Summary:
According to Challenges, France’s 500 largest fortunes have thus risen from €210 to €730 billion between 2010 and 2020 (from 10% to 30% of GDP). Such a development is socially and politically unsustainable....The whole history of public debt shows this: money alone cannot offer a peaceful solution to a problem of this magnitude, because it leads in one way or another to uncontrolled distributive consequences. It was by resorting to exceptional levies on the better-off that the large public debts of the post-war period were extinguished and that the social and productive pact of the following decades was rebuilt. Let’s bet that the same will be true in the future.Le Monde — Le Blog de Thomas PikettyWhat to do with Covid debt?Thomas Piketty | Directeur d'études à l'Ecole des Hautes Etudes
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According to Challenges, France’s 500 largest fortunes have thus risen from €210 to €730 billion between 2010 and 2020 (from 10% to 30% of GDP). Such a development is socially and politically unsustainable....The whole history of public debt shows this: money alone cannot offer a peaceful solution to a problem of this magnitude, because it leads in one way or another to uncontrolled distributive consequences. It was by resorting to exceptional levies on the better-off that the large public debts of the post-war period were extinguished and that the social and productive pact of the following decades was rebuilt. Let’s bet that the same will be true in the future.Le Monde — Le Blog de Thomas PikettyWhat to do with Covid debt?Thomas Piketty | Directeur d'études à l'Ecole des Hautes Etudes
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
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According to Challenges, France’s 500 largest fortunes have thus risen from €210 to €730 billion between 2010 and 2020 (from 10% to 30% of GDP). Such a development is socially and politically unsustainable....
The whole history of public debt shows this: money alone cannot offer a peaceful solution to a problem of this magnitude, because it leads in one way or another to uncontrolled distributive consequences. It was by resorting to exceptional levies on the better-off that the large public debts of the post-war period were extinguished and that the social and productive pact of the following decades was rebuilt. Let’s bet that the same will be true in the future.Le Monde — Le Blog de Thomas Piketty
What to do with Covid debt?
Thomas Piketty | Directeur d'études à l'Ecole des Hautes Etudes en Sciences Sociales, Professeur à l'Ecole d'économie de Paris/Paris School of Economics, and Co-directeur, World Inequality Lab/World Inequality Database