2026 Budget: Will the Wealthier Also Have to Tighten Their Belts?

Fair or not? This is the essential question to ask after François Bayrou's presentation on Tuesday of the measures intended to raise 43.8 billion to commit the country to debt reduction. During his speech, the Prime Minister insisted that the efforts demanded of the French, and they are more than substantial, would only be accepted if they were fairly distributed. In short, the message about the urgent need to tighten one's belt , hammered home with gravity, would only be understood if it was accompanied by a sense of social justice. Is that the case? No.

It is indeed striking to note that while the Prime Minister has often been quite precise in the cuts that will affect all French people, and which will therefore penalize proportionally more the most modest , the vagueness remains as to the measures supposed to involve the more well-off categories, or even the very rich. The solidarity contribution of the highest incomes? The fight against tax loopholes? Imprecision dominates. In the same way, by calling with his left hand for yet another reopening of discussions on unemployment insurance, but leaving his right hand in his pocket on the question of the effort required of businesses, and in particular of very large groups, he unfortunately gave the impression of a double standard. Of course, there is a tactical stance on François Bayrou's part in this display. He is leaving himself room for maneuver to discuss with the left, and in particular with the socialists, at the start of the school year to rebalance his proposals in the direction of greater social justice. The bet is risky.

The Prime Minister could have decided to play some cards from the outset to present a more balanced plan. He could have given the impression of being sincerely concerned about a fair distribution of efforts. He could have put actions behind his words, unless we think that behind his tactical stance lies a strategy , and therefore real political choices.