9 billion euros of additional savings per year should respect the public finance objectives by 2027, indicates the institution in its annual report.
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This is the essential appointment of the beginning of the year for the institution of Cambon Street in Paris. But less than two months of the presidential election, the annual report of the Court of Auditors is of particular importance. For magistrates, the tricolor trajectory of fiscal recovery advocated by the executive and the majority at the end of the pandemic of Covid-19 is, indeed, “uncertain”, they judge in the first part of the report, focused, as to the accustomed, on the situation of public finances. Criticism is not new, for a traditionally guaranteeing institution of budget orthodoxy. However, it sounds as a warning sent to the current government, at the time when the Emmanuel Macron’s application and, therefore, a detailed program for a second five-year hypothetical is wait.
In the meantime, it is the forecast of the last budget and the elements given at the beginning of the year by Bercy – on which the government is projecting -, which act as a compass for the Court. To know a public deficit reduced by 5% of the gross domestic product (GDP) in 2022 to 3% in 2027, when the public debt (expected at 113.5% of GDP this year) would begin to decrease slightly.
Such objectives, which today allow the Executive to boast its serious budget, would rest “exclusively on a control of the expense”, however, regrets the report. What to leave the courtyard court. Magistrates calculated that such a goal “would require more than 9 billion additional savings each year in relation to the growth of expenses observed before the crisis (2010-2019), period during which economies had already been carried out” . A hollow criticism of the government’s economic voluntarism for the years to come.
For several hazhes remain to achieve this. Although post-written economic activity has exceeded, since the fall of 2021, its 2019 level – growth is expected at 4% this year; The deficit should be reduced to 7% – and that tax revenues should remain dynamic, the Executive did not relax on the tax cuts and deduction at the end of the five-fifth: 15.5 billion in 2021 (lower taxes. production for companies, further development of the corporate tax rate and housing tax rate) and yet 10.1 billion expected in 2022 (pursuit of previous declines, to which is added the tariff shield against the outbreak of gas and electricity prices).
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