Latest news with #FrancoisBayrou
Yahoo
12 hours ago
- Politics
- Yahoo
Granderson: Eliminating national holidays is a promising idea. Start with the racist ones
Believe it or not, France has had a form of social security since the 1600s, and its modern system began in earnest in 1910, when the world's life expectancy was just 32 years old. Today the average human makes it to 75 and for the French, it's 83, among the highest in Europe. Great news for French people, bad news for their pensions. Because people are living longer, the math to fund pensions in France is no longer mathing, and now the country's debt is nearly 114% of its GDP. Remember it was just a couple of years ago when protesters set parts of Paris on fire because President Emmanuel Macron proposed raising the age of legal retirement from 62 to 64. Well, now Prime Minister Francois Bayrou has proposed eliminating two national holidays, in an attempt to address the country's debt. Read more: Granderson: Where's the music that meets this moment? Black artists are stepping up In 2023, before Paris was burning, roughly 50,000 people in Denmark gathered outside of Parliament to express their anger over ditching one of the country's national holidays. The roots of Great Prayer Day date all the way back to the 1600s. Eliminating it — with the hopes of increasing production and tax revenue — brought together the unions, opposing political parties and churches in a rare trifecta. That explains why a number of schools and businesses closed for the holiday in 2024 in defiance of the official change. This week, Bayrou proposed eliminating France's Easter Monday and Victory Day holidays, the latter marking the defeat of Nazi Germany. In a Reuters poll, 70% of respondents didn't like the idea, so we'll see if Paris starts burning again. Or maybe citizens will take a cue from the Danes and just not work on those days, even if the government decides to continue business as usual. Here at home, President Trump has also floated the idea of eliminating one of the national holidays. However, because he floated the idea on Juneteenth — via a social media post about 'too many non-working holidays' — I'm going to assume tax revenue wasn't the sole motivation for his comments that day. You know, given his crusade against corporate and government diversity efforts; his refusal to apologize for calling for the death penalty for five innocent boys of color; and his approval of Alligator Alcatraz. However, while I find myself at odds with the president's 2025 remarks about the holiday, I do agree with what he said about Juneteenth when he was president in 2020: 'It's actually an important event, an important time.' Indeed. While the institution of slavery enabled this country to quickly become a global power, studies show the largest economic gains in the history of the country came from slavery's ending — otherwise known as Juneteenth. Two economists have found that the economic payoff from freeing enslaved people was 'bigger than the introduction of railroads, by some estimates, and worth 7 to 60 years of technological innovation in the latter half of the 19th century,' according to the University of Chicago. Why? Because the final calculations revealed the cost to enslave people for centuries was far greater than the economic benefit of their freedom. In 1492, when Christopher Columbus 'discovered America,' civilizations had been thriving on this land for millennia. The colonizers introduced slavery to these shores two years before the first 'Thanksgiving' in 1621. That was more than 50 years before King Louis XIV started France's first pension; 60 years before King Christian V approved Great Prayer Day; and 157 years before the 13 colonies declared independence from Britain on July 4, 1776. Of all the national holidays around the Western world, it would appear Juneteenth is among the most significant historically. Yet it gained federal recognition just four years ago, and it remains vulnerable. The transatlantic slave trade transformed the global economy, but the numbers show it was Juneteenth that lifted America to the top. Which tells you the president's hint at its elimination has little to do with our greatness and everything to do with the worldview of an elected official who was endorsed by the newspaper of the Ku Klux Klan. If it does get to the point where we — like France and Denmark — end up seriously considering cutting a holiday, my vote is for Thanksgiving. The retail industry treats it like a speed bump between Halloween and Christmas, and when history retells its origins, it's not a holiday worth protesting to keep. YouTube: @LZGrandersonShow If it's in the news right now, the L.A. Times' Opinion section covers it. Sign up for our weekly opinion newsletter. This story originally appeared in Los Angeles Times. Solve the daily Crossword
Los Angeles Times
a day ago
- Politics
- Los Angeles Times
Eliminating national holidays is a promising idea. Start with the racist ones
Believe it or not, France has had a form of social security since the 1600s, and its modern system began in earnest in 1910, when the world's life expectancy was just 32 years old. Today the average human makes it to 75 and for the French, it's 83, among the highest in Europe. Great news for French people, bad news for their pensions. Because people are living longer, the math to fund pensions in France is no longer mathing, and now the country's debt is nearly 114% of its GDP. Remember it was just a couple of years ago when protesters set parts of Paris on fire because President Emmanuel Macron proposed raising the age of legal retirement from 62 to 64. Well, now Prime Minister Francois Bayrou has proposed eliminating two national holidays, in an attempt to address the country's debt. In 2023, before Paris was burning, roughly 50,000 people in Denmark gathered outside of Parliament to express their anger over ditching one of the country's national holidays. The roots of Great Prayer Day date all the way back to the 1600s. Eliminating it — with the hopes of increasing production and tax revenue — brought together the unions, opposing political parties and churches in a rare trifecta. That explains why a number of schools and businesses closed for the holiday in 2024 in defiance of the official change. This week, Bayrou proposed eliminating France's Easter Monday and Victory Day holidays, the latter marking the defeat of Nazi Germany. In a Reuters poll, 70% of respondents didn't like the idea, so we'll see if Paris starts burning again. Or maybe citizens will take a cue from the Danes and just not work on those days, even if the government decides to continue business as usual. Here at home, President Trump has also floated the idea of eliminating one of the national holidays. However, because he floated the idea on Juneteenth — via a social media post about 'too many non-working holidays' — I'm going to assume tax revenue wasn't the sole motivation for his comments that day. You know, given his crusade against corporate and government diversity efforts; his refusal to apologize for calling for the death penalty for five innocent boys of color; and his approval of Alligator Alcatraz. However, while I find myself at odds with the president's 2025 remarks about the holiday, I do agree with what he said about Juneteenth when he was president in 2020: 'It's actually an important event, an important time.' Indeed. While the institution of slavery enabled this country to quickly become a global power, studies show the largest economic gains in the history of the country came from slavery's ending — otherwise known as Juneteenth. Two economists have found that the economic payoff from freeing enslaved people was 'bigger than the introduction of railroads, by some estimates, and worth 7 to 60 years of technological innovation in the latter half of the 19th century,' according to the University of Chicago. Why? Because the final calculations revealed the cost to enslave people for centuries was far greater than the economic benefit of their freedom. In 1492, when Christopher Columbus 'discovered America,' civilizations had been thriving on this land for millennia. The colonizers introduced slavery to these shores two years before the first 'Thanksgiving' in 1621. That was more than 50 years before King Louis XIV started France's first pension; 60 years before King Christian V approved Great Prayer Day; and 157 years before the 13 colonies declared independence from Britain on July 4, 1776. Of all the national holidays around the Western world, it would appear Juneteenth is among the most significant historically. Yet it gained federal recognition just four years ago, and it remains vulnerable. The transatlantic slave trade transformed the global economy, but the numbers show it was Juneteenth that lifted America to the top. Which tells you the president's hint at its elimination has little to do with our greatness and everything to do with the worldview of an elected official who was endorsed by the newspaper of the Ku Klux Klan. If it does get to the point where we — like France and Denmark — end up seriously considering cutting a holiday, my vote is for Thanksgiving. The retail industry treats it like a speed bump between Halloween and Christmas, and when history retells its origins, it's not a holiday worth protesting to keep. YouTube: @LZGrandersonShow
Russia Today
2 days ago
- Business
- Russia Today
France a ‘fiscal time bomb' for EU
France's efforts to tackle its growing deficit have reignited concerns about EU stability, with financial markets bracing for the fallout, Bloomberg has reported, citing ING Groep NV strategists. The euro dropped to a one-month low this week, driven by tensions over French Prime Minister Francois Bayrou's massive deficit-cutting plan. His proposals, including slashing public sector jobs and curbing welfare spending, could fuel debate in France's minority government and undermine investor confidence, the strategists warned. In a note seen by Bloomberg, currency strategist Francesco Pesole warned on Wednesday that while the euro's decline was largely dollar-driven, it was also due to political and fiscal challenges in France. 'The French deficit story has been very much in the background as of late, but [Tuesday] probably served as a reminder that it is a ticking bomb for EU sentiment,' Pesole wrote, adding 'We could start seeing some FX spillovers in the coming months.' Bayrou's €43.8 billion ($50.9 billion) plan targets a deficit that reached 5.8% of GDP last year – double the EU's 3% limit. He warned on Tuesday that excessive debt posed a 'mortal danger' and proposed scrapping public holidays to boost productivity and freezing pensions. The proposals have faced backlash, with left-wing parties accusing the government of prioritizing military spending over social welfare. Jean-Luc Melenchon, leader of La France Insoumise, called for Bayrou's resignation, saying 'these injustices cannot be tolerated any longer.' France's military budget is slated to rise to €64 billion in 2027, double what the country spent in 2017. President Emmanuel Macron has announced an additional €6.5 billion in funding over the next two years, citing heightened threats to European security. A new defense review released this month warned of a potential 'major war' in Europe by 2030, listing Moscow among the top threats. The Kremlin has dismissed claims it is planning to attack the West, accusing NATO of using Russia as a pretext for military expansion. Bayrou, who has survived eight no-confidence motions, must secure parliamentary backing for his proposals before presenting the full budget in October. The right-wing National Rally party has opposed the cuts and called for another vote on his government.
Yahoo
2 days ago
- Business
- Yahoo
Explainer-French PM aims to soften opposition to his budget to avert new crisis
By Leigh Thomas PARIS (Reuters) -French Prime Minister Francois Bayrou has to convince opposition Socialist lawmakers in the coming months to tolerate his 44 billion euro budget squeeze or he faces the risk of being toppled. Bayrou is bringing his 2026 budget to a fractured parliament where hard-left and far-right parties threaten no-confidence motions against him unless he makes major revisions. If he can convince the Socialists at least to abstain from backing such motions, Bayrou's minority government could get the budget through, however, meaning he must rewrite the legislation enough for them to stomach it. Politicians will be heading off for the summer break, with parliament in recess until Sept. 22, effectively giving Bayrou two months to try to soften the Socialists' resistance to his plans. BAYROU'S PROPOSAL Bayrou aims to reduce France's budget deficit, the biggest in the euro zone, from 5.4% to the European Union's 3% GDP limit by 2029. His 43.8 billion euro ($51 billion) package freezes most non-defence spending and eliminates two public holidays. Nearly 21 billion euros comes from limiting social and local government spending growth, with no inflation adjustments for public sector wages or welfare benefits. Another 10 billion euros targets high earners through a "solidarity" tax, restricts pensioner tax breaks, and cracks down on fraud. WHAT HAPPENS NEXT? While politicians debate the budget over their summer break, unions are considering strike action - the hard-line CGT is in favour while the moderate CFDT has not ruled it out. The September return from the summer recess promises to be particularly tense as parties stake out positions. Bayrou must finalise his budget bill by Oct. 1 when it is to be sent to lawmakers. Without a majority, he will likely at some point invoke article 49.3 of the constitution to adopt the budget without a vote, triggering inevitable no-confidence motions. His survival would depend on the Socialists' abstention. SOCIALIST DEMANDS Socialists demand a total budget revision, arguing that the spending freeze burdens average workers and pensioners while treating the wealthy with a light touch. They have criticised Bayrou's 4 billion euro tax increase on high earners as grossly insufficient. Bayrou has signalled a willingness to adapt, but he faces constraints from allies who think France's tax burden is already excessive. The Socialists are also against plans not to replace some retiring public workers and the scrapping of two public holidays. IF BAYROU FALLS Should Bayrou fail to placate the Socialists and fall, President Emmanuel Macron would have to find a new prime minister, as happened with Bayrou's conservative predecessor Michel Barnier in December. This would leave budget legislation in limbo during the formation of a new government, which could drag on in the absence of figures palatable to at least some parties. Alternatively, Macron could call snap legislative elections again, plunging France even deeper into political uncertainty. ($1 = 0.8592 euros) Sign in to access your portfolio
The Star
2 days ago
- Business
- The Star
Explainer-French PM aims to soften opposition to his budget to avert new crisis
French Prime Minister Francois Bayrou leaves following the weekly cabinet meeting at the Elysee Palace in Paris, France, July 16, 2025. REUTERS/Abdul Saboor PARIS (Reuters) -French Prime Minister Francois Bayrou has to convince opposition Socialist lawmakers in the coming months to tolerate his 44 billion euro budget squeeze or he faces the risk of being toppled. Bayrou is bringing his 2026 budget to a fractured parliament where hard-left and far-right parties threaten no-confidence motions against him unless he makes major revisions. If he can convince the Socialists at least to abstain from backing such motions, Bayrou's minority government could get the budget through, however, meaning he must rewrite the legislation enough for them to stomach it. Politicians will be heading off for the summer break, with parliament in recess until Sept. 22, effectively giving Bayrou two months to try to soften the Socialists' resistance to his plans. BAYROU'S PROPOSAL Bayrou aims to reduce France's budget deficit, the biggest in the euro zone, from 5.4% to the European Union's 3% GDP limit by 2029. His 43.8 billion euro ($51 billion) package freezes most non-defence spending and eliminates two public holidays. Nearly 21 billion euros comes from limiting social and local government spending growth, with no inflation adjustments for public sector wages or welfare benefits. Another 10 billion euros targets high earners through a "solidarity" tax, restricts pensioner tax breaks, and cracks down on fraud. WHAT HAPPENS NEXT? While politicians debate the budget over their summer break, unions are considering strike action - the hard-line CGT is in favour while the moderate CFDT has not ruled it out. The September return from the summer recess promises to be particularly tense as parties stake out positions. Bayrou must finalise his budget bill by Oct. 1 when it is to be sent to lawmakers. Without a majority, he will likely at some point invoke article 49.3 of the constitution to adopt the budget without a vote, triggering inevitable no-confidence motions. His survival would depend on the Socialists' abstention. SOCIALIST DEMANDS Socialists demand a total budget revision, arguing that the spending freeze burdens average workers and pensioners while treating the wealthy with a light touch. They have criticised Bayrou's 4 billion euro tax increase on high earners as grossly insufficient. Bayrou has signalled a willingness to adapt, but he faces constraints from allies who think France's tax burden is already excessive. The Socialists are also against plans not to replace some retiring public workers and the scrapping of two public holidays. IF BAYROU FALLS Should Bayrou fail to placate the Socialists and fall, President Emmanuel Macron would have to find a new prime minister, as happened with Bayrou's conservative predecessor Michel Barnierin December. This would leave budget legislation in limbo during the formation of a new government, which could drag on in the absence of figures palatable to at least some parties. Alternatively, Macron could call snap legislative elections again, plunging France even deeper into political uncertainty. ($1 = 0.8592 euros) (Reporting by Leigh Thomas; Editing by Hugh Lawson)
