshot about what is going on
Why are they in debt in the first place? Is it the massive amount of support they've given to Ukraine, their waning power in Africa and the add cost of money into military actions in Africa? The implication is always put on the left policies but yet, many of the left policies actual pay back in the future.
Nothing all the money is goning to subsidies and tax cuts to the wealthy while social services have their funding slashed.
That would be so funny...
I hope that Germany will leave the currency union Euro. Then I will take my popcorn and watch with joy how Greece, Italy and France pay/steal each other's debts/money...
Italy: first time ? 😎🇮🇹🇫🇷
May we not end up with our own meloni next... 😢
@@etienne8110 You do have a party with the tri-color flame rising in popularity so it’s already happening.
Which by the way is pretty weird to use the flame on Mussolini’s grave as a symbol for on a ultra nationalist party in a country that he invaded.
@@ad_astra468 far right guys aren t well known for being rational thinkers...
@@etienne8110 your left Is capalbe of uniting sometimes.
That Is already something Better then us 😅
@@97Corvi well, is there even a left remaining in italy?
France always gets their way. They say they don't but it has been always the factor. France always gets more advantages in Europe.
If you are going to tax the rich, first you need to make tax aviation illegal in practice by enforcing it and making it effective, then mend the tax avoidance loopholes. The rich don't care about the society they live in, they have proved it time and time again. They have carefully engineered it so that they pay little to no tax. Any damage they cause to society, environment or the planet in whole, is paid by working people. And any costs they can externalize onto the government they do. So in short, the fact that the rich don´t pay their fair share of taxis is just the top of the iceberg when compared to the damage they cause and the costs they avoid by making it the job of the government and normal people to deal with the problems that those damages.
Then the rich will simply go off to greener pastures.
@@AlbatrossCommando criminally
@@toyotaprius79changing nationality for lower tax rates isn’t criminal
@@AlbatrossCommandobefore macron we had wealth tax for 40 years and everything was okay
That's so untrue it's ridiculous. More than 80% of taxes are paid by the 10% in the Us. In Europe it's a similar number. Only 30% of people are net positive tax payers. The rest are a drain to the system. If you want to tax the rich more than you already do then they'll leave. Simple as.
France has to pay for all these "chances for Europe" ;)
France is now the new Greece😂
This video is okay on some of the context, but it is incorrect on some key details such as the Hollande "tax the super rich" project. It was never implemented, so it can not be described as having failed and been discreetly shelved. Another recurring issue with TLDR news is its passion for over dramatic clickbait titles.
I wonder if anything will happen "because France is France".
That’s just all of French history
Nothing will happen... until they go bankrupt. At which point nothing will really change, people will just riot a lot, which is just the national sport of France, so that changes nothing.
What should they do? In the 1970s, companies in France were the net investors, with a financial balance of -4% compared to GDP, but since then they have started to save. The private sector is also saving 3% of GDP (which is not bad per se) and foreign debt is only -0.2% of GDP. Who else but the state should take on net debt without causing a recession because everyone is saving?
“Can I borrow three fifty?” Goddamn you LeftNess Monster!!
That's an incredibly odd definition of war given the global situation - I would say it's extremely inappropriate and dismissive of the suffering of those who live in actual.
This is remarkably poor judgement from your side, and I am extremely disappointed by the ignorance in your choice of words - you couldn't ask for a worse argument to buy this paper magazine you seem so keen on selling me.
I really think you should edit this and then take this version down.
Cheap click bait - is that what you're coming to?
5:17 You are lying.
75% supertax were judged non constitutional. France never ever applied it.
Now we should try, for real.
Your bias and your lack of objectivity are sickening
the guys were creaming when they got to visit Rishi Sunak, don't be that surprised, you have to take this guys with a pinch of salt (as most news tbf)
Spending money on social assistance does not solve people's problems and even makes them lazy. In Poland, the radical right-wing and economically socialist PiS government has been handing out money left and right for 8 years. 500+ for the second child was supposed to increase the number of births, but it increased pathology and alcoholism. Instead of investing in schools, kindergartens or nurseries, the government preferred to give money to parents, which led to the fastest decline in the birth rate in Poland. Apartments throughout the EU are expensive, there are no places in nurseries and the EU focused on social welfare and immigration. This does not help, it destroys our European identity, we need to invest in infrastructure that will help people.
EU missing the GBP
If France doesn't abide by the EU rules, why should anyone else?
The EU is angry about social justice and the democratic choice of France.... very telling!
...and as always, Free Palestine 🇵🇸
French government: Argentina, hold my beer!
I support your channel and enjoy your content, but I disagree with the statement near the end where you say that you "give away free content". I know you are trying to persuade your viewers to get the magazine, but in my opinion, the statement is false. When I watch your videos, you get compensated because I have TH-cam Premium. When others watch your videos, you get compensated from the ad revenue. And from all of us, you get compensated by the in-video ads like the VPN ads. Persuade people, but keep it honest. Don't mislead people.
You guys need to talk more about reform movements tackling 1) global taxation policy, 2) the EMU, and 3) the intergovernmental monetary system. These reforms are needed to haul over the international political economy of austerity countries currently live under
No matter what the people choose, in a EU country, they will execute EU politics.
So don't scare who is going to win elections. There will be not much of a difference.
Funny to see as the french left winning you see every flag besides the french flag lol
You're blind sir
Socialism is inherently anti European. its part of their ideology to hate Europe.
Literally several in the back at 0:15
Same with all left wing movements in the west...
Stop your concernes trolling, you know exactly why that is the case
Not a single French flag or EU flag in sight
Lots of the noir, blanc, vert et rouge though. No space for the bleu, blanc et rouge.
Wait that was the French election?
I thought that was the Palestinian election.
Because of the EU neo liberal economic policies dogma, they're not really a fan of the social part of social democracy
I would've called this result stunning if the NFP achieved an outright majority
Yeah
Fining someone who is running a deficit in order to punish them to get them to lower said deficit just seems very stupid.
Not calling them the far left?
Because NFP isn't far left
Are they organizing a communist revolution? If not they are not far left.
@@untyprandom9740 I’m being sarcastic Le Pen isn’t far right she isn’t her father and they aren’t facists. This propaganda is insane.
@@untyprandom9740 NFP is beyond far left.
@@untyprandom9740when their proposing 90% wealth taxes they aren't in the center 😂 deffinately far left
Broo. If PS breaks from NFP they beome the third largest force in the Parliament.
as a french men i gotta say the economic policy of nfp would be a death sentence
Go say that to Macron and his 1000 billions of debt in 7years.
Even if the NFP was trying, they wouldn t be able to do worse.
Just letting you know that the video ended before the closing advertisement ended and that the sound went out slightly before that point.
Never understood the childish economic views of Socialist. You can just make wealth without production and revenue or you know...work.
But countries like Hungary, Slovenia, Romania etc. have a much lower debt to GDP so they can borrow a bit more in terms of pure percentage.
Please delete this video. Government debt is totally different from persobal debt. The state sells bonds to a group of banks, which buys them with money from the central bank. This way the state prints money. The debt of the state is the financial asset of us.
The French new coalition already shows they don't know shit about governing 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂
Many people are not in debt and have savings. Companies also disappear if their debt is too large and the successful companies are not in debt and have capital.
So why does every government I know of have so much debt
Maybe they need business men not politicians in charge..
Amazon is in massive debt so is facebook so is google
every euro of saving is a euro of debt somewhere else. if private people and companies have savings the state needs to have the debt.
(with a multi-nation currency like the euro other countries could have the debt and france as a single country could also have savings, but thats not the point.)
don't compare government debt to private debt.
Because people don't see government resources, and therefore debt too, as their own but rather someone else's money being spent, unlike what they do with their own family finances
@@jot2369 dude google has 28 billion dept and 100 billion in cash. and google and googles Total Revenue is like 300 billion.. the other one are more depts but they have alot of cash too.
The endless piggy bank should have stopped yesterday
Whats missing from this whole debate is that not all debt is bad, as long as its an investment(that is, increases productivity in the long run). And not all "austerity" is bad. Pension reform mentioned here being a good example. As healthcare gets better and better. People will also live longer, and more importantly, live healthier longer. Pension age can not remain the same, given changing demographics. And this is assuming we could afford keeping it low(which we can't).
Its not really a debate when you have the numbers in hand.
Right. Problem with that kind of bull is that people living longer are also those whose work isn't especially physically draining, thus allowing them to live long, and earn a lot.
Workers are earning little in comparison, barely the "minimum vieillesse", and die shortly after they retire. Many conditions were created to allow them to retire earlier, according to their working environment, but said conditions are ridiculous and ignore many life-threatening/shortening things.
It leads to many workers contributing a lot in comparison to what they earned, and then being pushed into a grave after retiring, and blue collars and the such being more and more numerous, living longer and costing more and more as time passes. Which leads to far-right votes and so on, and so on.
That, in itself, is also investment. For populism. Is that a good investment? Ask them.
Taking on more debt while your creditors are downgrading you is absolutely bad. There is a limit on how much debt your economy can take and it looks like France is reaching that limit
@@lewis123417 Who are those creditors you are talking about? Every Euro comes from the EZB! Every state spending comes from the EZB. The third party state bonds buyer Never really are creditors.
@@mark1313131313 sure keep pretending that Frances credit rating means nothing 🤣 good luck
@@lewis123417 What do you think the credit rating means in the real world? Who does the credit rating? Which countries care about it?
France should balance thier budget or fine them. The French have seen how Brexit affected the UK, the EU has to force the French to get I to fiscal shape, it won’t occur willingly.
You see, it's all about ze price stabilité, maybe if we cut off pensions for old people and rise ze price of diabetes medication, maybe in 90 years France will be a proud part of the Coalition. Transparency is one of our principles. Would you like an informational pamphlet?
Isn't it important to remember and reference how speculative rating entities like the ones you quote have a bias towards preferring austerity (which does nothing to help consumers) and are also highly prone to agreeing with each other in an appeal to authority?
Also, any in depth examination of the French tax system in comparison to the lending and appropriation of public funds would be appreciated to get a clearer understanding of the issues that are causing this deficit.
1:53 "the highest debt to GDP ratio in Europe apart from Greece and Italy" so the 3rd highest in Europe, this sentence is obviously inaccurate and biased
What about it is inaccurate?
@@temtem9255 this sentence is made purposely to maximise the gravity of the situation, yes 3rd highest it's bad but it sounds much worse when you say highest one in Europe besides, by this logic you can say that The Vatican is the largest country in the world besides (enumerate the rest of the world) and it would technically not be inaccurate
@@Robertosungureanu The point of the video still stands. France debt to gdp ratio is notoriously high. And the French government needs to cut expending. Greece and Italy are the WORST countries, not the average
How us in the EU balance country-specific spending is such a complex matter the minimum it would take to explain is a 30 minute video. The mechanisms were set in place after the Greece-problem and at the moment there is no 'war' or 'problem' with any EU country. The central bank and the mechanism on GDP/loan/spending ratio as well as EU central bank cash infusion are already agreed upon and set.
ETA: France has no 'debt-crisis'. ALL EU countries are under a microscope constantly - Italy of course firstly and foremost but as mentioned, the rules are set.