One is talking about the political crisis in the parliament, the other one is about the economic state of the country. So yes, they are both true simultaneously
@@sagm5674 It's never about the budget or the economy, it's always about making sure the "undeserving" don't get anything more than what's needed for them to be a good worker
The problem we have in France is political. I teach English in local businesses in northern France, the story for the last six months has been the same everywhere, everybody has money to invest, everybody has projects, everybody has business partners… But nobody actually brings into action because nobody knows, because of the political crisis, what the rules of the game will be in three months regarding fiscal mapping, interest rates et cetera… The French tend to save a lot, 85% of households have been saving in the past three years, and oversaving is estimated at €270 billion. This means that this money hasn't been pumped into the economy due to the uncertainty. Just the VAT on that amount would be over €50 billion which haven't gone into the national budget. Generally roads are in a good state, hospitals are functioning, there is sufficient electricity to go around and face future challenge, all we need is to come out of the political quagmire and people and companies will start spending again. It may take time
Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.
Wall Street pitched so-called quality stocks with high profitability and low debt, as a kind of insurance against whatever the economy might throw at you. Quality stocks have underperformed the S&P500 this year, My $200k portfolio is down by approximately 20 %, any recommendations to scale up my returns on investment
Nobody knows anything You need to create your own process, manage risk and stick to the plan, through thick or thin While also continuously learning from mistakes and improving.
Exactly why i enjoy market decisions being guided by a pro , seeing that their entire skillset is built around going long and short at the same time both employing risk management and market experience , been using a portfolio-coach for over 2years+ and I've netted over $3million in that time frame.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Stacy Lynn Staples for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up
The French lifestyle is all about balance-working just enough to meet their needs and enjoying life. Unlike in the U.S., where upgrading is common, many French people are happy driving a 20-year-old car if it means they can work less and have more free time to enjoy the little things.
It's mostly about complaining, and putting the blame on others. Like on the government. But yes, its not about working toward a stressing life and absolute success. Usually, just spitting on other people success is enough.
No at all, we dont have the money to change car due to all the taxes. I would be paid 3x more time in other country but i live in a socialist degenerative land
That's true, specially in the country side you still see battered cars from the 80s on the road haha they're great though, it's amazing these cars were able to keep going so long when you think about it
This channel just had a video where they decried the French economy as unproductive, inefficient, and wildly backwards compared to the US. I wouldn't take their assessments very seriously.
We French are struggling financially just as much as you guys in the US, we just happen to have Healthcare so the worst things that can happen will not get us into crippling debt, only silly human spending will
That depends on what metric you are comparing and against whom. France may be doing relatively well compared to other EU members, particularly in the energy sector, but may have a high debt-to-GDP or lower growth rate overall etc.
They're saying france is doing better than it looks, not necessarily that they're doing well. The point of the video is that, while many quality of life metrics are fine, the french economy overall isn't sustainable.
The main problem is that lots of French people aren´t benefitting from that growth, it´s the same problem as in the UK. It´s all good hearing the GDP is going up, however if you´re in a Northern mining village where nothing has got better for decades and in fact much has got worse, that´s of small comfort. It´s true Marine Le Pen is doing well in those areas, but there´s another party doing well there, namely abstention. So many people can´t be bothered to vote because they think the political system has done nothing for them, and tbf, they are not 100% wrong.
This is the case for many developed countries. We see green line constantly going up but for people on the bottom it's stayed the same or gotten worse.
@@Commonsense-u1h That’s a similar story to the U.S where, even in the postwar “golden age”, central cities were devastated by capital flight, structural unemployment, and then the crime boom first gradually but rapidly intensifying until the early 90s. Much of that can be attributed to very different causes going all the way back to problems in the course industrialization took, uneven policymaking across state and local governments, and deliberately kneecapping policymaking and the politics that supported it.
The problem is France isn't growing by it's GDP because of his workers. Everything is artificial, thanks to the debt. The output by workers is heavily taxed !
It's not an obligation to live there waiting for the work to come back... They can move elsewhere, they can get formation, because there is work in France. But it's easier to stay, to make no changes, to learn anything and vote Le Pen / Mélenchon / Abstention. Some people leave their countries to come in France and find jobs. Northern mining villages has made their times. It's useless to stay.
Well if you include in the gdp prostitution and drugs obviously it will go up 😑 if you look at industrial production we were at 30% more or mess in 1970 and we are now around 8%
I wish French people would realize how good they have it instead of being all doom and gloom all the time. Edit: A lot of people seem to misinterpret my comment as a criticism of France's protest culture. This is not the case. I am fully on board with protesting against power abuse and inequalities. What I am criticizing is doomerism. Falling into a spiral of "everything sucks and our country is awful" . This attitude is sadly more and more widespread, and actually could lead to *less* protests, because it's a defeatist attitude. On the other hand, you never fight harder than to defend something you love. I think the French should be proud of their country, and adopt a positive attitude towards it and towards each other.
That is true, but still, you cant just sit there and do nothing once this quality disappears, that way they will end up like countries nowhere near that quality of life. But in general, the entire west should remember we are better of than most of the world.
1:52 "Assuming some connectivity between productivity and wages" Yeah, about that... the two have been decoupling since the neoliberal rise, so more productivity generally now means more income for the owner/employer class, whether that trickles down to employees is at the employer's discretion, and the current unemployment levels are sufficient to discipline employees into not demanding a bigger share of their productivity so unless there are suddenly massive labour shortages, a fairly organized worker class, or very low unemployment, productivity and worker incomes are and will continue to be mostly uncorrelated.
Neoliberalism means a new socialism right? Because we never have been more socialist than today (in the West). Taxes and government spending have never been higher, averaging at 45% vs 30% 50 years ago. New wealthfare program are launched every year in Europe.
@@mrsupremegascon socialism is essentially worker ownership of companies, higher taxes and welfare programs come from the adherence to the notion of the welfare state, which isn't inherently socialist (having actually first been implemented by conservative unifier of Germany Otto von Bismarck).
@@mrsupremegasconusing state money to subsidise low wages isn't socialism - it's billionaires squeezing the middle class to try and bribe the lowest paid just enough to prevent riots
@@mrsupremegascon Neo-liberalism literally means "free liberal market, without any social security nets". As in, you work, but you don't get a lot of worker rights. "Liberalism" is the exact opposite of socialism. This is not what we had before neo-liberalism, and what we had before neo-liberalism wasn't even socialism. It's why people hate Reagan and Thatcher - because they ushered in the age of "we give money to already rich people, not poor/working class people" economies, globally - and they subsequently bankrupted every single country's economy without much to show for it, besides a rich 1%, who only get richer. It's why every country has such a large debt nowadays - neo-liberalism isn't sustainable like what we had before was, hence why we need to constantly borrow shit in order to make ends meet.
"assuming a link between productivity and wages"... I have some really bad news about how an economy based solely on Maximising Shareholder Value works...
@@paulmaartin It's not like any country decided to treat tons of steel as an indicator of their wealth and proceded to tank their economy by pursuing making low quality steel at the detriment of everything else
@@fabienso5889 India makes little low grade steel per steel workers while America makes either more of the same or refine low grade steel into higher grade
France isn't the sum of its GDP/capita, it is its people, and people are fed up of transferring a huge part of their "productivity" to the wealthiest with no return.
PPP has also a big weakness. It assumes identical consumption structures. However, to live in Europe you have a significantly different need than in the US, especially in the most expensive areas. 1. Car need: In the US you NEED a car to survive. Period. (NY excluded) In European cities, cars are a mere convenience. Total cost of a car is around 5-15k € per year, hence, VERY significant. 2. Housing: In the US you basically only have Single Family homes available, while in Europe multi-apartment complexes dominate. Therefore, in the US, you don't even have access to the lower-costing apartments, as they are not available due to regulations. Again, about a 20-50% cost difference. So, the average American has to pay about 10-30k € more per year, just to survive. Which explains that they need to work more for the same "real" standard of living.
@@fco.gonzalez2884 What do you mean by "overseas"? We don't know where you are, so that word is meaningless. Regardless of what you meant, healthcare costs (whether paid for through taxation or privately) are very similar in all developed countries other than the US, where they are about double what they are everywhere else.
@@elmorty But as the OP says, you can't just compare incomes. What is it that you think white collar workers have in the US than their European counterparts do not?
I don't think that's correct. AFAIK, the consumer price indices in different countries do take into account the different consumption baskets in those countries.
Another example of TLDR providing "economic analysis" by looking at the car's flashy exterior (GDP and productivity figures) rather than underneath the hood and inside the engine.
France is surprisingly much better at electric cars that the rest of europe right now. Renault is a leader in the field and Stellanis (Peugeot/Citoen/DS) is well a bit all over the place but they have still manged to make EVs at compedative prices (Even if not really up to the standard of others). If Chinese EVs are about to flood the European Market the French auto market is a way better state to fight it.
Something to understand about EVs is they are really all about the batteries. The tech related to the motors isn't that exceptional but having batteries that can go 500 km between charges, with a long battery life, fast charging, low weight and reasonably small size will make Stellanis, VW, Fiat etc very competitive..
where are they getting the Green Minerals to produce those cars? And what will happen if the countries that have those minerals decide they don't want to be exploited anymore?
@@mikamusarde6495 You obviously don't understand what I mean. People don't care about a so-called "growth" if it doesn't benefit them. And that's the problem with macro-economics, the so-called "growth" is not seen by people in everyday life. However billionaires doubling their assets...
There is currently a brain drain going on in France. I never saw so many French workers leaving France for Belgium. Since theirs is not enough work in northern France. One of my coworkers is even taking the TGV 🚄 twice a week to work for us! I hope things will go better for you France. Yours little neighbour Belgium 🇧🇪
your wage kept up with inflation so its probably higher than in france explaining why you see french coming there i guess if you want to find work in france, you definitely can, so far unemployement is an "issue" for those that dont want to work at all anyway but it might become worse in the near future
@@ganyumaindayone1112also depends on the industry people move for highly specialised skills and it's easier to get qualified in France and be able to move anywhere
Because salaries are better in Belgium as they are indexed to inflation. Not sure it won’t last. I have seen more people leaving to Luxembourg and Switzerland recently
As a french citizen, I'd like to give this video some nuance. The problem of our public finances is that the Macron administration has strived to lower taxes for the rich and the big companies, thus diminishing the state's revenue. Meanwhile, spendings are indeed mostly directed towards financing our social security system, but pensions are just fair repayments for 40+ years of cotisations on the part of the workers. The real problem is that the state is spending tens of billions of euros yearly to fund big companies (not just small businesses) without any conditions. The CICE is a great example of that : our public finances go into these companie's pockets, and in turn corporates do not raise our incomes, they do not redistribute the riches, they keep it for their shareholders and CEOs. It's crazy to compare the rise of the richest people's wealth and that of the average income in France in the last 40 years. France is indeed getting richer and richer, but our factories are closing and our people gets poorer (when compared to inflation) due to deepening inequalities that are simply the results of Macron's policies.
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It's a global phenomenon, this is right--wing market neoliberalism/market-socialism in action. We need fair markets, not free markets.
As an American, I had the impression that Macron would be Left-wing by American standards. This sounds surprisingly like what has happened here (For context, I'm Centrist, I'm not using the term "left" as a positive or a negative, but it would be quite different than what's being described here).
@@jeffbenton6183 Well... As a french i can tell you that most french can't even say where on the spectrum Macron actually is. For me he is definitely rightwing, far one i would say. For most people he is some kind of center/right persona, and that was what most of his campaign was about. I heard crazy lost people call him left wing. The truth is if Macron was in USA he would probably be considered left wing, bc your rightwing parties are already what we call far right and our leftwingpartie are what you call communist XD But he would probably took this hat anyway because he is just his own party,he play just for himself, he has no loyalty, flirting with both sides for interest.
Si on pouvait tout mettre sur le dos du CICE ce serait vraiment trop simple. En 2024, le manque à gagner (fiscal) lié au CICE est de 27 milliards à peu près. Ce qui veut dire que notre Etat serait quand même dans un déficit supérieur à 130 milliards. Ce n'est qu'une petite partie du problème. On peut aussi débattre sur les effets sdu CICE, car autant certains economistes s'accordent à dire que les effets sont très limités, d'autres s'accordent pour dire que près de 240000 emplois ont été créés grâce à ça. Le principal problème en France est la choquante inefficacité de nos dépenses publiques, et cette vidéo le montre très bien... Les prélèvements en France, impôts et taxes, sont parmis les plus importants de tous les pays de l'OCDE : 58% du PIB pour la France contre 49% pour l'Allemagne (il me semble que la France est uniquement derrière le Danemark), et malgré cet énorme déficit, on manque d'argent et de moyens dans TOUS les secteurs publics... Où va l'argent ? J'ai plusieurs idées mais je ne pense pas être exhaustif non plus...
@Aendavenau I'm not even talking about the UK, go back to your basement. Maybe you should watch it again and instead of looking for beef with others ask questions NICELY.
BS As a Frenchmen I'm telling you the economic situation in the country is dire. Our public deficits are abysmal and no one seems to know how to solve it (which mean the state will eventually end in bankruptcy) and the companies are closing one by one in a non stop spiral.
I am french 🇫🇷 and I wasn't expecting such a title. I am at least glad that it can show to the US 🇺🇲 and Argentina 🇦🇷 that you can have a good economy and a big public sector at the same time.
France is mired in deficits and with an increasingly larger and more inefficient State, this isn't good and the french are the ones paying the bill. Argentina is doing a great job reversing this situation, we still have to see what happens in the US.
Bitch our college is going bankrupt, our fucking ceiling’s leaking for months! And we’re supposed to be the best Psychology school in France, this is fucking ridiculous
Qui tourne sur de la dette et qui va s’effondrer dans très peu de temps entraînant tout le reste de l’économie avec lui. En vous lisant je me dit que finalement les Français mérite ce qui va leurs arriver
I think a big reason why the French economy is doing better than expected comes down to one company: Airbus SE. The gigantic backlog of Airbus planes literally is why the economy around Toulouse is booming even after the wind down of the A380 program.
Well, as someone located on Belgium I have visited the north of france regularly in the past years, and all signs point in a direction of a booming economy, meaning people having more in their pockets to spend. Surely, those in former mining towns are lagging behind, but there is something as your responsibility - maybe these people could finally start thinking about improving their living standards by doing some little changes themselves, like relocating just like their grandparents or great-grandparents did, or labour like their grandparents and great grandparents did, or consider some kind of education. But of course these spoiled people want the government to fix all their problems for them, whilst staying home and watching telly
Well as French we actually are reactive when something seems to be going wrong when other populations waits the consequences before complaining. That explains why we seem to dislike our government like it's a dictature. We know that our country is in a huge dept since many years so every little bad economic decisions that our government makes, that makes us rage like crazy
Man you don't realise how you live much better in the USA than you would in France, trust me. We are the champions of poor workers, there 's basicaly no middle class
Well, whatever you say, it won't change the facts: people struggle to maje ends meet, school is a ruin, we don't have enough physicians and nurses, farmers are struggling to death to be able to live from their hard work and there are places where the law don't apply anymore... Whatever the "economy" is, it doesn't seem to be helping people.
The difference between France and Italy is that Italy's deficit is due to huge interests on debt, otherwise it would have been a surplus. While France needs to borrow money just to keep running the country.
I wouldn't call it's economy growth relevant when it's only experienced by the rich 0.1%, while most people are worse off. Ever since the introduction of Euro, food prices as well as property prices have gone up 50%, while salaries increased by maybe 10%. Not to mention the country recently imported over 100k foreigners from Africa and India which will just further reduce the average salary. If anything the country is doing worse in the past 2 years.
@@matej1608 Proof for what? Using your eyes and comparing prices? You have the wayback machine to check the costs of living and get the exact costs for everything. First you had COVID during which Croatia was actually fine. Only construction materials got more expensive, making property prices go up by ~15%. After that, the country adopted Euro and then 2-3 months later Russia invaded Ukraine. Both of these events caused a huge economic crisis from which Croatia hasn't recovered yet, nor will it recover soon. And by "Croatia" I mean an average person living there, not an already wealthy CEO or the government itself. Food prices have gone up 25%-100% (depending on where the food is sourced from and what it is exactly). And, as a result, pretty much every other industry raised prices by at least 15%. While properties just got even more expensive. I mean, just compare the cost of a pack of eggs. It was €1.1-€1.4 before 2022 and it is now €2-€4. While a property now costs €2.2k-€2.8k per m2, when it used to be €1.2k-€2.2k in the exact same towns and locations. As for salaries, simply ask people who have a job what their monthly income was each year. Most people will tell you they haven't seen more than a 5%-12% increase in the past 2 years, if any at all. The only thing that improved is tourism, from which majority of the country doesn't see any money. And the only reason it got better is because post-COVID people are actually traveling again and the prices in tourist areas got artificially increased by 50%-200% just to drain as much money as possible from tourists. Croatia lacks any critical exports of goods and relies too much on other countries. Combined with a dying population, it's a collapsing country. It has been ever since it joined the EU and it's population started to rapidly decline. It's very delusional to say it's economy is growing when the exact opposite is happening.
@aeroplane56 because it is a very different nature of spending than for the private sector. This is especially true for transfert spending, and these are very high for France.
@emi5370 it’s still government actioned spending though? So why is it misleading ? I expect it to be very different to private sector spending given its government spending
@@aeroplane56 In this video 58% of GDP isn't the governement spending but the public sector spending In france the public sector category is divided in three domain: - State Spending (aka Governement) - 639.9 Billions in 2023 - Territorial Collectivities (aka, Municipalities, Departments and Regions) - 294.9 Billions in 2023 - Social Security (Pensions, Heath Care, ...) - 707.3 Billions in 2023
Productivity is a very questionable indicator, because in France, non-productive people simply don't work, they live on welfare. Therefore average productivity is artificially high.
It's not doing fine trust me, this country has been with a structural deficit for more than 40 years, and the older the population is getting the worse it's getting, we have no relevant industry left to speak off, only perfumes and leather bags like it's the middle ages or something. And the billions we get taxed on to then spend to supposedly get quality public services are grossly mismanaged with nowhere near the results we should have. And the solution to any budget shortfall is always 'let's add one more tax or raise the % on a bunch of existing ones that will fix it' Surely enough everytime it doesn't, meanwhile the people smart enough to realize that the hole is never gonna get closed even if they get taxed 100% and higher income earners are leaving the country or planning to (I'm in the second case)
Ce que vous dites, est une grosse simplification de la situation. La France a beaucoup d´industries modernes (Alstrom, Renault, Sanofi, etc), le probleme c´est qu´en France il y a certaines régions qui ont été negligées, surtout dans le Nord et l´Est du pays.
I lived in France the last half year. There is no economy. Everything is privatized and stretched with government loans so that this country survives. The roads are outrageous.
Honestly, I'm not surprised that any country is more productive than Japan. Did you see how they work? Showing up and keeping up appearances is more important than actually working.
@@krashme997 yeah but have you ever seen how much hours they actually have on paycheck. A lot of this culture norms and rules related to work are unpaid labour which is out of these stats and iam not even talking about unpaid overtime which also you won't see on paycheck.
@@noxirien1046 There have been studies (back from the 90's though) that showed that for an average working hour, German employees were 60% more productive than Japan. Having lived in Japan, done my studies in relation to Japan, and my Master thesis on Japanese work culture, I can tell you productivity isn't the main concern. People are far too tired to work properly, and when they try, etiquette and pointless tasks prevent them to.
@krashme997 i know i just wanted to pinpoint that by many statistics japanese work less than is common in many EU countries because hidden overtimes so it can delude productivity numbers. It depends if they use official data or research own.
It is completely wrong to say that taxes in France are a problem that widens the deficit. If the deficit has increased so dramatically it is because many good taxes have been savagely eliminated without alternatives, creating a revenue shortfall. Especially since taxes are very high in the country, we must understand that a large part of this money returns to the real economy (and allows investments) instead of being kept warm in the pockets of 'a dominant class, pampered in any case.
This view of GNP is very illuminating, and explains how people in the US can be so poor while the country is so rich. Adjusted GNP numbers at 3:00. The UK started behind in productivity and remains about as much behind throughout the period. It didn't catch up, but neither did it fall back, it remains steady in 3rd place - not nearly as bad as it is often described.
Exactly. I came back living in France after years abroad, all the French are trippin' non-stop about being in hell. IDK what to tell them, they just love trippin'.
Oh really? Last time you talked about France they were still crumbling. But then again, you said the same "crumble"/"doing-okay" with the UK and other countries.
@@oldskoolmusicnostalgia i think its quality? Their focus is on keeping us informed in pretty much everything in a digestible format, they give good info for their format, if you want a better analysis either find a 10+ page long articles about super specific topics or find an exclusivly economic analysis youtube channel
I lived in France for 8 years and no, it's economy is not alright. Comparing productivity per hour worked is just cherry picking - if you work 35 hours a week, you will have 12% lower income than someone who has the same hourly pay but works 40 hours. Add to this high prices, high taxes and lowish wages and the purchasing power of an average French citizen is quite low compared to other OECD countries. Add to this chronic unemployment and the expectation of an average French person that government should do everything for them and you get the overall picture.
Well, in France a lot of places have been abandoned by the government, i.e Northern Mining villages, nothing was done to help them after the mines were closed. It´s a similar story in the North of England. If close down a big employer, without retraining people, like the Swedes and Danes do, then you´re going to have a big social issue, I don´t think that´s controversial.
@@Commonsense-u1h Well, what can a government do in such case other than keep the mines running at a loss? It's up to the people to find a new job or move elsewhere, in France you can get education for free and the unemployment office can even cover your relocation expenses. But many people prefer to just sit idle and wait for handouts.
@@apacheattackhelicopter8185 well, the economy is government made to a large degree in most countries, we have a state capitalist system and the government can do a lot. For starters, close the mines, but build other industries and retrain the workers. People like you have magic wand solutions for complex economic and social problems. The world doesn´t work the way Thatcher and Reagan thought it does!
@@Commonsense-u1h That's exactly the nanny state mentality I'm talking about - people are waiting for the government to come and solve their problems. Together with excessive government spending those are the roots of France's current crisis. Public spending at 60% GDP is insane, it is closer to USSR than to a market economy. No, there aren't any magic wand solutions, but some solutions are clearly better than others. Thatcher and Reagan are famous precisely because they fixed the mess after their leftist predecessors.
*I'm favoured only God knows how much I praise Him,* $230k every 4weeks! | now have a big mansion and can now afford anything and also support God's work and the church.
Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!
I started pretty low, though, $5000 thereabouts. The return came massive. Joey is in school doing well, telling me of new friends he's meeting in school. Thank you Evelyn Vera, you're a miracle.
Wow...I know her too she is a licensed broker and a FINRA agent she is popular in US and Canada she is really amazing woman with good skills and experience.
Fewer hours worked is no argument at all. If I get B- studying 2 hours a day, can I demand similar career and higher education opportunties as someone with A+ grade slogging 8 hours a day?
I don't think you understand what productivity means. A higher productivity means getting to the same result (or a better one) in less time, not a worse result in less time.
@@Kyragos Exactly. French people are NOT producing comparable GDP/capita with fewer hours. French GDP/capita is about 10% lower than USA with 20% fewer hours worked.
@@val-schaeffer1117 And French employees get accordingly less than US employees. However, let's not forget we are talking about the standard of living of the population when talking about productivity in this video. The GDP per capita may be useful data for that, but this has to be used with other ones, notably the cost of living, which is higher in the US, as well as purchasing power which is roughly the same.
@@val-schaeffer1117 "French GDP/capita is about 10% lower than USA with 20% fewer hours worked." Well the table shows that French GDP per hour is actually lower than US so i dont think your maths work out.
I'm French. It's shit. Only rich people manage to be happy in those times. We, not rich people, struggle to pay for everything. And our politicians still find a way to tell us it's our fault while they don't spend a single euro in taxes or even their rent.
Conclusion: Every western countries, including EU, UK, USA are in much better conditions than here in Japan because at least currencies are stable and wages are steadily increasing.
My uncle is France has been doing so well with business is France. I think France are doing well compared to the UK where no small businesses are making money unless it’s dodgy
It depends where, lots of small businesses do well in the UK. I think where we struggle in the UK (and I feel this in France too somewhat) is we don´t have enough medium sized businesses. It´s one thing the Germans do very well.
I wish Macron was more based, he should jail and show no mercy to both far-right and far-left, and establish a centrist neoliberal utopia (For intellectually gifted people I declare, this is a joke)
its just because french people kept getting their wages because of the state during the covid lockdown so if you mean that a state that cares for its people is bad yes ofc it had negative impact on the conomy but still its advantages for the people are superior
@Himbeaw the problem is that the far right is insane just like the far left when it comes to spending while the center is bad. They will have to suffer until a nutjob like Zemmour get elected.
Very interesting vidéo. As a french person working in France there something missing in your productivity argument : french people who work more hours are NOT paid more. And this time worked is not taken into account in your calculation because it's never written anywhere ;) It's the way France work... Whereas in the US people work more ans get paid more because it's the Law 😉
@@prenomnom1695 Non seulement je le crierai haut et fort, mais j'en serai fier. Il est temps pour les français d'assumer les conséquences de leurs choix politiques, à bon entendeur..
as a french, economically it is dead, they put tax everywhere, even in actions and stuff, no, France is dying, my company where I work is about to collapse too
The amount of online arrogance coming out of Europe is way down recently. In years past smug comments how bad the US is was their largest export. Times must be tough over there.
You got your numbers till 2022, but a lot happened for France economy in 2 years with the russian war in Ukraine. The situation is quite not the same today as in your analysis.
oh they could get plenty more money, they have lots of dodgy tax evasion schemes too. In most countries, very few corporations actually pay the nominal corporation tax rate, because there are so many deductions.
An economy is firstly dependent on the access to affordable energy. This is the main difference between France and the orher European countries. They kept nuclear energy alive... But this is only a medium term advantage...
Whenever I see a TLDR video that says “Why negative” and then another one later on that says “Why positive” I just downvote both because it’s such a click bait way to get traffic. How scummy and such a zoomer concept.
Problem of France is that tax are at their highest (we see 59% overall, but on average private working person you count more on 65 to 75% if you do absolute counts, not relative , which is quite a french sport. ) which is not a problem of its own, but when coupled to the next one the depression rises so quickly: Nothing is working anymore here. Best health care ? I am at 3 days waiting for simple illness this morning. My 72 old mom simply stopped searching, what a shame. - Free school ? Math OCDE value is simply the worst. This was the country of Poincare, Laplace, Fermat and Blaise Pascal. What happened damn it. - good publics services ? people tend to fear the police, avoid hospitals as much as possible, and and any public transportation does not permit to ensure daily that an arrival happens after a start. - Infratstucture ? we close nuclear facilities to cry that we shouldn't have just after ... Entrepeneurship ? If you don't have the energy of a running horse to spend, you are doomed before start. And the french hate the few successful ones. So yes the french live everyday the tale of the grasshopper and the ant, and love sun hotness like no one else. Ants start to laugh too many times by day, every day a little further away. Taking is great, spending mayve, not efficient ? that's may be too presomptuous. Just ask yourself: Did you see something that was enlightning and not 100+ years old at the Paris ceremony ?
The market doesnt care about the living standard of french people. It cares about the debt to GDP ratio. And for the huge deficit the government has, GDP growth hasn't been high in enough in the last 20 years.
French Gov spending is quite high. And it seems that as people get older and retire, the pension liability of the French Gov is only going to increase. If they are already running a debt to GDP of over 100%, the situation can go downhill quite quickly if the interst rates become less favourable. For e.g. if the credit rating changes? If the interst rates goes up and more money is allocated to interest payments (does not matter if the money is paid to french naitonals or foreigners) - the French Gov will have to cut Gov. services. There is also the issue of the French overseas operations - particulalry in the Sahel. If France is unable to source commodities and resoruces from Africa at preferential rates -- it will affect their bottom line in the future. So, it seems that the French economy may be ok for now, but unless they can right the ship -- it is slowly trudging towards a massive fall.
Месяц назад
They should do the same as other imperial powers: invest in global media.
Government budget spending is merely a reflection of a country’s socioeconomic system. The truly relevant figure is the total public net debt excluding central bank debts. In this sense the situation in France is quite to similar to that of the UK: both countries have respectively public net debt of ~110% and ~100% of GDP.
TLDR video titles be like:
- Why France is collapsing?
- Why France is doing better than ever?
They're just background noise at this point.
Gotta bait those clicks!
to be fair the government is collapsing not the economy
One is talking about the political crisis in the parliament, the other one is about the economic state of the country. So yes, they are both true simultaneously
I mean, just because a country is politically collapsing doesn't mean rich people can't move money around and the government can't spend money.
↙️ ⬅️ ↖️
"It's so over" "We're so back"
↘️ ➡️ ↗️
Feel like a lot of nations are going through this recently.
Great news, so this means Macron may finally end austerity!
@@sagm5674 It's never about the budget or the economy, it's always about making sure the "undeserving" don't get anything more than what's needed for them to be a good worker
@@janhumiecki2827 💯
Can't wait for "why the french economy is actually doing bad" video next month.
💀
so true!
Where's my "Why the French Economy actually?"
The budget is not the economy.
haha actualy a lot of people are moved out of their jobs in France actually.
Talks about France’s economy.
Shows videos of Italian people making Grana Padano
Slava BAGUETTE 🥖 Heroyam Eacargot 🤯
Seems like french comté to me
@ well, you’re wrong 🤣
The problem we have in France is political. I teach English in local businesses in northern France, the story for the last six months has been the same everywhere, everybody has money to invest, everybody has projects, everybody has business partners… But nobody actually brings into action because nobody knows, because of the political crisis, what the rules of the game will be in three months regarding fiscal mapping, interest rates et cetera… The French tend to save a lot, 85% of households have been saving in the past three years, and oversaving is estimated at €270 billion. This means that this money hasn't been pumped into the economy due to the uncertainty. Just the VAT on that amount would be over €50 billion which haven't gone into the national budget.
Generally roads are in a good state, hospitals are functioning, there is sufficient electricity to go around and face future challenge, all we need is to come out of the political quagmire and people and companies will start spending again. It may take time
Most Europeans are savers.
thank you for the analysis, I totally agree!
@@santostv. better than propping up the "economy" by going into debt as North American countries do
@oldskoolmusicnostalgia Europe is in far greater debt that north America especially the south. What are you on about
@@thelordraj5412by volume ? Comparatively ? Isn't the us endebtted at 200% of their gdp? I don't know about Canada tho.
1:06 you're showing a Parmesan cheese factory to make a point about the French economy.
I'm french and I'm outraged
they had to put in a couple of blunders just to stay true to themselves^^
The infamous Brie Parmeusant
it's the camenbert panado
Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.
Wall Street pitched so-called quality stocks with high profitability and low debt, as a kind of insurance against whatever the economy might throw at you. Quality stocks have underperformed the S&P500 this year, My $200k portfolio is down by approximately 20 %, any recommendations to scale up my returns on investment
Nobody knows anything You need to create your own process, manage risk and stick to the plan, through thick or thin While also continuously learning from mistakes and improving.
Exactly why i enjoy market decisions being guided by a pro , seeing that their entire skillset is built around going long and short at the same time both employing risk management and market experience , been using a portfolio-coach for over 2years+ and I've netted over $3million in that time frame.
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Stacy Lynn Staples for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up
The French lifestyle is all about balance-working just enough to meet their needs and enjoying life. Unlike in the U.S., where upgrading is common, many French people are happy driving a 20-year-old car if it means they can work less and have more free time to enjoy the little things.
Yes! French Culture is the Best.
It's mostly about complaining, and putting the blame on others. Like on the government. But yes, its not about working toward a stressing life and absolute success. Usually, just spitting on other people success is enough.
"Putting the blame on others"
Like England does all the time? 🙄
No at all, we dont have the money to change car due to all the taxes. I would be paid 3x more time in other country but i live in a socialist degenerative land
That's true, specially in the country side you still see battered cars from the 80s on the road haha they're great though, it's amazing these cars were able to keep going so long when you think about it
Today France is doing better, but next week TLDR will tell us how France is a lost cause
We're getting the italy treatment of having a "italian economy is doomed" and "why italy will lead eu economy" every few days lol
Who would have thought paying employees a fair wage and letting them relax and rest with good personal time would boost productivity? LOL
This channel just had a video where they decried the French economy as unproductive, inefficient, and wildly backwards compared to the US. I wouldn't take their assessments very seriously.
FFS
living in a fantasy. I work in a cac40 company, they are honestly not that productive. And I still have 40 hour weeks.
People aren't getting fair wages in France
We French are struggling financially just as much as you guys in the US, we just happen to have Healthcare so the worst things that can happen will not get us into crippling debt, only silly human spending will
I wish TLDR would make their minds up about whether economies are doing badly or not. The story seems to change every week.
That depends on what metric you are comparing and against whom. France may be doing relatively well compared to other EU members, particularly in the energy sector, but may have a high debt-to-GDP or lower growth rate overall etc.
@ read the headlines and watch the videos. They all contradict each other.
It's a RUclips Channel before anything else.
They need people to click on videos.
So, they push for specific titles.
They're saying france is doing better than it looks, not necessarily that they're doing well. The point of the video is that, while many quality of life metrics are fine, the french economy overall isn't sustainable.
@ but it contradicts what they have previously said.,
The main problem is that lots of French people aren´t benefitting from that growth, it´s the same problem as in the UK. It´s all good hearing the GDP is going up, however if you´re in a Northern mining village where nothing has got better for decades and in fact much has got worse, that´s of small comfort.
It´s true Marine Le Pen is doing well in those areas, but there´s another party doing well there, namely abstention. So many people can´t be bothered to vote because they think the political system has done nothing for them, and tbf, they are not 100% wrong.
This is the case for many developed countries. We see green line constantly going up but for people on the bottom it's stayed the same or gotten worse.
@@Commonsense-u1h That’s a similar story to the U.S where, even in the postwar “golden age”, central cities were devastated by capital flight, structural unemployment, and then the crime boom first gradually but rapidly intensifying until the early 90s. Much of that can be attributed to very different causes going all the way back to problems in the course industrialization took, uneven policymaking across state and local governments, and deliberately kneecapping policymaking and the politics that supported it.
The problem is France isn't growing by it's GDP because of his workers. Everything is artificial, thanks to the debt. The output by workers is heavily taxed !
It's not an obligation to live there waiting for the work to come back... They can move elsewhere, they can get formation, because there is work in France. But it's easier to stay, to make no changes, to learn anything and vote Le Pen / Mélenchon / Abstention. Some people leave their countries to come in France and find jobs. Northern mining villages has made their times. It's useless to stay.
Well if you include in the gdp prostitution and drugs obviously it will go up 😑 if you look at industrial production we were at 30% more or mess in 1970 and we are now around 8%
I wish French people would realize how good they have it instead of being all doom and gloom all the time.
Edit: A lot of people seem to misinterpret my comment as a criticism of France's protest culture. This is not the case. I am fully on board with protesting against power abuse and inequalities.
What I am criticizing is doomerism. Falling into a spiral of "everything sucks and our country is awful" . This attitude is sadly more and more widespread, and actually could lead to *less* protests, because it's a defeatist attitude. On the other hand, you never fight harder than to defend something you love.
I think the French should be proud of their country, and adopt a positive attitude towards it and towards each other.
As a French, I approve this message 😊
That is true, but still, you cant just sit there and do nothing once this quality disappears, that way they will end up like countries nowhere near that quality of life.
But in general, the entire west should remember we are better of than most of the world.
That‘s just the nature of French people believe me. They love to complain about everything any time which isn’t necessarily always a bad thing
@yvindhagester9613I'm American, don't let them take that quality from you
The fight never stops unfortunately.
I’m not even French
1:52 "Assuming some connectivity between productivity and wages"
Yeah, about that... the two have been decoupling since the neoliberal rise, so more productivity generally now means more income for the owner/employer class, whether that trickles down to employees is at the employer's discretion, and the current unemployment levels are sufficient to discipline employees into not demanding a bigger share of their productivity so unless there are suddenly massive labour shortages, a fairly organized worker class, or very low unemployment, productivity and worker incomes are and will continue to be mostly uncorrelated.
Neoliberalism means a new socialism right?
Because we never have been more socialist than today (in the West).
Taxes and government spending have never been higher, averaging at 45% vs 30% 50 years ago.
New wealthfare program are launched every year in Europe.
@@mrsupremegascon socialism is essentially worker ownership of companies, higher taxes and welfare programs come from the adherence to the notion of the welfare state, which isn't inherently socialist (having actually first been implemented by conservative unifier of Germany Otto von Bismarck).
@@mrsupremegasconusing state money to subsidise low wages isn't socialism - it's billionaires squeezing the middle class to try and bribe the lowest paid just enough to prevent riots
@@mrsupremegascon"socialism is when the government does stuff"
@@mrsupremegascon Neo-liberalism literally means "free liberal market, without any social security nets". As in, you work, but you don't get a lot of worker rights. "Liberalism" is the exact opposite of socialism.
This is not what we had before neo-liberalism, and what we had before neo-liberalism wasn't even socialism.
It's why people hate Reagan and Thatcher - because they ushered in the age of "we give money to already rich people, not poor/working class people" economies, globally - and they subsequently bankrupted every single country's economy without much to show for it, besides a rich 1%, who only get richer. It's why every country has such a large debt nowadays - neo-liberalism isn't sustainable like what we had before was, hence why we need to constantly borrow shit in order to make ends meet.
"assuming a link between productivity and wages"... I have some really bad news about how an economy based solely on Maximising Shareholder Value works...
If the US is any indicator it means France is finally growing and embracing modernity.
Don't look at data about American steel workers and Indian steel workers or the history of any rich country.
@@paulmaartin
It's not like any country decided to treat tons of steel as an indicator of their wealth and proceded to tank their economy by pursuing making low quality steel at the detriment of everything else
@@fabienso5889 India makes little low grade steel per steel workers while America makes either more of the same or refine low grade steel into higher grade
France isn't the sum of its GDP/capita, it is its people, and people are fed up of transferring a huge part of their "productivity" to the wealthiest with no return.
PPP has also a big weakness. It assumes identical consumption structures.
However, to live in Europe you have a significantly different need than in the US, especially in the most expensive areas.
1. Car need: In the US you NEED a car to survive. Period. (NY excluded) In European cities, cars are a mere convenience. Total cost of a car is around 5-15k € per year, hence, VERY significant.
2. Housing: In the US you basically only have Single Family homes available, while in Europe multi-apartment complexes dominate. Therefore, in the US, you don't even have access to the lower-costing apartments, as they are not available due to regulations. Again, about a 20-50% cost difference.
So, the average American has to pay about 10-30k € more per year, just to survive. Which explains that they need to work more for the same "real" standard of living.
Don't forget private heathcare. It's not cheap oversea
@@fco.gonzalez2884 What do you mean by "overseas"? We don't know where you are, so that word is meaningless.
Regardless of what you meant, healthcare costs (whether paid for through taxation or privately) are very similar in all developed countries other than the US, where they are about double what they are everywhere else.
Living standards for white collar workers are wildly better in america then Europe. Europe incomes lag Mississippi, not us average
@@elmorty But as the OP says, you can't just compare incomes. What is it that you think white collar workers have in the US than their European counterparts do not?
I don't think that's correct. AFAIK, the consumer price indices in different countries do take into account the different consumption baskets in those countries.
Another example of TLDR providing "economic analysis" by looking at the car's flashy exterior (GDP and productivity figures) rather than underneath the hood and inside the engine.
He litterally explained why GDP was a flawed metric LOL
the main issue is that the neoliberal governements keep refusing taxing the ultra-wealthy with bogus excuses such as "they'll go away".
1:51 “Assuming some kind of connection between productivity and wages.”
🔔🔔🔔🔔
Exactly, workers haven´t received a proportional increase in many countries since the 70s.
France is surprisingly much better at electric cars that the rest of europe right now. Renault is a leader in the field and Stellanis (Peugeot/Citoen/DS) is well a bit all over the place but they have still manged to make EVs at compedative prices (Even if not really up to the standard of others). If Chinese EVs are about to flood the European Market the French auto market is a way better state to fight it.
Something to understand about EVs is they are really all about the batteries. The tech related to the motors isn't that exceptional but having batteries that can go 500 km between charges, with a long battery life, fast charging, low weight and reasonably small size will make Stellanis, VW, Fiat etc very competitive..
Yeah, no EV no matter how is lost by the EU. All they can is play protectionism card by increasing tariffs which China can mirror, that's it.
Literally doesn't matter, EV industry isn't carry an entire countries economy
@@WMDB4637 That's just one of many things, another example since EU wants to go "green", almost all solar panels are made by China.
where are they getting the Green Minerals to produce those cars? And what will happen if the countries that have those minerals decide they don't want to be exploited anymore?
People don't care about macroeconomics. People don't care about "GDP" and "growth". People care about their lifes.
well, they should care about economics if they care for their lives.
@@mikamusarde6495
You obviously don't understand what I mean. People don't care about a so-called "growth" if it doesn't benefit them. And that's the problem with macro-economics, the so-called "growth" is not seen by people in everyday life. However billionaires doubling their assets...
People who don't care about macroeconomics are illiterate idiots, as if macroeconomics didn't have consequences on their lives.
Correct - that growth is really mostly a wealth transfer to the 1%.
There is currently a brain drain going on in France. I never saw so many French workers leaving France for Belgium. Since theirs is not enough work in northern France. One of my coworkers is even taking the TGV 🚄 twice a week to work for us!
I hope things will go better for you France.
Yours little neighbour Belgium 🇧🇪
your wage kept up with inflation so its probably higher than in france explaining why you see french coming there i guess
if you want to find work in france, you definitely can, so far unemployement is an "issue" for those that dont want to work at all anyway
but it might become worse in the near future
@@ganyumaindayone1112also depends on the industry people move for highly specialised skills and it's easier to get qualified in France and be able to move anywhere
send workers to northern france bro
Because salaries are better in Belgium as they are indexed to inflation. Not sure it won’t last.
I have seen more people leaving to Luxembourg and Switzerland recently
I think most of the brain drain is muslims and africans
Since the french peapole tend to blame them when the economic situation is bad
As a french citizen, I'd like to give this video some nuance. The problem of our public finances is that the Macron administration has strived to lower taxes for the rich and the big companies, thus diminishing the state's revenue. Meanwhile, spendings are indeed mostly directed towards financing our social security system, but pensions are just fair repayments for 40+ years of cotisations on the part of the workers.
The real problem is that the state is spending tens of billions of euros yearly to fund big companies (not just small businesses) without any conditions. The CICE is a great example of that : our public finances go into these companie's pockets, and in turn corporates do not raise our incomes, they do not redistribute the riches, they keep it for their shareholders and CEOs. It's crazy to compare the rise of the richest people's wealth and that of the average income in France in the last 40 years. France is indeed getting richer and richer, but our factories are closing and our people gets poorer (when compared to inflation) due to deepening inequalities that are simply the results of Macron's policies.
It's a global phenomenon, this is right--wing market neoliberalism/market-socialism in action. We need fair markets, not free markets.
As an American, I had the impression that Macron would be Left-wing by American standards. This sounds surprisingly like what has happened here
(For context, I'm Centrist, I'm not using the term "left" as a positive or a negative, but it would be quite different than what's being described here).
@@jeffbenton6183 Well... As a french i can tell you that most french can't even say where on the spectrum Macron actually is.
For me he is definitely rightwing, far one i would say. For most people he is some kind of center/right persona, and that was what most of his campaign was about. I heard crazy lost people call him left wing. The truth is if Macron was in USA he would probably be considered left wing, bc your rightwing parties are already what we call far right and our leftwingpartie are what you call communist XD
But he would probably took this hat anyway because he is just his own party,he play just for himself, he has no loyalty, flirting with both sides for interest.
Merci, la vidéo ne se concentre que sur le pib et l'économie en général et non sur les conditions de vie de la population qui elles, sont en baisse
Si on pouvait tout mettre sur le dos du CICE ce serait vraiment trop simple. En 2024, le manque à gagner (fiscal) lié au CICE est de 27 milliards à peu près. Ce qui veut dire que notre Etat serait quand même dans un déficit supérieur à 130 milliards. Ce n'est qu'une petite partie du problème. On peut aussi débattre sur les effets sdu CICE, car autant certains economistes s'accordent à dire que les effets sont très limités, d'autres s'accordent pour dire que près de 240000 emplois ont été créés grâce à ça.
Le principal problème en France est la choquante inefficacité de nos dépenses publiques, et cette vidéo le montre très bien... Les prélèvements en France, impôts et taxes, sont parmis les plus importants de tous les pays de l'OCDE : 58% du PIB pour la France contre 49% pour l'Allemagne (il me semble que la France est uniquement derrière le Danemark), et malgré cet énorme déficit, on manque d'argent et de moyens dans TOUS les secteurs publics... Où va l'argent ? J'ai plusieurs idées mais je ne pense pas être exhaustif non plus...
Si basically, Americans had to work longer hours to keep their earnings/lifestyle, while UK and France didn't have to.
When you have a better productivity than the later, then yes.
@@TheDanzau Here in Bosnia and Herzegovina you can work 84h per week and still have only 250-500€ monthly wage
The UK ? Their productivity are worse then the US and in decline... you didnt watch the video, did you?
@Aendavenau I'm not even talking about the UK, go back to your basement. Maybe you should watch it again and instead of looking for beef with others ask questions NICELY.
@@remipoujoulat7759He wasn‘t even talking to you
BS
As a Frenchmen I'm telling you the economic situation in the country is dire. Our public deficits are abysmal and no one seems to know how to solve it (which mean the state will eventually end in bankruptcy) and the companies are closing one by one in a non stop spiral.
merci un peu de vérité, vive la Reconquête
Un peu moins d'argent gaspiller dans des choses inutiles comme la télévision publique ou le ministère de l'IA peut être ?
I'd be worried but not too worried tbh, interest rates are dropping across the board and the bond market is relaxing internationally
I couldn't care less about the economy, it can always be improved.
People on the other hand, they're there forever
I care about the economy, but I care that the wealth it´s generating is used well.
Is anyone going to tell him death is a thing ?
@@DemsW Is anyone gonna tell you offspring exist
Mostly self-sufficient for food and we have electricity to spare.
Productivity can also be increased while decreasing GDP. This is of special importance to labor unions.
I am french 🇫🇷 and I wasn't expecting such a title. I am at least glad that it can show to the US 🇺🇲 and Argentina 🇦🇷 that you can have a good economy and a big public sector at the same time.
France is mired in deficits and with an increasingly larger and more inefficient State, this isn't good and the french are the ones paying the bill.
Argentina is doing a great job reversing this situation, we still have to see what happens in the US.
Almost impossible to replicate in most of the world without the state having wide ranging controls over the economy, like in China.
Bitch our college is going bankrupt, our fucking ceiling’s leaking for months! And we’re supposed to be the best Psychology school in France, this is fucking ridiculous
@@pablobomgiorno8273 Argentina is reaching record levels of poverty under Milei's policies. It's not gonna be good.
Qui tourne sur de la dette et qui va s’effondrer dans très peu de temps entraînant tout le reste de l’économie avec lui. En vous lisant je me dit que finalement les Français mérite ce qui va leurs arriver
I think a big reason why the French economy is doing better than expected comes down to one company: Airbus SE. The gigantic backlog of Airbus planes literally is why the economy around Toulouse is booming even after the wind down of the A380 program.
It’s the whole aerospace industry that is booming in France not only Airbus.
Well, as someone located on Belgium I have visited the north of france regularly in the past years, and all signs point in a direction of a booming economy, meaning people having more in their pockets to spend. Surely, those in former mining towns are lagging behind, but there is something as your responsibility - maybe these people could finally start thinking about improving their living standards by doing some little changes themselves, like relocating just like their grandparents or great-grandparents did, or labour like their grandparents and great grandparents did, or consider some kind of education.
But of course these spoiled people want the government to fix all their problems for them, whilst staying home and watching telly
Well as French we actually are reactive when something seems to be going wrong when other populations waits the consequences before complaining. That explains why we seem to dislike our government like it's a dictature. We know that our country is in a huge dept since many years so every little bad economic decisions that our government makes, that makes us rage like crazy
Man you don't realise how you live much better in the USA than you would in France, trust me. We are the champions of poor workers, there 's basicaly no middle class
Why are only non-French people talking about the good news from France ? It's the real question !
It’s local cultural to be pessimism
Well, whatever you say, it won't change the facts: people struggle to maje ends meet, school is a ruin, we don't have enough physicians and nurses, farmers are struggling to death to be able to live from their hard work and there are places where the law don't apply anymore... Whatever the "economy" is, it doesn't seem to be helping people.
The difference between France and Italy is that Italy's deficit is due to huge interests on debt, otherwise it would have been a surplus. While France needs to borrow money just to keep running the country.
France has to pay about 60 billion interest on debt per year
@@St0rrrm Still not covering 130b deficit, so he is right.
@@OptLab italy received 68billion in EU covid recovery funds subsidies.
I would like to see you do an analysis of Croatia's growing economy in recent times, it would be interesting to hear about :)
I wouldn't call it's economy growth relevant when it's only experienced by the rich 0.1%, while most people are worse off. Ever since the introduction of Euro, food prices as well as property prices have gone up 50%, while salaries increased by maybe 10%. Not to mention the country recently imported over 100k foreigners from Africa and India which will just further reduce the average salary.
If anything the country is doing worse in the past 2 years.
@rufuspilula247 do you have any proof to back up your claims?
As I understand mostly due to tourism. Unfortunately wages in tourism are low so might not be that visible in people wallets.
@@matej1608 Proof for what? Using your eyes and comparing prices? You have the wayback machine to check the costs of living and get the exact costs for everything.
First you had COVID during which Croatia was actually fine. Only construction materials got more expensive, making property prices go up by ~15%.
After that, the country adopted Euro and then 2-3 months later Russia invaded Ukraine. Both of these events caused a huge economic crisis from which Croatia hasn't recovered yet, nor will it recover soon. And by "Croatia" I mean an average person living there, not an already wealthy CEO or the government itself.
Food prices have gone up 25%-100% (depending on where the food is sourced from and what it is exactly). And, as a result, pretty much every other industry raised prices by at least 15%. While properties just got even more expensive.
I mean, just compare the cost of a pack of eggs. It was €1.1-€1.4 before 2022 and it is now €2-€4. While a property now costs €2.2k-€2.8k per m2, when it used to be €1.2k-€2.2k in the exact same towns and locations.
As for salaries, simply ask people who have a job what their monthly income was each year. Most people will tell you they haven't seen more than a 5%-12% increase in the past 2 years, if any at all.
The only thing that improved is tourism, from which majority of the country doesn't see any money. And the only reason it got better is because post-COVID people are actually traveling again and the prices in tourist areas got artificially increased by 50%-200% just to drain as much money as possible from tourists.
Croatia lacks any critical exports of goods and relies too much on other countries. Combined with a dying population, it's a collapsing country. It has been ever since it joined the EU and it's population started to rapidly decline.
It's very delusional to say it's economy is growing when the exact opposite is happening.
@@matej1608do you have proof he is wrong? Are you a Brussels troll??
Nearly 60% of GDP is from government spending ? Damn…
That’s a very misleading statement even if it isn’t incorrect strictly speaking.
@emi5370 why is it misleading ?
@aeroplane56 because it is a very different nature of spending than for the private sector. This is especially true for transfert spending, and these are very high for France.
@emi5370 it’s still government actioned spending though? So why is it misleading ? I expect it to be very different to private sector spending given its government spending
@@aeroplane56 In this video 58% of GDP isn't the governement spending but the public sector spending
In france the public sector category is divided in three domain:
- State Spending (aka Governement) - 639.9 Billions in 2023
- Territorial Collectivities (aka, Municipalities, Departments and Regions) - 294.9 Billions in 2023
- Social Security (Pensions, Heath Care, ...) - 707.3 Billions in 2023
Productivity is a very questionable indicator, because in France, non-productive people simply don't work, they live on welfare. Therefore average productivity is artificially high.
Thank you!
Solid parody video. Especially the "surely productivity is linked to wages" 😂
It's not doing fine trust me, this country has been with a structural deficit for more than 40 years, and the older the population is getting the worse it's getting, we have no relevant industry left to speak off, only perfumes and leather bags like it's the middle ages or something.
And the billions we get taxed on to then spend to supposedly get quality public services are grossly mismanaged with nowhere near the results we should have.
And the solution to any budget shortfall is always 'let's add one more tax or raise the % on a bunch of existing ones that will fix it' Surely enough everytime it doesn't, meanwhile the people smart enough to realize that the hole is never gonna get closed even if they get taxed 100% and higher income earners are leaving the country or planning to (I'm in the second case)
Ce que vous dites, est une grosse simplification de la situation. La France a beaucoup d´industries modernes (Alstrom, Renault, Sanofi, etc), le probleme c´est qu´en France il y a certaines régions qui ont été negligées, surtout dans le Nord et l´Est du pays.
I lived in France the last half year. There is no economy. Everything is privatized and stretched with government loans so that this country survives. The roads are outrageous.
That productivity measurement looks suspicious.. By wikipedia Turkey was more productive (gdp per worked hour ppp 2019) than Japan, Korea and Israel.
Honestly, I'm not surprised that any country is more productive than Japan. Did you see how they work? Showing up and keeping up appearances is more important than actually working.
@@krashme997 yeah but have you ever seen how much hours they actually have on paycheck. A lot of this culture norms and rules related to work are unpaid labour which is out of these stats and iam not even talking about unpaid overtime which also you won't see on paycheck.
@@noxirien1046 There have been studies (back from the 90's though) that showed that for an average working hour, German employees were 60% more productive than Japan.
Having lived in Japan, done my studies in relation to Japan, and my Master thesis on Japanese work culture, I can tell you productivity isn't the main concern. People are far too tired to work properly, and when they try, etiquette and pointless tasks prevent them to.
@krashme997 i know i just wanted to pinpoint that by many statistics japanese work less than is common in many EU countries because hidden overtimes so it can delude productivity numbers. It depends if they use official data or research own.
Maybe not all hours/work is declared in some countries
It's not because France downfall is slower than UK that France is doing Ok
It is completely wrong to say that taxes in France are a problem that widens the deficit.
If the deficit has increased so dramatically it is because many good taxes have been savagely eliminated without alternatives, creating a revenue shortfall. Especially since taxes are very high in the country, we must understand that a large part of this money returns to the real economy (and allows investments) instead of being kept warm in the pockets of 'a dominant class, pampered in any case.
This view of GNP is very illuminating, and explains how people in the US can be so poor while the country is so rich.
Adjusted GNP numbers at 3:00. The UK started behind in productivity and remains about as much behind throughout the period. It didn't catch up, but neither did it fall back, it remains steady in 3rd place - not nearly as bad as it is often described.
At 7'15", are you sure the graph reflects investment to GDP? I'm under the impression that it reflects public debt
Everyone is panicking and I'm just here, eating saucisson.
Can’t be worse than the UK economy
Longterm effects of leaving an economic union & then burning that bridge. UK is definitely a cast study.
I clicked on this video cause it was the only one that wasn’t titled: “[country name]’s economy is collapsing!”
'France is a paradise populated by people persuaded they live in hell.'
lmao come live in france 10 years and you understand why its not a paradise
@@eshin2951 well in France you have everything to make it a paradise, geographically talking.
@@lamafrance1390 cause frenchmen have make it a paradise france is a garden well made by generation and generation but the country is fck now
Exactly. I came back living in France after years abroad, all the French are trippin' non-stop about being in hell. IDK what to tell them, they just love trippin'.
😂😂😂😂
I love your graphs
Oh really? Last time you talked about France they were still crumbling.
But then again, you said the same "crumble"/"doing-okay" with the UK and other countries.
Political issues, vs economic status, do you actually pay attention?
Its just a problem of their click bait titles but their content continues to be quality and does not contradicte itself
It's almost like they're in it to make money or something. Just a hunch though.
@@tacocat5068 It's not, when it comes to economic analysis they are very lightweight and superficial.
@@oldskoolmusicnostalgia i think its quality? Their focus is on keeping us informed in pretty much everything in a digestible format, they give good info for their format, if you want a better analysis either find a 10+ page long articles about super specific topics or find an exclusivly economic analysis youtube channel
I lived in France for 8 years and no, it's economy is not alright. Comparing productivity per hour worked is just cherry picking - if you work 35 hours a week, you will have 12% lower income than someone who has the same hourly pay but works 40 hours. Add to this high prices, high taxes and lowish wages and the purchasing power of an average French citizen is quite low compared to other OECD countries. Add to this chronic unemployment and the expectation of an average French person that government should do everything for them and you get the overall picture.
Well, in France a lot of places have been abandoned by the government, i.e Northern Mining villages, nothing was done to help them after the mines were closed.
It´s a similar story in the North of England. If close down a big employer, without retraining people, like the Swedes and Danes do, then you´re going to have a big social issue, I don´t think that´s controversial.
@@Commonsense-u1h Well, what can a government do in such case other than keep the mines running at a loss? It's up to the people to find a new job or move elsewhere, in France you can get education for free and the unemployment office can even cover your relocation expenses. But many people prefer to just sit idle and wait for handouts.
@@apacheattackhelicopter8185 well, the economy is government made to a large degree in most countries, we have a state capitalist system and the government can do a lot.
For starters, close the mines, but build other industries and retrain the workers.
People like you have magic wand solutions for complex economic and social problems. The world doesn´t work the way Thatcher and Reagan thought it does!
@@Commonsense-u1h That's exactly the nanny state mentality I'm talking about - people are waiting for the government to come and solve their problems. Together with excessive government spending those are the roots of France's current crisis. Public spending at 60% GDP is insane, it is closer to USSR than to a market economy. No, there aren't any magic wand solutions, but some solutions are clearly better than others. Thatcher and Reagan are famous precisely because they fixed the mess after their leftist predecessors.
@@apacheattackhelicopter8185 you give government incentives to business to set up shop there That's how its normally done..
*I'm favoured only God knows how much I praise Him,* $230k every 4weeks! | now have a big mansion and can now afford anything and also support God's work and the church.
Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!
Wow that's huge, how do you make that much monthly?.. I have been looking for ways to be successful, please how??
It's Ms. Evelyn Vera doing, she's changed my life.
I started pretty low, though, $5000 thereabouts. The return came massive. Joey is in school doing well, telling me of new friends he's meeting in school. Thank you Evelyn Vera, you're a miracle.
Wow...I know her too she is a licensed broker and a FINRA agent she is popular in
US and Canada she is really amazing woman with good skills and experience.
Fewer hours worked is no argument at all.
If I get B- studying 2 hours a day, can I demand similar career and higher education opportunties as someone with A+ grade slogging 8 hours a day?
I don't think you understand what productivity means. A higher productivity means getting to the same result (or a better one) in less time, not a worse result in less time.
@@Kyragos Exactly. French people are NOT producing comparable GDP/capita with fewer hours. French GDP/capita is about 10% lower than USA with 20% fewer hours worked.
@@val-schaeffer1117 And French employees get accordingly less than US employees. However, let's not forget we are talking about the standard of living of the population when talking about productivity in this video. The GDP per capita may be useful data for that, but this has to be used with other ones, notably the cost of living, which is higher in the US, as well as purchasing power which is roughly the same.
@@val-schaeffer1117 "French GDP/capita is about 10% lower than USA with 20% fewer hours worked."
Well the table shows that French GDP per hour is actually lower than US so i dont think your maths work out.
@@Kyragos the table corrects for purchasing power
When he said "this video is sponsored by brilliant" at the start, I thought he was going to say "this video is written by Zach" lol
Sorry but current France is just catastrophic
ça sonne comme un manque de compétences de ta part.
France economy is dependent on luxury goods. These have high margin and are not affected by competition.
I'm French. It's shit. Only rich people manage to be happy in those times. We, not rich people, struggle to pay for everything. And our politicians still find a way to tell us it's our fault while they don't spend a single euro in taxes or even their rent.
Are you kidding me ? As a French I am telling you France is on the verge of collapsing!
7:15 the graph is misslabeled
Conclusion: Every western countries, including EU, UK, USA are in much better conditions than here in Japan because at least currencies are stable and wages are steadily increasing.
In this day and age, each country economy can only be described as “more” or “less” shite…
been living in France since ever, the cost of life is actually more expensive than ever and we're not recovering, we still have a lot of debt
My uncle is France has been doing so well with business is France. I think France are doing well compared to the UK where no small businesses are making money unless it’s dodgy
It depends where, lots of small businesses do well in the UK. I think where we struggle in the UK (and I feel this in France too somewhat) is we don´t have enough medium sized businesses. It´s one thing the Germans do very well.
Gonna keep making sure we don't work more than we need to cause that's the most important
I wish Macron was more based, he should jail and show no mercy to both far-right and far-left, and establish a centrist neoliberal utopia
(For intellectually gifted people I declare, this is a joke)
R/neoliberal commends your truth
The day Moody's decreased France's rating...
Productivity is shown with cheese workers - brilliant. But they're Parmigiano forms.
Get your cheeses right !
Going to France is a godsend compared to seeing the crumbling infrastructure in the UK.
6% deficit, they are living beyond their means.
its just because french people kept getting their wages because of the state during the covid lockdown so if you mean that a state that cares for its people is bad yes ofc it had negative impact on the conomy but still its advantages for the people are superior
France is fine as long most MPs aren't far right or far left lunatics. Every time they lose an MP bond yields go down.
Situation in parliament is 1/3 far left, 1/3 moderate, 1/3 far right. Definitely a tense situation for any 1 party in power.
@Himbeaw the problem is that the far right is insane just like the far left when it comes to spending while the center is bad. They will have to suffer until a nutjob like Zemmour get elected.
"Why TLDR is actually funded by the French Government?"
Very interesting vidéo. As a french person working in France there something missing in your productivity argument : french people who work more hours are NOT paid more. And this time worked is not taken into account in your calculation because it's never written anywhere ;)
It's the way France work...
Whereas in the US people work more ans get paid more because it's the Law 😉
Ridiculous... I'm French and we all see everything falling apart here !
@@prenomnom1695 Non seulement je le crierai haut et fort, mais j'en serai fier. Il est temps pour les français d'assumer les conséquences de leurs choix politiques, à bon entendeur..
@@directedbynursie Tu nous fous la honte, fier de critiquer ton pays devant des étrangers. Mauvais français
@@directedbynursie Si tu le penses, c'est sans doute vrai.
as a french, economically it is dead, they put tax everywhere, even in actions and stuff, no, France is dying, my company where I work is about to collapse too
Macron in power, TLDR: France economy in bad shape!
Macron might lose power, TLDR: France economy good, he should stay!
The only problem in France is that of the state of public finances and the impossibility from a social point of view to reduce it.
The amount of online arrogance coming out of Europe is way down recently. In years past smug comments how bad the US is was their largest export. Times must be tough over there.
You got your numbers till 2022, but a lot happened for France economy in 2 years with the russian war in Ukraine. The situation is quite not the same today as in your analysis.
Specialty with electricity
Haha !
-From a fellow french
Gouvernement budget spending are spent to private sector companies. It's redistribution of wealth, not a problem.
It seems like France spent their money on the things they need already, and they don't have a lot of money left to spend on what's left
oh they could get plenty more money, they have lots of dodgy tax evasion schemes too. In most countries, very few corporations actually pay the nominal corporation tax rate, because there are so many deductions.
"There's even some connection between productivity and wages" - I'd sure hope so 😂😂
The cheese storage plant you show repeatedly in the video is of Italian Grana Padano, a Parmesan cheese from Lombardy. A minor mistake but….funny.
It's not like TLDR is guilty of making thumbnails about France with flames in the background, right? 😉
It's so over
We are so back
An economy is firstly dependent on the access to affordable energy. This is the main difference between France and the orher European countries. They kept nuclear energy alive... But this is only a medium term advantage...
Time to hit the "I don't like this so I go set up inside
Whenever I see a TLDR video that says “Why negative” and then another one later on that says “Why positive” I just downvote both because it’s such a click bait way to get traffic. How scummy and such a zoomer concept.
Problem of France is that tax are at their highest (we see 59% overall, but on average private working person you count more on 65 to 75% if you do absolute counts, not relative , which is quite a french sport. ) which is not a problem of its own, but when coupled to the next one the depression rises so quickly:
Nothing is working anymore here. Best health care ? I am at 3 days waiting for simple illness this morning. My 72 old mom simply stopped searching, what a shame.
- Free school ? Math OCDE value is simply the worst. This was the country of Poincare, Laplace, Fermat and Blaise Pascal. What happened damn it.
- good publics services ? people tend to fear the police, avoid hospitals as much as possible, and and any public transportation does not permit to ensure daily that an arrival happens after a start.
- Infratstucture ? we close nuclear facilities to cry that we shouldn't have just after ...
Entrepeneurship ? If you don't have the energy of a running horse to spend, you are doomed before start. And the french hate the few successful ones.
So yes the french live everyday the tale of the grasshopper and the ant, and love sun hotness like no one else. Ants start to laugh too many times by day, every day a little further away. Taking is great, spending mayve, not efficient ? that's may be too presomptuous.
Just ask yourself: Did you see something that was enlightning and not 100+ years old at the Paris ceremony ?
The market doesnt care about the living standard of french people. It cares about the debt to GDP ratio. And for the huge deficit the government has, GDP growth hasn't been high in enough in the last 20 years.
French Gov spending is quite high. And it seems that as people get older and retire, the pension liability of the French Gov is only going to increase. If they are already running a debt to GDP of over 100%, the situation can go downhill quite quickly if the interst rates become less favourable. For e.g. if the credit rating changes? If the interst rates goes up and more money is allocated to interest payments (does not matter if the money is paid to french naitonals or foreigners) - the French Gov will have to cut Gov. services.
There is also the issue of the French overseas operations - particulalry in the Sahel. If France is unable to source commodities and resoruces from Africa at preferential rates -- it will affect their bottom line in the future.
So, it seems that the French economy may be ok for now, but unless they can right the ship -- it is slowly trudging towards a massive fall.
They should do the same as other imperial powers: invest in global media.
Agree, your future position depends on both your current position (here: not so bad) and your trajectory.
Purchasing Power Parity is a joke. It's a classic, tweak the variables we count so we can get the results we want.
Government budget spending is merely a reflection of a country’s socioeconomic system. The truly relevant figure is the total public net debt excluding central bank debts. In this sense the situation in France is quite to similar to that of the UK: both countries have respectively public net debt of ~110% and ~100% of GDP.
This is what not abolishing nuclear power does to you
There are 9 million people who lives under the poverty line, and you say it doing better than it looks
I would say France has more productivity BECAUSE they work fewer hours
“Alright” is a grotesque Americanism. The expression is “all right.” If you must, at least use “awright.”