by Paul Serran, The Gateway Pundit:
While French President Emmanuel Macron struts around the world warmongering on Ukraine, or else fear-mongering about ‘climate change,’ the country he was supposed to take care of is falling apart.
A floundering economy, a chaotic society made worse by unchecked mass migration, and now, to top it all, Macron got a brutal wakeup call yesterday (May 31), as Standard & Poor’s cut its long-term sovereign credit rating from AA to AA−.
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Coming on the eve of the European Elections that his party is projected to lose by a landslide, many see this as ‘probably his darkest day in office.’
Bloomberg reported:
S&P said that although reforms and a recovery in economic growth will improve the situation, the hole will remain above 3% of gross domestic product in 2027.”
The reduction from AA to AA- trashes Macron’s claim as an economic reformer.
Polls are showing his Renaissance group trailing way behind Marine Le Pen’s National Rally.
“Le Pen seized on the S&P decision to call on voters to sanction Macron at EU election. She also called other opposition lawmakers to support the latest no-confidence motion her party has proposed to bring down his government.
‘The catastrophic management of public finances by governments that are as incompetent as they are arrogant has put our country in grave difficulties, with record taxes, deficits and debts’, she said in a message on X late Friday.”
S&P sees France’s general government debt as a share of GDP increasing to about 112% of GDP by 2027 – from about 109% in 2023.
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