Edward Conard

Top Ten New York Times Bestselling Author

  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “Unintended Consequences should be read by anyone who takes for granted the superiority of progressive taxation and has not thought carefully about the trade-offs involved.” - The New Republic
  • “There are an amazing number of good ideas and interesting points made in Unintended Consequences. The thinking underlying it, and the obvious depth of understanding of the author, are very impressive.” - Steven Levitt, coauthor of Freakonomics; 2004 John Bates Clark Medal
  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
  • “A full-throated defense of economic dynamism.” - The Wall Street Journal
  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “Unintended Consequences is far smarter and more thought-provoking than most economics written for the general public” - Greg Mankiw, Harvard University, Former Chairman of the Council of Economic Advisors
  • “Unintended Consequences offers deep and well-argued analyses on almost every issue.” - The New York Times
Upside of Inequality Oxford Unintended Consequences

AI Summary. France's prime minister said he would suspend the plan to raise the retirement age to 64 until the next presidential election, while asking parties to agree on other savings. He outlined a €30bn package of spending cuts and tax rises to cut the deficit to 4.7% of national output from 5.4%.

Sarah White and Ian Johnston Financial Times
Date Posted:

Newly reappointed Sébastien Lecornu has proposed suspending plans to raise the retirement age to 64 until 2027. In exchange, he wants other spending cuts and tax increases that would stabilize the deficit at <5% of GDP.

Will France suspend its pension reform to secure deficit reduction?

Core argument: French Prime Minister Sébastien Lecornu said he would suspend Emmanuel Macron's plan to raise the retirement age to 64 until 2027, when presidential elections are due, reversing Macron's flagship economic policy in a breakthrough for the left.

In a major breakthrough for the left and a U-turn on Macron’s flagship economic policy, Sébastien Lecornu said he would suspend plans to raise the retirement age to 64 until 2027, when presidential elections are due. But parties would have to agree on other savings to keep next year’s deficit at under 5% of national output, he added. The premier outlined a €30bn fiscal package of spending cuts and tax rises, designed to take the deficit to 4.7% of national output in 2026 from 5.4% this year. The prime minister said everything was up for debate, however, and the target could be eased, although he urged parties to agree to keep the deficit under 5%.

Takeaways by Macro Roundup® AI

  1. French Prime Minister Sébastien Lecornu said he would suspend Emmanuel Macron's plan to raise the retirement age to 64 until 2027, when presidential elections are due, reversing Macron's flagship economic policy in a breakthrough for the left.
  2. Lecornu outlined a €30bn package of spending cuts and tax rises designed to cut France's deficit to 4.7% of national output in 2026 from 5.4% this year.
  3. Lecornu said parties would have to agree on other savings to keep next year's deficit under 5% of national output, adding that everything was up for debate and the target could be eased.

Related Articles:

  • French Companies’ Borrowing Costs Fall Below Government’s As Debt Fears Intensify — Bond yields for French companies including L'Oréal, Airbus and Axa have fallen below those on French government debt of similar maturity, with 10 French firms trading at a negative spread to the sovereign — the most in data going back to 2006, according to Goldman Sachs. Sovereign yields typically set a baseline for corporate bonds.
  • Europe’s Right-Wing Populists Swerve Left on the Economy — Right-wing populist parties across Europe, including the Sweden Democrats, Austria's Freedom Party, Germany's Alternative for Germany and France's National Rally, have shifted from small-government, low-tax, free-trade platforms toward calls for higher welfare benefits, subsidies and protectionism, often alongside pro-market positions.
  • France and Britain Are In Thrall To Pensioners — French pensioners receive larger government payments than in any other western country and begin receiving them several years earlier, leaving over-65s with higher average incomes than the working-age population — a situation without precedent internationally or in France's own history. Proposals to raise the retirement age or delay pension increases have triggered nationwide protests and government collapses.
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