by Mish Shedlock, Mish Talk:
Pension promises have been made that cannot possibly be met. A revolt is underway in France. What about the US?
Macron’s Pension Gambit Sparks Revolt, Pushing France to the Brink
Bloomberg reports Macron’s Pension Gambit Sparks Revolt, Pushing France to the Brink
The French President is facing increasingly violent protests that risk scaring off the investors he has spent the past six years courting.
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It’s the stuff of nightmares for those who promote the new, dynamic France: Giant mounds of stinking garbage bags overflow from bins near the Notre-Dame cathedral in the heart of Paris, violent demonstrators in Bordeaux set fire to the majestic doors of City Hall and teargas-laced battles break out in major cities between ranks of riot police and protesters who set alight whatever they can lay their hands on.
Such images flashing on television screens across the globe show a country set back to its demons of angry street protests that brought political crises and economic inertia to successive French presidents. And the trigger for this latest regression is the architect of change: Emmanuel Macron, whose stubborn insistence on ramming through an increase in the retirement age reignited labor unrest, deepened fissures in parliament, nearly brought down his government and now threatens paralysis for the four remaining years he gets to stay in office.
What Happened?
President Emmanuel Macron upped the retirement age from 62 to 64 and placed further restrictions on collecting a full pension.
He did this unilaterally, by decree.
Under the French constitution, the president can enact laws without a vote in Parliament if he can survive a vote of no confidence.
Macron barely survived a vote of no-confidence by just nine votes. 278 voted in favor, with 287 needed.
