Pensions Dominate France’s Budget

France now spends about a quarter of all public outlays on pensions—roughly €420 billion a year—more than it spends on education, defense, security, transport, research, justice, and infrastructure combined. Indexation added another €14 billion in 2024 alone, and officials claim roughly half of the €1 trillion Macron‑era debt increase traces to pension costs. A pay‑as‑you‑go system under worsening worker‑to‑retiree ratios (now under 2:1) is crowding out investment and destabilizing governance. — If entitlements consume the state, intergenerational equity and Eurozone fiscal stability become central political questions rather than abstract budget debates.