Weighty supporters, a few days before the first round of the legislative elections. More than 170 economists, including Thomas Piketty, Gabriel Zucman and Jacques Généreux, signed a forum in support of the economic program of Nupes, published Thursday, June 9 on the website of the Sunday newspaper.
“For the first time in the 21st century, the left in France has come together to implement a break with neoliberalism. Turning its back on policies that increase inequalities, weaken public services and damage ecosystems, the Nupes brings to the legislative a project of social and ecological transformation”they write, at a time when the presidential camp is attacking the economic credibility of the left alliance.
“As economists we know that this program is ambitious”they add, but they consider it necessary “a fork” facing a “Macronian power” who “navigating by sight” with a strategy “unfair”. “If a Macronian majority is renewed, the next few months will be very difficult for most of the population. Conversely, a victory for Nupes would immediately bring progress”, believe these economists, who also include Jézabel Couppey-Soubeyrand, Emmanuel Saez and Lucas Chancel. They cite the blocking of the prices of basic necessities, the increase in the Smic to 1,500 euros or the establishment of an autonomy allowance for young people.
They denounce in particular the “supply policy” which leads to “an ecological disaster, a flight of income for the richest due to massive tax cuts in their favor and a private economy that aspires to more and more public subsidies”. “By addressing economic issues from the perspective of meeting needs, the Nupes program offers another path”they justify, defending in particular the “remobilization of public power” in respect of the environment desired by the left alliance, in full dynamics in the polls.
Progressive taxation to finance new spending
The signatories also defend the desire to finance this economic program – which provides for 250 billion euros in additional expenditure – via a greater “social justice”with a “progressive taxation on income and assets”including the restoration of the wealth tax and the abolition of the single flat tax on capital income.
On the public debt, for which Nupes is considering “to obtain that the European Central Bank (ECB) transforms the part of the debt of the States which it owns into perpetual debts at zero rate” according to his program, economists believe that there is no danger in delay “no offense to the conservative cassandres”. They thus support the will of the Nupes of“increased recourse to the public banking sector in order to direct monetary creation and the savings of French people towards collective needs and to guard against the destabilizing effects of the financial markets”.