Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
I'll second that excellent specific point: the Social Security deficit is smaller than the transfers to that budget that have been committed by the State but withheld for various reasons. Effectively, Social Security is used as a piggy bank by the government.

Now that changes nothing in the overall public deficit numbers, but it relocates the problem where it rightly belongs: government finances (just like in the USA for that matter)

Note: in France, "Social Security" includes all social transfers, i.e. healthcare, pensions, unemployment, family support, and a few other smaller ones

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Thu Dec 29th, 2005 at 01:18:13 PM EST
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