Thursday, March 4, 2010

Palier: It's the Jobs, Stupid

Bruno Palier, a leading authority on the French welfare state, compares the situation of Greece to that of France. Both grant a disproportionate share of total social expenditures to retirees (60% for Greece, 45% for France). France as a higher birth rate, which would be a good thing if it could find a way to put its young to work, but it has lagged in that area. Like Greece, it has a low participation rate for the older tranches of the demographic spectrum. Taken together, these factors make it difficult to finance les acquis sociaux.

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