Will the EU Stop the French Left from Borrowing More Money? 

I know more about France’s political system than my country’s system from all these french videos😂

Hollande's 75% supertax was never actually implemented. This was considered unconstitutional by the French Constitutional Court. A minor variation of this project was imposed on company employees' salaries for two years. The overall point is correct but the 75% tax on overall earnings was never done.

No matter if it's in America or in EU, no one likes EDPs 💀

All this video is based on the french left being allowed to govern France. But thats not at all a given, they dont have majority. You should ask "what government Frnace is going to have" before starting predictions on stuff that might not happen

Melenchon just said "no new expenses without new revenues". Now, I get this is just rethoric, but it's already more fiscally responsible than pretty much all Italian politicians lol

It’s a bit sad to see the video isn’t as graphical as before, now mostly made of stock footages. I know graphics are costly, but they’re more interesting to watch.

That thumbnail title though... Yeah, Brussels will drive tanks through the Ardennes to go to war with France.

5:18 France's 75% super tax actually never got past the Constitutional council, this was never made into actual law. Saying that it got suspended after a few years is not only misleading, it is factually incorrect. And the conclusion that transpires from this statement is widely inaccurate : France has actually had a much more progressive income taxing in the past, with great results in terms of public finances. The narrative of conservatives (nothing can be done because of a so-called "bon sens économique") seems to have been digested pretty well there

I don't even think they will have a government let alone borrowing more money

Wait so the plan for dealing with countries spending too much is to fine them? What kind of plan is that?

When France sneezes the rest of europe catches a cold

I remember when Slovenia was having economic problems after the 2008 crisis and it had to abide by the rules of not getting more in debt as it was. There were threats of Troika stepping in and effectively making decisions if it was not done by the government in time. It was a very stupid move by eu with their austerity measures and ultimatums. Eu luckily changed their methods in Covid era. But I see it very hypocritical that now the french dont like the rules of this game, especially when they were quite active when Greece had their debt problems.

To be fair, the most sustainable way to grow an economy and pay a debt is by funding programs that pay for themselves in the long run. Austerity would just force the issue to repeat itself in a decade when the country as a whole is poorer and thus forced to borrow more.

France has been unable to balance a single budget since 1973. Let that sink in...

US to France: “hold my beer.” “Our debt is 123% of GDP.”

The EU is still trying to push austerity like every country is Greece in the 2010s. While borrow-and-spend isn't always economically sustainable, borrowing is also how you fund economic growth. Just ask... basically anyone in business. Growth without debt is horrifically slow. And countries without economic growth prospects get turned into feudal hellscapes as power players start dividing up 'their' parts of the government and extracting more and more from the people. Other people already pointed out that the French supertax wasn't just abandoned, it was struck down. Between that and the borrowing limits I'm not sure how the hell you grow a country's economy under EU rules. These rules almost seem like they were intended solely for a handful of rich, mature countries whose populations hadn't yet caught up to the realities of systemic public underinvestment.

And I thought my country's debt was bad.

The current French deficit is also due to a lack of tax revnue rather than an increase in public spending. France has to find out a way to efectively collect taxes or the state will eventualy go under.

2:44 OMG HE'S EVERYWHERE 🤣💀

War is a bit of an overstatement

Melechon has promised to raise taxes on those making more than 400k euros a year. Thats the solution, not austerity,

The super-rich are exceptionally skilled at evading taxes. There'd probably have to be some major international tax reform to make it effective, which again is difficult. Still seems more feasible than revolution at this point, though.

The thing is with borrowing, it can be a good way to solve short term problems, but some countries use them to delay doing major reforms, Italy is known for that, Greece used to be as well. I think the rules on borrowing should be tied to reforms, because reforms are the thing that really kick-start the economy but can be sometimes difficult to implement, depending on the reforms, but borrowing to try and get out of a hole without the reforms is potentially digging a bigger hole long term. Regardless of what some might think of the EU rules when it comes to borrowing, they do make a lot of sense as lower debts are in the interest of everyone, but with that said, I do think there can be a bit more flexibility when it comes to borrowing, especially in emergencies, but reforms are always the key, and if reforms are done all the time, then the shock of them is much smaller on the people, whereas if a country leaves doing reforms and ends up needing to do big reforms, let's just say, the government in power isn't going to be very popular with the voters, so it's better to do reforms on a constant basis so they end up being much smaller on the impact and they don't pile up, that would also do wonders for the economy and potentially living standards if the right reforms are done. The sad thing is, because of the democratic process, you've got a system where governments are not in power for long and usually think in short term interest, in other words, they are more than willing to spend public money and borrow a lot, knowing they can past the burden onto the people and the next government, maybe stricter rules are needed in place to prevent governments from getting reckless, the EU kinda always has that but it needs to be more enforced, with a bit of flexibility depending on the circumstance. Also, don't get me wrong, I'm not against borrowing, in some circumstances, it's needed, but too many governments, use it as a mean to paper over the cracks in the economy, which only ends up delaying and making things worse over the long run, reforms are the key to staying competitive and getting the economy back on track, sometimes borrowing can help on that, but only with competent governments that have a long term plan to put in motion, but unfortunately, it's just too easy to borrow now and pass the burden on future governments and the people, which that Stability and Growth Pact from the EU is supposed to resolve but it only works if it's enforced. But seriously, countries that have had high debt, Japan, Italy, Greece, have not done that well economically because the debt is acting like a drag on the economy, so all countries are better off lowering debts as soon as possible. Also, countries need to stop trying their cake and eat it, the amount of times during elections where you hear them say they will promise tax cuts and more public spending is becoming a bit of a joke now, the only way to have both is with major reforms to the economy to boost growth, otherwise, the burden is being passed onto the people longer term and usually that is painful as it usually means austerity measures, it's all about the reforms, do the reforms to boost growth which then allows more spending and potentially lower taxes, whereas higher debts is just digging a bigger hole for the country, which there is a lot of evidence around the world that shows that.

Cutting spending and not taking in more debt than allowed really only helps the far right, just look at Germany.

3% target and EU deficit rule is a joke: "Where do the values ​​that limit debt come from? Why 60 percent and not 50? Why 3 percent, not 5? 3 percent deficit was an idea attributed to a French economist named Guy Abeille, who argued that we needed to impose some limits on ourselves, but 2 percent deficit relative to GDP seems to be too little, so let's do 3. Abeille himself admitted years later that this value was achieved in an hour, without any theoretical foundation. However, 60 percent was determined as the average debt value at that time. When the Maastricht criteria were adopted, these 60 percent seemed achievable."

0:54 The " .. and ringing the bEeEeEelll" part always finds me unprepared

EU rules apply only to small countries, certainly not to France or Germany. Therefore, unless Germany gets tough with the French, Brussels will huff & puff but do nothing effective.

Wait, when a country is spending too much money, the EU's "solution" is to fine them to spend even more money? Seriously? Who came up with that and how is it supposed to help?

Same problem with states in the US. Only the US can print money. But whether a state can deficit spend depends on the state, California in particular. California runs a huge deficit, expecting the rest of the US to pay for it.

"Hollande left-wing president..." looool, it's a joke ? Liberal-Macron politics start with him

TLDR is excellent for telling what is happening, with having no clue on what will happen.

3:44 the note regarding Belgium is factually wrong: Belgium was also reprimanded by the EU as was France. In Belgium an immediate debt crisis is imminent if no action is taken as without reform the automatic increase in public spending due to for example aging population and the raising interest projects a 117% Debt/gdp figure in 10 years time, coming from 105%.

Why this channel is only about the west part of EU? Why you don't do videos about rest of EU. For example about new government in Poland or newly announced "East Shield"?

I think the EU trying to force austerity on it's member states is ridiculous and if this becomes widely reported will definitely grow euroskepticism.

Its really sad that on such an important matter you guys decide to only talk about what France spends without never talking about how much money is plan on coming into the banq. Macron has massively cut into France's sources of revenue over the years which makes it impossible to pay back the debt. Yes the NFP plans to increase the spending but it also plans on massively increase the sources of revenue. Both need to be mentioned, but Germany doesn't want to hear this, they only talk the austerity language

2:49 SiXtEy PeRcEnT. I'm dying 🤣

If the left wing party do manage to take control and go ahead with the spending plans they are going to make the Liz Truss budget + fallout look like a minor blip here 🤣

Not increasing spending when already running a 5.5% deficit is needlessly austere?

If there's a fight between the EU and France, my money is on France... every time. 😐 🇬🇧

Sorry the first sentence is wrong. A stunning victory is a 100 seats over the majority. Not 100 under. What the hell

Sorta paradoxical when it's during the right wing & (very) liberal government that the French debt exploded. It decreased during the left / center-left periods of government. It's literally shown in your graph. The EU going after the french Left, especially when it won't be allowed to put its program into action (or even rule at all at this rate), is as ideologically driven as is this episode.

That would be so funny...

The EU really thinks it's got the power to tell France what to do lmao

This video is okay on some of the context, but it is incorrect on some key details such as the Hollande "tax the super rich" project. It was never implemented, so it can not be described as having failed and been discreetly shelved. Another recurring issue with TLDR news is its passion for over dramatic clickbait titles.

5:17 You are lying. 75% supertax were judged non constitutional. France never ever applied it. Now we should try, for real. Your bias and your lack of objectivity are sickening

The trick is probably not only to tax the rich, but have them keep their money in France, instead of offshoring to a tax haven.

stop spending money simple Just close tax loopholes for companies and stocks

again you put a mirrored image of Macron on the thumbnail 😂

That title was incredibly clickbait. Calm down people...

3:30 EDP stands for Excessive Deficit Procedure. It's a warning / potential sanction. I've no clue why TLDR would assume that everyone would know that. A simple Google of the acronym does not answer it either.

Fining someone who is running a deficit in order to punish them to get them to lower said deficit just seems very stupid.

France has to pay for all these "chances for Europe" ;)

Please delete this video. Government debt is totally different from persobal debt. The state sells bonds to a group of banks, which buys them with money from the central bank. This way the state prints money. The debt of the state is the financial asset of us.

French government: Argentina, hold my beer!

Bit of a misleading thumbnail, you had me seriously freaked out for a second

The title is wrong EU and Europe aren't interchangable terms

the debt problem is why macron tried to reform the pension system Sweden is the only country were the cost of pension has gone down after reform

Italy: first time ? 😎🇮🇹🇫🇷

2:44 a what??? France you ok bro? Please tell me you're not craving for any cupcakes

Just letting you know that the video ended before the closing advertisement ended and that the sound went out slightly before that point.

Also, 90% tax for people making more than 400k Euro a year is too high. Rich people will just leave to Luxembourg or other EU tax haven. I have no clue how anyone can take NFP seriously, their whole economic policy is just fairy tales.

Lol " François Hollande is a left wing socialiste" thats a absurde thing to say

How us in the EU balance country-specific spending is such a complex matter the minimum it would take to explain is a 30 minute video. The mechanisms were set in place after the Greece-problem and at the moment there is no 'war' or 'problem' with any EU country. The central bank and the mechanism on GDP/loan/spending ratio as well as EU central bank cash infusion are already agreed upon and set. ETA: France has no 'debt-crisis'. ALL EU countries are under a microscope constantly - Italy of course firstly and foremost but as mentioned, the rules are set.

But countries like Hungary, Slovenia, Romania etc. have a much lower debt to GDP so they can borrow a bit more in terms of pure percentage.

So the EU is basically trying to force France into austerity?

I am a data analyst. I always used to be skeptical of anyone trying to give knowledge about ideologies and politics because I was skeptical about their political biases and half baked information. You have such a beautiful way of giving in-depth information. I wish you keep continuing and shed a light on more structures.

I support your channel and enjoy your content, but I disagree with the statement near the end where you say that you "give away free content". I know you are trying to persuade your viewers to get the magazine, but in my opinion, the statement is false. When I watch your videos, you get compensated because I have RU-vid Premium. When others watch your videos, you get compensated from the ad revenue. And from all of us, you get compensated by the in-video ads like the VPN ads. Persuade people, but keep it honest. Don't mislead people.

Thank you for the good coverage; it's an important topic. I have a major criticism of your thumbnails (and occasionally titles too): Can we stop framing every political conflict as a "war"? This dispute, however heated it becomes, will likely never leave the courtroom. I happen to find it rhetorically tiring, and it makes the media environment less clear and impactful when it comes to the actual wars being fought RIGHT NOW, from Gaza, to Ukraine, to Sudan, Myanmar and others. I know that other media actors do this too, but rebuilding a constructive dialogue has to start somewhere, and so here it is: My plea. Respect the power that words have; never abuse it. All the best from this tired linguist Mads

You guys need to talk more about reform movements tackling 1) global taxation policy, 2) the EMU, and 3) the intergovernmental monetary system. These reforms are needed to haul over the international political economy of austerity countries currently live under

“Can I borrow three fifty?” Goddamn you LeftNess Monster!!

Guys, your website is broken on small viewports like iphone x and little tablets; I noticed too that it’s not responsive. I suggest to fix it for a better user experience Edit: it happens only onto too long newspaper page

I wonder if anything will happen "because France is France".

France is now the new Greece😂

The Commission is playing with fire here, risking stoking the fires of euroscepticism and possible frexit or at least the weakening of the role of the EU as a whole in the future. At least with the left-of-center there are more internationalist factions that are somewhat pro-EU (not its fiscal policies but its political role) which can't be said for most of the far right, so any allowing the far right to grow is self-destructive to the EU. Plus, the French left is just using a different economic theory, with not just taxes but the boost to consumption, direct interventionist stimulus and some restructuring should ultimately stoke economy bottom-up (as opposed to top-down trickling down) and they expect ultimately a surplus with which they plan to start paying back the debt. EU is dogmatically not even giving a chance to test out the theory.

So much for democracy and public investnent

If you are going to tax the rich, first you need to make tax aviation illegal in practice by enforcing it and making it effective, then mend the tax avoidance loopholes. The rich don't care about the society they live in, they have proved it time and time again. They have carefully engineered it so that they pay little to no tax. Any damage they cause to society, environment or the planet in whole, is paid by working people. And any costs they can externalize onto the government they do. So in short, the fact that the rich don´t pay their fair share of taxis is just the top of the iceberg when compared to the damage they cause and the costs they avoid by making it the job of the government and normal people to deal with the problems that those damages.

I guess the EU’s central bank is the one thing holding France back from pulling an Argentina and going from riches to rags. Always spend more and work less.

Funny you don’t refer them as ‘far left’ as it’s often portrayed in right.

Many people are not in debt and have savings. Companies also disappear if their debt is too large and the successful companies are not in debt and have capital. So why does every government I know of have so much debt Maybe they need business men not politicians in charge..

I would've called this result stunning if the NFP achieved an outright majority

That's an incredibly odd definition of war given the global situation - I would say it's extremely inappropriate and dismissive of the suffering of those who live in actual. This is remarkably poor judgement from your side, and I am extremely disappointed by the ignorance in your choice of words - you couldn't ask for a worse argument to buy this paper magazine you seem so keen on selling me. I really think you should edit this and then take this version down.

Broo. If PS breaks from NFP they beome the third largest force in the Parliament.

EU missing the GBP

1:53 "the highest debt to GDP ratio in Europe apart from Greece and Italy" so the 3rd highest in Europe, this sentence is obviously inaccurate and biased

Can't wait for the comments on this in the podcast.

They kicked the bird out of the China shop and brought in the bull. From bad to worse.

I'm happy that Norway is not inside the Euro.

Definitely not first

Isn't it important to remember and reference how speculative rating entities like the ones you quote have a bias towards preferring austerity (which does nothing to help consumers) and are also highly prone to agreeing with each other in an appeal to authority? Also, any in depth examination of the French tax system in comparison to the lending and appropriation of public funds would be appreciated to get a clearer understanding of the issues that are causing this deficit.

They'll have to form a government first! Worth remembering that they don't have an overall majority and will surely have to negotiate away some of their more radical pledges to get the support of the centrist bloc.

Not calling them the far left?

Never understood the childish economic views of Socialist. You can just make wealth without production and revenue or you know...work.

At the end of the day what matters more to you? Some imaginary number on some spreadsheet at a bank or a working infrastructure, health system, well equipped schools, a solid pension and affordable housing?

5:20 How HIGH is the tax rate is what matters. When it comes to tax policy, the devil is in the details, in this case, what numbers you're crunching.

I guess it is time for the FUD video of the month... especially with that thumbnail.

as a french men i gotta say the economic policy of nfp would be a death sentence

3:22 I guess Ursula van deleyen is getting a cup cake

5:25 JoJo pose

Whats missing from this whole debate is that not all debt is bad, as long as its an investment(that is, increases productivity in the long run). And not all "austerity" is bad. Pension reform mentioned here being a good example. As healthcare gets better and better. People will also live longer, and more importantly, live healthier longer. Pension age can not remain the same, given changing demographics. And this is assuming we could afford keeping it low(which we can't). Its not really a debate when you have the numbers in hand.

Lepenn lost so they wont.