Chart of the Day: French Protests Trigger a Global Conversation on Retirement Age

Contact Your Elected Officials
Right Wire Report Header

President Emmanuel Macron upped the retirement age from 62 to 64 and placed further restrictions on collecting a full pension. He did this unilaterally, by decree.

Under the French constitution, the president can enact laws without a vote in Parliament if he can survive a vote of no confidence. Macron barely survived a vote of no-confidence by just nine votes. 278 voted in favor, with 287 needed.

Macronโ€™s move has sparked nationwide protests, not just for raising the retirement age but the perceived un-democratic process Macron followed. See a couple of Tweets showing some of the protests in France.

This is not just a French issue. Recently in the US, President Joe Biden has been gaslighting Americans, telling them that they can have it all โ€“ to buy votes, of course. Biden has attacked Republicans in recent months for positions the president himself once held on Social Security and entitlement programs, including sunset bills and raising the retirement age. Though today Biden is playing politics, saying he wonโ€™t touch Social Security, the reality is that he will have no choice. See Biden from the past in the video below.

The worldโ€™s population of people aged 60 years and older is expected to double by 2050, according to the World Health Organization, while fertility rates are in long-term decline. The financial strain is challenging old-age support systems and leaving many countries facing tough choices about raising the age of retirement, cutting benefits, or lifting taxes.

Pension shortfalls will be the equivalent of about 23% of world output by 2050, the Group of 30 consultancy estimated. One key measure is the old-age dependency ratio โ€“ the number of older people compared to the population that is working age.

In Europe and North America, that ratio will be about 50 per 100 by 2050, according to UN forecasts, a rise from 30 per 100 in 2019. In short, weโ€™re on a trajectory toward a smaller share of people paying taxes and a higher proportion drawing pensions. By 2035, the basic US system known as Social Security will no longer be able to cover payments, forcing a 20% reduction in benefits, according to its trustees.

See the old-age dependency ratio in the US and selected countries in the chart below and learn more hereTake particular notice that the slope of this curve has just started to accelerate and will only get worse in the years to come.

France is not alone, but certainly late to the global movement to raise retirement ages to meet the challenge. In the chart below, see where the US sits along with other countries in terms of current retirement ages and where the retirement age potential could arrive โ€“ learn more here.

Can you imagine a bricklayer retiring at 70? Or a brain surgeon working on you at that same age. The unfortunate reality is that demographics will drive the need to either raise retirement ages or require more taxes/funding of public and private pension plans in order to keep them solvent to pay benefits relative to what has been paid in the past.

Protest or not, this issue is not going away.

By Tom Williams

Right Wire Report
Right Wire Reporthttps://rightwirereport.com/
Right Wire Report was a group of concerned citizens who took action to promote traditional values and work for a better America.

On the Major Leagueโ€™s periphery: A major trip through the minors

For Nick Dunn, the trek through the minors is a trifecta of physical, mental, and organizational hurdles filled with politics, roster volatility, and injuries.

Peace In Ukraine Wonโ€™t End The Westโ€™s Hybrid War On Russia

The Westโ€™s Hybrid War on Russia to follow peace in Ukraine is inevitable due to neoconservatives and liberal-globalists in its decision-making ecosystem.

Was Texas Storm Manmade?

Another โ€œ1-in-100 yearsโ€ weather event in Kerr County happened next to a Texas designated โ€œWeather Modification Map of Rain-Enhancement Projects in Texasโ€.

The America Party Will Harm Democrats The Most

Elon Musk formed the America Party after an X poll asking his followers if they wanted โ€œindependence from the two-party system!

Democrats Exhibit the Dunning-Kruger Effect (DKE)

โ€œThe Dunning-Kruger effect is a cognitive bias where people with low ability at a task overestimate their competence, while those with high ability underestimate their competence.

Doctor Groups Sue RFK Jr. Over Altered COVID-19 Vaccine Recommendations

Health Sec. RFK, Jr.โ€™s decision to remove recommendations that healthy children and pregnant women receive COVID-19 vaccines was illegal, lawsuit alleges.

Los Angeles Mayor Confronts Federal Immigration Officers at MacArthur Park

After decrying federal immigration enforcement operations in Los Angeles, Mayor Karen Bass confronted ICE officers as they gathered at a city park.

What We Know About Victims of Texas Floods

The death toll from a series of devastating Texas floods over the July 4 weekend has risen to more than 100 people, many of whom are children.

Trial Begins Over Trump Adminโ€™s Deportations of Pro-Palestinian Students

A trial over President Trumpโ€™s attempts to deport pro-Palestinian activists began on July 7 with attorneys debating free speech.

Top Trump Officials to Hold Trade Talks With China in August

The Trump administrationโ€™s top trade negotiators are set to meet with Chinese officials in early August, Commerce Secretary Howard Lutnick said.

Trump, Netanyahu Meet for 2nd Consecutive Day at White House to Discuss Gaza

U.S. President Donald Trump is hosting Israeli Prime Minister Benjamin Netanyahu at the White House on July 8 for a second consecutive day.

Trump Extends Federal Hiring Freeze Until October

Trump issued memo extending federal hiring freeze until Oct. 15, maintaining exemptions for positions related to the armed forces and public safety.

US to Send More Defensive Weapons to Ukraine

The Pentagon is sending more defensive weapons to Ukraine amid the Eastern European countryโ€™s ongoing war with Russia.
spot_img

Related Articles