[Colin Glassey] The Future of France
It doesn't look good. Steve Den Beste has a very good post about the problems France is up against. This is part of a long set of posts and e-mails. Bottom line: France is at this time committed to paying more money out to its retired citizens than it will make by any reasonable projections. The problems are: retirement age is too low (55 for many union members) and pensions that are too high (90% of their final pay level for many workers). Given France's demographics they are litterly expecting two workers to pay for every one non-worker.
So far as anyone can tell, this can't work. So the French government projections about future expences and revenues are worse than bleak, they are a train wreck waiting not far down the time track.
I wish I had some handy solution for this but the obvious solution: turn France into a country more like the U.S. where the state is not the solution for all problems, seems even less likely than the resumption of power by a member of the Bourbon family.
1:40:18 PM
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