The impossible erasure of the social security deficit

All French people know the famous “hole” of Social Security, which many ministers, from Marisol Touraine to Édouard Philippe, have promised to fill without succeeding. But very few know what becomes of these billions of deficit accumulated over the years, which constitute the “social” debt. Everything rests on the shoulders of a small team of seven people, united within Cades – the Social Debt Amortization Fund – created in 1996 by the Juppé government. It is based in Bercy, near the Agence France Trésor (AFT), which manages the state debt. Their mission: to clear the social debt over a limited period in order to prevent it from weighing on future generations. To do this, Cades issues loans on the international capital markets, seeking financing at the best rate.

To carry out its mission, regular resources are provided to it by the French population: 0.5 point of CRDS, and 0.6 point of CSG, deducted at source…