| TNV06 - Niveau de vie annuel moyen des individus selon leur âge |
INSEE (en Français  )
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| http://www.insee.fr/fr/themes/detail.asp?reg_id=0&ref_id=ir-erfs2007&page=irweb/ERFS2007/dd/erfs2007_sl-nv.htm |
| The Next Crisis: Public Pension Funds |
New York Times, 27/06/2010 (traduire en Français  )
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| http://www.nytimes.com/2010/06/27/magazine/27fob-wwln-t.html |
“I have a special word for my fellow Democrats,” Crane told a public hearing. “One cannot both be a progressive and be opposed to pension reform.” The budgetary math is irrefutable: generous pensions end up draining money from schools, social services and other programs that progressives naturally applaud.
In California, which is in a $19 billion budget hole, Calpers is forcing hard-pressed localities to cough up an extra $700 million in contributions. New York State, more creatively, has suggested that municipalities simply borrow from the state pension fund the money they owe to that very fund.
Pension funds subsist on three revenue streams: contributions from employees; contributions from the employer; and investment earnings. But public employers have often contributed less than the actuarially determined share, in effect borrowing against retirement plans to avoid having to cut budgets or raise taxes.
They also assumed, conveniently enough, that they could count on high annual returns, typically 8 percent, on their investments.
assuming states make contributions at recent rates and assuming they do earn 8 percent, 20 state funds will run out of cash by 2025; Illinois, the first, will run dry in 2018.
if the unfinanced portion of all public pension obligations were converted to debt, total state indebtedness would soar from $1 trillion to $4.3 trillion.
States really have no choice but to further cut spending and raise taxes. They also need to cut pension benefits. About half have made modest trims, but only for future workers. Reforming pensions is painfully slow, because pensions of existing workers are legally protected. There is, of course, no argument for canceling a pension already earned. But public employees benefit from a unique notion that, once they have worked a single day, their pension arrangement going forward can never be altered. No other Americans enjoy such protections. Private companies often negotiate (or force upon their workers) pension adjustments. But in the world of public employment, even discussion of cuts is taboo.
| Aid to States May Be Lost as Jobs Bill Stalls |
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New York Times, 27/06/2010 (traduire en Français )
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| http://www.nytimes.com/2010/06/26/us/politics/26states.html |
Financially struggling states, already facing record budget shortfalls, are now confronting the possibility of losing out on billions of dollars in federal aid that they had been counting on, if Congress does not revive a jobs bill that stalled in the Senate this week.
“What we’re not willing to do, is use worthwhile programs as an excuse to burden our children and our grandchildren with an even bigger national debt,”
The additional federal aid for Medicaid was initially supposed to be $24 billion but was later scaled back to $16 billion in the bill that stalled on Thursday.
State revenues are expected to be up slightly in the coming fiscal year compared with the last, but are still expected to be down about $54 billion since the recession began, said Mr. Sigritz.
Most states are legally or constitutionally required to balance their budgets
“It’s going to be huge teacher layoffs, money to our universities, money to the counties and cities, municipal workers, firemen,” he said. “It would be enormously destructive.”
)...
| Réduction des niches fiscales : de 8,5 à 10 milliards d'euros en 2010, selon Baroin |
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Les Echos, 27/06/2010 (en Français )
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| http://www.lesechos.fr/info/france/reuters_00263310.htm?xtor=RSS-2010 |
"Je pense qu'il faut qu'on s'approche plutôt des dix milliards, entre 8,5 et 10 milliards, ce qui sera probablement nécessaire pour que nous atteignions notre objectif qui est lui aussi incontournable - passer de 8% à 6% de niveau de déficit l'année prochaine", a-t-il dit.
La méthode gouvernementale, qui consiste à appliquer un "coup de rabot" uniforme sur toutes les "niches", est cependant contestée puisqu'elle ne permet pas de différencier l'effort.
Ainsi, celui qui bénéficie de réductions au titre de la garde des enfants ou pour payer une femme de ménage sera autant pénalisé, en proportion, que celui qui investit en Martinique.
La méthode du rabot est "ce qu'il y a de plus juste et plus acceptable", a cependant assuré François Baroin.
Le ministre a aussi promis dix milliards d'économies sur le fonctionnement de l'État entre 2011 et 2013, assurant que 10.000 voitures de service seraient supprimées, que 10% des postes seraient supprimés dans les administrations centrales et que les crédits de communication seraient réduits de 20%.
Les dépenses somptuaires de certains membres du gouvernement, comme les milliers d'euros de cigares remboursés sur fonds publics à Christian Blanc, secrétaire d'État au développement du grand Paris, ont récemment suscité la controverse.
| Is there life after debt? |
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The Economist, 24/06/2010 (traduire en Français )
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| http://www.economist.com/node/16426084 |
In the 19th century defaulting borrowers were sent to prison. The generation that lived through the Great Depression learned to scrimp and save. But the wider take-up of credit cards in the 1960s created a “buy now, pay later” society. Default became just a lifestyle choice. The reckless lender, rather than the imprudent debtor, was likely to get the blame.
The road to riches was simple: buy an asset with borrowed money, then sit back and watch its price rise.
Piling up more debt does not seem an option. There is little appetite on behalf of borrowers or creditors. All governments face the tricky balance of appeasing the markets without damaging growth: Britain’s new government had a go this week (see article). But living with less debt will present a second set of longer-term challenges.
The road to purgatory
A rich world with less debt would look very different. Banks are already facing demands for higher capital ratios (and thus safer balance-sheets). Western consumers, facing higher taxes and lower benefits, will no longer have the freedom to spend; indeed, they will want to save more as they face long retirements. Sarah Jessica Parker and her Manolo Blahniks will be out; Grandma Walton and her sensible apron will be in. Houses will once again be somewhere to live, not vehicles for speculation. Some business models, notably private equity, will find it tougher to thrive. Life will be harder for entrepreneurs: more than half of all new firms rely on debt finance.
The best and the brightest young Europeans may emigrate to countries without such burdens; and if the economy stagnates, those that remain may eventually decide either to default on their debts, or to cut benefits to the elderly. Faced with those dangers, Europe needs to embrace the structural reforms necessary to make its economies as fast-growing and flexible as possible.
At the moment the developing world is unwilling to run current-account deficits; even getting China to save less is a huge task (see article). All the same, a shift is in everybody’s long-term interest—and the younger parts of the world should be the borrowers.
... voters, who may work off their frustrations on politicians and (worse) foreigners.
| Un héritier Peugeot délesté d'un coffre-fort de lingots et pièces d’or |
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AFP via Le Matin, 09/12/2009 (en Français )
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| http://www.lematin.ch/heritier-peugeot-deleste-coffre-fort-lingots-pieces-or-201271 |
Des cambrioleurs ont dérobé un coffre-fort dans l'appartement parisien du descendant direct du fondateur du groupe automobile français.
Des cambrioleurs ont dérobé un coffre-fort contenant pour 500 000 euros de lingots et de pièces d’or au domicile parisien de Robert Peugeot, descendant direct du fondateur du groupe automobile, a-t-on appris mercredi de source policière.
| Eric Woerth et les lingots d'or de l'héritier de Peugeot |
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Le Monde, 26/06/2010 (en Français )
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| http://www.lemonde.fr/politique/article/2010/06/27/eric-woerth-et-les-lingots-d-or-de-l-heritier-de-peugeot_1379604_823448.html |
En voyage à l'étranger, Robert Peugeot est averti d'un cambriolage à son domicile. Quelques jours plus tard le ministre et l'héritier ont dîné dans un restaurant de la capitale. "Pourquoi le président de la structure familiale contrôlant le géant automobile a-t-il voulu dîner rapidement avec le ministre du budget ?", se demande le JDD.
"Le montant du vol, sur la base de sa déclaration initiale, a d'abord été estimé à 500 000 euros… puis aujourd'hui à 150 000 euros", rapporte le JDD qui explique que M. Peugeot est "déjà sous le coup d’un litige fiscal" et qu'il craint "une enquête sur l’origine de son or".
Etrange que tout ça sorte en ce moment tout de même Visiblement, il y'en a pas qui ne doivent pas avoir envie qu'il la fasse sa réforme le père Woerth.
pour traduire automatiquement les liens avec google)
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