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Two issues of pension reform

Beyond the more technical aspects, widely covered elsewhere, or even here, I will address two issues underlying the pension reform.

This reform is a failure because it failed to take into account the transformation of the individual return to retirement. Retirement has profoundly changed its meaning: that pension be given to those who can not (physically) for it to work not to fall into poverty, she became a third moment in life, experienced as a liberation. A growing number of people aspire to live, still young and free from the constraints of working life, a moment of fulfillment. This aspiration is strong in France, because the world of work is particularly painful for employees, for a variety of reasons, as many studies have shown, for example those of Philippon. The desire to enjoy life is reinforced by the desire to leave a world experienced as oppressive. That makes the commitment to retire at age 60 so much.

response, there are two possible attitudes. Either one considers, from an a priori normative implied that this aspiration is illegitimate, because the work, or GDP per capita in international comparisons, are virtues in themselves, or we think that individuals should be free to do whatever they wish, provided they bear the cost.
To say it in jargon, we must leave individuals free to maximize their intertemporal utility so. If a significant number of individuals wishing to retire at 60, it is possible for them: either by reducing their pension in proportion, either by increasing their contributions.

It is this possibility as assigned in particular the postponement of the legal age of retirement from 60 to 62 years. By increasing the importance of the mechanism of non-proportional discount, it makes it even more impossible this type of constrained optimization 1.

other words, this reform amplifies the inadequacy of the system to our contemporary society: it does not reflect this desire for individualization of pensions. That makes a point system, modeled on the Swedish system, so attractive: it allows, in effect, free individuals to realize, as they see fit, the type of journey of life they want, while maintaining balanced accounts of pension funds.

Alongside the issue of individualization, arises at the other extreme of the social, a collective issue, which refers to the struggle between different social groups on the wealth produced. The current system is, in principle, based on pure horizontal distribution: assets pay dues to former assets, which receive a pension based on their past contributions. So it is a corporate system, relating only to the professional world, which does not affect the distribution "vertical" distribution of wealth between social groups in our hierarchical society.

The extreme opacity of the system makes it difficult to gauge, but it is in fact not so. Notably, because this system does not take into account life expectancy differential between social groups. In 2002, 35, senior men had 47 years of life expectancy, which is 6 years more than the workers, and 34 years without disability, 10 years older than the workers. To the extent, moreover, workers are twice as likely as managers, it means that part of the executive retirement plan is funded by workers.

The current reform amplifies this mechanism. Indeed, by raising the legal age of retirement, it requires all those who started working before age 18 and a half longer than contributing 41.5 annuities taxed at all. A person who began working at age 14 will thus have two annuities more than the minimum required for the full rate: for two years, he will work "for nothing", at least not for him. And these people are almost all workers, who were apprentices, and yet die 6 years earlier than the executives.

These injustices have been widely reported. They form the heart of the claim of the unions. But it has failed to see the deeper meaning. It means that the reform provides, in part, the sustainability of the current system with a vertical distribution in reverse, laborers to executives.

The reform proposals of the left going in the opposite direction. They all suggest, in varying degrees, use of new levies, which fall most of the logic "corporate" contributions. Particularly taxing financial income. These proposals overestimate the magnitude of revenue that makes possible such taxes in relation to funding requirements. However, their meaning is obvious: it is the continuation of the current retirement age by a vertical redistribution of wealth. That is to say change the principle of the system.

The underlying issue is clear: as resources are depleted to the needs to finance appears to tensions between different social groups, who intend to finance the continuation of their lifestyle through the wealth produced by others.

is the absolute limit proposals the left. For the French system is sustainable, it must obtain acceptance of all people, especially the upper classes. These classes were conducted successfully in the Anglo-Saxon revolts against the tax levy of a welfare state that they felt that they did not benefit. As noted Sterdyniak: "A funded system that benefits only the rich poor is socially fragile middle class, many, are indifferent and the rich, influential, hostile."

By transforming the principle of the system, making it the implicit social compact on which he sits as the threat of break left.

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1. discount system is especially poorly understood. It works like notes (p.25) Thomas Piketty, in the manner of a double penalty. We calculate, in fact, primarily a reversion rate that is proportional to the number of annuities contributed. Then, if lack of annuities, in addition to the proportional decrease in the rate that implies, it adds a discount of -1.25% points at the rate of reversion per missing quarter, up 5 points per year. Age 65 only allows the mechanism to remove the discount, not that of proportionality in the reversion.

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Pensions: a deficit in another

Pension reform has, without doubt, two political objectives.

Proving his electorate that Nicolas Sarkozy is able to take "painful" measures to raise France from its slow decline, send a message to financial markets, who are believed to threaten any country failing to reduce its budget deficit.

These two reasons make it an ad hoc action taken in emergency without consultation.

A small apothecary account is enough to understand that for this reason, the reform might move problems, and therefore to live even the endless cycle of pension reforms (there is the 5th in 15 years, if my counting is correct).

For this reform to work, it is necessary that the age structure of employment rate shifts of two years. In other words, there, in 2018, many people who work 62 years compared to persons 60 years old today, many people 63 years of the 61 years from now, etc..

If this is not the case, this reform is either a cynical maneuver, or a failure. Indeed, this would reduce the deficit of pension funds by reducing pensions: workers who could retire at full rate now, and who can do more with the reform would reduce their pension as they would be unemployed or forced inactivity before the legal age of retirement (d Hence a haircut). There would certainly less for pensions, and therefore less of a deficit, but at the cost of a variable combination of: 1) a deterioration of the fate of retired 2) an extension of the deficit of pension funds for that of 'UNEDIC, who cares elsewhere. What would please little financial markets, who do not care that generate deficits.

look is what this means. If one follows the predictions INSEE, there will be approximately 1.914 million people aged 60 to 62 in 2018 (I took the data of 2020).

The employment rate for 55-59 year olds is currently 63%. Apply it to our 60-62 year 2018, since that is the prerequisite for the success of the reform: the pyramid employment rate shifts of two years. That makes 1.23 million of additional assets.

must therefore be created 1.23 million jobs over 2018. There are currently 2, 615 million unemployed in France. If it fails to create these jobs, it means that the number of unemployed increase by almost 50% (probably less, of course, a number of them are daunting and it occurs more job center). The first calculation

apothecary gives us a measure of the challenge, and helps explain the fears of UNEDIC.

can clarify this challenge. There are 1, 23 million jobs to be created around, which can add about 400,000 jobs to find an unemployment rate of 8% and more or less stable unions UNEDIC. That is 1.6 million jobs, or about 6% more than before.

If we take the scenario The most pessimistic of the NRC on the evolution of per capita productivity of labor (+ 1.5% per year), this means that the French economy has a growth rate of 2.1% annually average in the seven years between now and early 2018. If the most optimistic scenario is confirmed NRC (+1.8% increase in labor productivity) will require 2.6% growth.

But the crisis, which prompted him to act in emergency situations, makes this type of growth completely illusory: the crisis will probably succeed for years of low growth. In January 2010, OFCE established three scenarios growth between 2011 and 2018. Black expects 1.3% annual growth. Pink, 2.1%.

All this is completely rough, of course. But it gives an idea of orders of magnitude that we are going to face.

One thing becomes clear: Nicolas Sarkozy will have to really go for growth with his teeth very long, it is true.

Unless, of course, have negotiated a reform with MEDEF to require that companies change their strategies for hiring older workers, who make at present these creations even more illusory employment of older workers. And a spreading of the implementation of the reform realistic, given the current capacity of the economy to create jobs. Indeed, this response of all countries that have adopted such reforms, even before the crisis, as recalls COR (p.5).

was the political courage that we can, it is true.

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Exclusive Interview / / Doumbia Major: I am fighting for justice and equality among human beings.

Gbagbo has explicitly asked students to go into prostitution to pay their registration fee. Was I wrong in characterizing the remarks as irresponsible from a president?

When students (who are training for workers in the country) you say they have no money to pay their tuition, one that represents the country do not tell them that you have to go begging or prostitution to be formed. We form for ourselves, but it is also formed for the country. So in this sense the education of youth is in the interest of national community and that is why the state should invest in training. Training is an investment for a country, it is not a loss.

That said, you Gbagbo, who represents the state, when young training you pose such a problem on their participation at the expense of their training, and that you are yourself aware that you have not created jobs, and that citizens are in poverty, you do not ask them go ask the guys for their money to register. And the boys when they go into prostitution to women who can maintain them?

How can a president and push his fellow citizens to begging while fleeing the state responsibilities towards citizens! We do not have fun with people's lives. Gbagbo himself has girls as a father, can he push her daughters into the arms of guys to frica they draw register to do their studies? In this way, where is the morality, ethics where it is supposed to embody as a father and time as president. It is unfortunate to say but because Gbagbo government think people who behave like sheep that can output this kind of laughing about.

So my position is clear, I am shocked by these comments from someone who represents my country in time as president. I am ashamed.

After this public insult he has just uttered against the misery of the suffering people, he'll have to show him that the Ivorian are not sheep or people without dignity, he will push to beg or prostitute themselves to live, when he allows himself a budget of 75 billion sovereign and his friends plundered the economy and wealth the country.

Gbagbo behaves like a poor surprised by her sudden unexpected richness. He became arrogant and abusive towards the other poor. To cure him of his arrogance, it should be back to where he comes to know what it is that misery and that respects the dignity of poor people who still do not sell their soul to the devil for their sustenance.