11:00 p.m., June 11, 2022, modified at 12:02 a.m., June 11, 2022
With nearly 170 economists, you have signed a forum in support of the economic program of Nupes. Why ?
I should point out from the outset that I am not a member of any party, that no program is perfect, and that everyone raises questions. It remains that that of Nupes is the only one to propose an investment plan in ecology, health, education, financed not by inflation or debt, but by the highest incomes and heritages. This assumed choice remains the only one making it possible to limit the rise in prices while financing the revaluations of caregivers, teachers, low salaries as well as the ecological transition. The 500 largest fortunes in France saw their wealth increase from 200 to 1,000 billion euros between 2010 and 2022, that is to say from 10% to 40% of GDP! This is disproportionate to the evolution of wages. We have to rebalance things.
What do the critics say regarding his lack of credibility?
This program is much more serious from a budgetary point of view than that ofEmmanuel Macron
. By claiming that no one will pay whatever it takes, Macron is lying to the French. Because the poorest are already financing it via inflation. Incidentally, the president claims to reduce taxes while he has extended for ten years the contribution for the reimbursement of the social debt, that is 70 billion which will weigh on the income of the French. Inflation is Macron’s tax in disguise. It acts like a 5% tax that hits daily consumption, but also the small savings of those who have worked hard. Faced with this, the Nupes is more transparent by announcing a progressive tax for the richest, on heritage, inheritance. Of course, it’s never nice to pay more. But the serious budget requires telling the truth to the French. Indebtedness cannot be eternal. Social priorities must be financed by taxation, as fairly as possible.
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It is not Mélenchon who created inflation!
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The think tank Terra Nova accuses Nupes of wanting to hold the euro zone hostage to finance its program. What do you answer?
I am struck by their economic incompetence. The Nupes program provides for increases in public spending of 250 billion per year at the end of the five-year term. Currently, we are around 1,400 billion in public expenditure. We are therefore talking regarding an increase of less than 20% over five years, in a context of unprecedented inflation which is currently reaching 5% per year. In reality, this simply makes it possible to maintain the real level of public expenditure and to avoid losses of purchasing power for nurses and teachers. Should wages be allowed to fall? We have changed the world, those who criticize should open their eyes. It is not Mélenchon who created inflation!
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Blocking prices when the measure will benefit everyone, including the richest and imported products, isn’t that contradictory?
We must look at the extent of the goods concerned and plan negotiations with the producers. With regard to energy, we should have moved to a system of regulated prices a long time ago. Having tariffs that yoyo every six months is catastrophic for households and inefficient from a climate point of view. Given its borrowing capacity, the State has the means to withstand these upward and downward shocks.
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We must create a general contribution on wealth on the model of the CSG
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Prohibiting layoffs in companies that pay dividends or receive public aid, is it realistic?
Yes, but more generally, we need more negotiation. Nupes proposes to greatly increase the presence of employee representatives on boards of directors by reserving between a third and half of the seats for them. For me, this is the most important measure of the program. Because it forces everyone to be constructive. Germany and Sweden have been operating in this way since the 1950s and this has not prevented companies from performing well, quite the contrary. Some cry Bolshevism when such an idea embodies social democracy. Too bad the Macronian ideologues do not realize this.
Increase old-age contributions to finance retirement at age 60, this risks compromising purchasing power?
It is time to diversify the financing of social protection. It is necessary to create a generalized contribution on wealth on the model of the CSG in order to involve the highest heritages. This would make it possible to finance dependency and the raising of the pensions of the most modest.
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If it were enough to lower taxes to become a prosperous country, the richest would be Bulgaria and Romania
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The Institut Montaigne points to a cost of 80 billion euros per year…
Arousing irrational fears in the face of the arrival of the left in power is a great classic in the history of France. This figure is very questionable, it ignores in particular the savings made on unemployment insurance. In the proposal of the Nupes, it takes 40 annuities to have a full pension. For those who have studied for a long time, it will therefore be necessary to wait until they are 63, 64, 65, depending on the age of entry into working life and career breaks. On the other hand, for those who started working early, for example at 20, they will be able to leave at 60, which is only fair. Should we go to 41 or 42 annuities for the highest salaries? Why not. But for those who started early, 40 annuities is enough. With Macron, it’s just the opposite. Those who started at age 20 will have to contribute 45 annuities to be able to leave at 65, while those who started at 22 will have their full retirement with 43 annuities. The Macron reform is a hidden tax on French people with low life expectancy. This scenario can never be accepted, we risk a crisis of yellow vests to the power of 10.
Do you not fear a flight of capital and companies by taxing them more?
Companies are first calling for clarity, investment in education and infrastructure. If it were enough to lower taxes to become a prosperous country, the richest would be Bulgaria and Romania, which have one of the lowest tax rates in Europe.
