Macron’s Rivals Say They’ll Fix France’s Economy, but Economists Are Skeptical
One of the messages that helped propel the far-right National Rally to the brink of power in France’s parliamentary elections on Sunday — a once-unthinkable shift — is a common refrain in U.S. politics: It’s the economy, stupid.
Both the National Rally and a coalition of left-wing parties called New Popular Front won large gains in part by tapping into anger over a cost-of-living crisis and a sense that President Emmanuel Macron had grown out of touch and did not understand their struggles. Voting happens in two rounds, and candidates who reached certain thresholds will move on to the next round on Sunday.
A two-year streak of high inflation has left low- and middle-income French families grappling to pay for basics like energy, gas and food, while wages, in some cases, have failed to keep pace. Polls show that worries over “purchasing power” were a top concern of voters, alongside immigration and security. Blue-collar workers turned out in droves to vote for the National Rally, which is promising to aid households and curb immigration. The New Popular Front came in second with promises to raise wages and lower the retirement age.
Left unclear is how each party will pay for the pledges. Economists say many of the funding proposals are not credible, raising risks for a heavily indebted France. But the final results are hard to predict: If France winds up with a hung Parliament in next Sunday’s vote, legislative gridlock could also spook investors.
What are the National Rally’s economic plans?
As part of a “France first” economic policy, the National Rally would reserve first dibs for certain jobs and social benefits for French citizens. In a bow to the working classes, people who started working before age 20 could retire at 60 instead of the country’s official retirement age of 64. Pensions would be indexed to inflation. But making such changes would require amending the Constitution.
