On the subject of public finances, Emmanuel Macron hoped to do differently than his predecessors.
Rather than reducing budgetary appropriations each year in order to meet his deficit and debt commitments as best he could, he thought he would come out on top, by focusing on growth.
The head of state has long cherished the hope of managing his deficit and debt to gross domestic product (GDP) ratios by playing on the denominator of the fraction, rather than the numerator: spending.
Alas, the economic slowdown, which limits tax revenues, requires a drastic revision of this approach.
And after having frozen 10 billion credits for the 2024 budget, the executive seems ready to tackle the monumental sphere of social spending during its 2025 budget.
Despite the vast recovery plan concocted after Covid, the situation is giving the government a hard time.
Growth is fading, with a downward forecast by Bercy…
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