Ways to Reduce Defense Budget for Military Funding: Strategies Explored
Got a million-dollar question? Let's talk about France's military spending 👀
By Bruno Declairieux Head of Service (Management, careers and salaries)
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Is the logistics game strong enough? Whisper it quietly, but the French Prez has dropped a bombshell - hinting at a whopping 90 billion euro boost to our military spending. Now, that's a hell of a lot of cash, especially when you consider our current planned spend (50.5 bil. this year, rising to 67.4 bil. by 2030) and the European Commission's grumpy glare over our ballooning public debt (3,305 bil. euros, or 113% of GDP, by 2024). Ouch!
Now, let's face it, taxing the rich and corporates more will leave a bad taste in everybody's mouth (our taxes are already at historically crazy rates, with 42.8% of GDP being devoured by taxes in 2024, according to INSEE). Tempting as it may be, borrowing more is also a big no-no, considering it would deepen that fancy deficit we're all familiar with.
So, what's a nation to do, huh? Well, wipe the sweat from your brow, 'cause here are a few options:
- Tighten the belt (or pension reform): You know, like trimming social expenditures, which gobbled up 57% of public spending in 2023 compared to a measly 4% for defense, according to sociologist Julien Damon. Scary as it may seem, it could be the perfect opportunity to push pension reform and save a pretty penny in the process.
- Produce, produce, produce!: The stubborn German and Swedish peasants in the North work like dogs until they drop (74.7% and 78.1% employment among the over-55 crowd, respectively). If we're playing catch-up with them, simply increasing the employment rate would give us some much-needed financial wiggle room. The same goes for ramping up the workforce at the starting line, with just 35.2% of 15-24-year-olds in France grindin' away compared to the Danes (57%) and the Dutch (76.5%). The flavor of the week? Defense jobs.
- European Cooperation: Why try to handle this epic cash flow all on our own? Collaborate with the EU to pool resources and invest in military capabilities across member states. If it's good enough for the European Commission, it's good enough for us, right?
- The Budget Dance: Stay strategic with the military budget law, focusing on clear military objectives that align with NATO's plans. Because you can't just throw money at problems without a game plan, capisce?
- Stealth Funding: Engage in cunning public-private partnerships for specific defense projects, or, if it was cool in the '90s, create a special fund for defense spending that's exempt from debt limits.
Bye bye, generous France? 🌺
Aside from the French government's proposed military spending increase, here's a little more food for thought:
- According to some experts, France's generous social benefits and entitlements are slowly causing the nation's financial demise.
- Increasing production through improved employment rates could provide France with more financial freedom.
- The European Commission is mulling over funding military initiatives across EU member states.
- Germany and other Nordic countries have significantly higher employment rates among aged workers and young entrants.
See their publications Around this article
- budget
- public spending
- defense
- With France's proposed 90 billion euro increase in military spending, the ongoing discussion in politics includes the potential impacts on housing finance, particularly considering the European Commission's concerns about France's growing public debt.
- In the context of France's economic future, general-news outlets are reporting on various proposals to address the financial strain, such as tightening the belt on housing and social expenditures, increasing production, and exploring European cooperation for military financing, which may influence the housing market and overall economy.
