French government announces plan for pension cut

[Hannah Bell]

The French government announced its regressive pension reforms on Wednesday, after months of talks with the trade unions. President Sarkozy has raised the minimum legal retirement age from 60 to 62...

The age for retirement on a full state pension will be raised from 65 to 67 by 2020... The current average pension is €1,150 before deductions for social charges. In 2007, the INSEE (National Statistics Office) estimated that nearly a million pensioners aged 65 or over (10 percent of all pensioners) live on or below the official poverty line of €900 per month.

The reform also attacks state employees, who will now see their pension contributions increased in line with the private sector workers, going from 7.85 percent to 10.55 percent of gross pay. The government has insisted that drastic measures are necessary to meet a projected deficit in the pensions system of €49 billion by 2020. Sarkozy has tried to mask the assault on workers with minor taxes on the wealthy and their business operations. A new tax of one percent on the highest bracket of earned income plus a one percent increase on property sales tax is proposed.

http://www.wsws.org/articles/2010/jun2010/pens-j19.shtml

[Hardrada]

1. Wow! It's like this stuff is co-ordinated by international interests or something!

[Catherina]

2. It is. No coincidence at all. n/t

[Hannah Bell]

4. ya think? :>)

i think they're letting the air out of the bubble slow, putting hits on the populace in stages -- less risky than doing it all at once.

so that means years of high unemployment, low wages -- bleeding people --

[leftstreet]

5. No kidding!

Not many people realize that the US 'Cash for Clunkers' program was just one facet of the same scrappage programs happening simultaneously all over Europe.

Not that it's terribly important, it just cracks me up. All those G8 and G20 meetings where they meet later for drinks..."Well, shit! That idea didn't stimulate the economies. All R Wealthyz are still pissed! Guess we better start the austerity programs!"

[JDPriestly]

6. It clearly is. There can be no question about it.

The powers that be need to come clean.

What is going on?

Why are those of us at the lower end of the food chain being made to pay for the stupidity of those at the top?

Translation: why do those of us whose investments are tiny and mostly in the form of small retirement funds being required to compensate the losses of the very rich who gambled big-time in the stock market with OUR MONEY?

Everyone really should watch the video on Firedog Lake of the interview with Alan Simpson upon leaving a meeting of the Starve Grandma Committee.

[Hardrada]

7. Because we are not paying attention?

Because Beck won't blame the PTB?
Because they aren't scared of us at all knowing people prefer their little comforts to economic
and social justice?

[leftstreet]

3. K&R