Like It or Not, France Needs Macron’s Pension Reform

Give French President Emmanuel Macron credit for determination. His previous effort to reform the country’s public-pensions system was defeated by months of strikes and demonstrations. Now he’s trying again — and, as before, facing furious opposition. Here’s hoping he has better luck this time.

Macron’s new plan, or something like it, is certainly needed. Despite some earlier modifications, France’s public-pension system is unaffordably generous. It lets most workers retire on a full state pension at 62 so long as they’ve paid contributions for 42 years. On average, people stop working earlier than in most other countries and therefore spend more years in retirement. Payments also replace a bigger share of wages. The cost is enormous: roughly 14% of gross domestic product (compared to 7% in the US). If you’re wondering why public spending in France is about 60% of GDP, the highest in Europe, here’s one reason.