During a debate on public finances at the National Assembly on April 29th, 2024, the term “incompetence” was repeated six times by opposition members. The government has been facing a series of bad news on the budget front for the past two months, with figures falling short of expectations. The opposition is enjoying contesting the government’s economic credibility, which has been one of its main political strengths. This criticism is expected to continue during a session of questions on May 6th. The Socialist MP Boris Vallaud expressed his disapproval, saying, “We can only acknowledge the extent of the damage and your incompetence. There is nothing to be proud of.”
During the debate, the Communist MP Nicolas Sansu also accused the government of incompetence or insincerity. The Minister of the Economy, Bruno Le Maire, responded to these accusations by pointing out the contradictory demands made by the opposition parties in over 2,500 letters requesting more spending since 2020. Despite positive recent data on foreign investment in France and encouraging growth figures for the first quarter, the state of public finances has become a vulnerability for the government. Since 2017, the government had built a strong political capital based on its economic competence, which had been a key differentiator from the opposition.
According to Emmanuel Rivière, a specialist in public opinion and director of an agency, there has been a weakening of public opinion on debt and deficit issues for the executive branch. These were areas where the government had been seen as competent at the beginning of its term. The initial promise in 2017 was based on the ability to reform a costly, inefficient, and wasteful system. While the government was successful in reforming the functioning of political parties, the situation with public finances has raised doubts about its overall success. This has led to a decline in public confidence in the government’s economic management.
Despite the lack of a downgrade by credit rating agencies on April 26th, concerns about public finances have led to a loss of credibility for the government. The opposition’s continued criticism and the government’s inability to fully address the economic challenges have eroded public trust in the government’s ability to manage the country’s finances. The government’s response to these challenges will be crucial in determining its future political fortunes. The economic competence that was once a strength for the government is now a point of vulnerability that the opposition is keen to exploit.
The government’s handling of the economic situation will be closely watched in the coming months as it navigates through these turbulent times. The opposition’s attacks on the government’s economic credibility have added to the pressure on the government to deliver effective solutions to the country’s economic challenges. The government will need to regain public trust and restore confidence in its ability to manage the country’s finances in order to regain its political momentum. The political landscape in France is likely to be shaped by how the government responds to these challenges in the coming months.
