French Left’s Plans to Cost Six Times Macron’s, Estimates Show
(Bloomberg) -- The parties contesting the French legislative election have made campaign promises that would vary radically in cost, according to new estimates, with the left-wing alliance’s coming in highest largely on its plan to cut the retirement age.
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The analysis from think tank Institut Montaigne found that pledges by the leftist New Popular Front would require nearly €95 billion ($102 billion) in extra funds per year once they’re all implemented. The far-right National Rally’s plans came in at about €48 billion, while Macron’s party and its allies would incur extra spending over time of close to €15 billion.
The new estimates focus on tax and retirement proposals by the group and don’t necessarily include every plank of each party’s platforms. Institut Montaigne put out estimates on the parties’ purchasing-power proposals in June.
French President Emmanuel Macron’s snap decision to dissolve the National Assembly last month opened the door to the possibility of a new government that could implement economic policies that were considered fringe only recently and come with considerable cost. The National Rally scored an emphatic victory in the first round of voting and is now in a chess match against the center and left, which are trying to coalesce around single candidates in order to deny it a majority in the lower house.
France can ill-afford a sharp increase in spending since it’s already been struggling with its public finances. The European Union put the country in a special procedure for excessive deficits last month that could limit efforts to implement any ambitious spending plans while adhering to EU rules.
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