“Shock” and “knockdown”, as some publications underline, is the size of the deficit in the state budget for France, which according to yesterday’s data from the Institute of Statistics and Economic Studies (INSEE) reached 154 billion euros, i.e. 5 .5% of French GDP.

It thus fell far short of the European target of 3%. It also fell far short of government forecasts of 4.8% of GDP. In the list of European countries for containing the deficit, France has now dropped to 20th place, which if nothing else is a blow to the French ego. As for the public debt, it has now reached 110.6% of GDP, which translates to the dizzying amount of 3,101.2 billion euros.

“We had lower tax revenues»

“The public finances of the state will have to be restored” acknowledged the Minister of Economy Bruno Lemaire, saying that “despite the good growth, we had lower tax revenues” and also considering that one of the reasons was the drop in inflation. The French note, however, that Bruno Lemaire has been the sole economy minister throughout Macron’s term so far and therefore bears some responsibility for the gap between forecasts and reality.

Now savings must be made and money found. Some politicians such as François Bairou, president of the centrist party “Modem”, as well as the president of the National Assembly Yael Braun Piwet, consider that the issue of increasing taxes is ultimately “inevitable”. Nevertheless, President Macron and the government are strongly opposed to the increase in taxation.

“Efforts are needed and choices will have to be made,” Lemaire acknowledged and called for a “collective awareness” from the French. The first place in the options seems to be the “reduction of government spending”, despite the reactions of the left opposition, which indicates that money exists and is in the “super-profits” of big business and the rich.