{"id":10513,"date":"2025-09-04T16:45:34","date_gmt":"2025-09-04T14:45:34","guid":{"rendered":"https:\/\/vendome-investment.com\/?p=10513"},"modified":"2025-09-04T16:45:39","modified_gmt":"2025-09-04T14:45:39","slug":"la-fin-des-illusions-budgetaires","status":"publish","type":"post","link":"https:\/\/vendome-investment.com\/en\/la-fin-des-illusions-budgetaires\/","title":{"rendered":"La fin des illusions budg\u00e9taires"},"content":{"rendered":"\n<p>La rentr\u00e9e budg\u00e9taire s\u2019annonce d\u2019une rare complexit\u00e9. Entre la volont\u00e9 de certains de bloquer la France \u00e0 partir du 10 septembre et l\u2019examen des lois de finances \u00e0 compter du mois d\u2019octobre, le Gouvernement de Fran\u00e7ois Bayrou devra prouver sa capacit\u00e9 \u00e0 naviguer en gros temps.<\/p>\n\n\n\n<p>La France accumule depuis 50 ans des d\u00e9ficits publics. D\u00e9sormais hors p\u00e9riode de crise, ceux-ci ont tendance \u00e0 augmenter, prouvant leur caract\u00e8re structurel. Le d\u00e9ficit devrait cette ann\u00e9e avoisiner 5,5\u202f&nbsp;% du PIB. La dette brute d\u00e9passe d\u00e9sormais plus de 3&nbsp;100&nbsp;milliards d\u2019euros, repr\u00e9sentant plus de 113\u202f&nbsp;% du PIB, un record historique en p\u00e9riode de croissance. Cette d\u00e9rive fragilise la position de la France au sein de la zone euro, au moment m\u00eame o\u00f9 la n\u00e9cessit\u00e9 d\u2019accro\u00eetre l\u2019effort de d\u00e9fense et de modernisation des \u00c9tats de l\u2019Union s\u2019impose.<\/p>\n\n\n\n<p>Le gouvernement de Fran\u00e7ois Bayrou affiche pour 2026 un objectif de r\u00e9duction du d\u00e9ficit \u00e0 4,6\u202f&nbsp;% du PIB, ce qui n\u00e9cessiterait plus de 40 milliards d\u2019euros d\u2019\u00e9conomies ou de recettes suppl\u00e9mentaires. Cet ajustement est pr\u00e9sent\u00e9 comme un effort sans pr\u00e9c\u00e9dent, mais il demeure en r\u00e9alit\u00e9 modeste au regard de l\u2019\u00e9cart \u00e0 la norme europ\u00e9enne (3\u202f&nbsp;%). Il est en outre conditionn\u00e9 \u00e0 une am\u00e9lioration de la conjoncture. Or avec les droits de douane, cette derni\u00e8re risque de se d\u00e9rober sous les pieds des pouvoirs publics.<\/p>\n\n\n\n<p>Les mesures propos\u00e9es sont, pour certaines d\u2019entre-elles, des trompe l\u2019\u0153il. Leur effet sera ponctuelle. Figurent dans cette cat\u00e9gorie la non-revalorisation des prestations sociales et des pensions (\u00e9conomie estim\u00e9e \u00e0 6 \u00e0 7 milliards d\u2019euros), la r\u00e9duction de certaines subventions, le gel partiel de la masse salariale de l\u2019\u00c9tat, la non-actualisation du bar\u00e8me de l\u2019imp\u00f4t sur le revenu. Celui-ci constitue une hausse d\u00e9guis\u00e9e des pr\u00e9l\u00e8vements. La suppression \u00e9ventuelle de deux jours f\u00e9ri\u00e9s se traduira par la cr\u00e9ation de nouvelles taxes sur les entreprises. M\u00eame si le gouvernement s\u2019en d\u00e9fend, la pression fiscale globale augmentera. Les pr\u00e9l\u00e8vements repr\u00e9sentent d\u00e9j\u00e0 plus de 45 en 2024, contre 39,5\u202f&nbsp;% en Allemagne et 41,8\u202f&nbsp;% dans la zone euro. La France est, avec le Danemark, le pays de l\u2019OCDE o\u00f9 ce ratio est le plus \u00e9lev\u00e9. Dans ce contexte, toute majoration \u2013 m\u00eame indirecte \u2013 fragilise la comp\u00e9titivit\u00e9 des entreprises et alimente la d\u00e9fiance fiscale de la population. Elle joue contre la confiance et donc contre la consommation.<\/p>\n\n\n\n<p>Aucune r\u00e9forme structurelle majeure n\u2019est annonc\u00e9e. La bureaucratie est toujours plus lourde. L\u2019augmentation des effectifs ne se traduit pas par une am\u00e9lioration de la qualit\u00e9 des services offerts aux citoyens. Depuis l\u2019an 2000, le nombre d\u2019agents publics s\u2019est accru de pr\u00e8s d\u2019un million. La fonction publique territoriale, \u00e0 elle seule, repr\u00e9sente 1,95 million d\u2019agents en 2024, contre 1,37 million en 2000. Les effectifs de la fonction publique hospitali\u00e8re sont pass\u00e9s sur la m\u00eame p\u00e9riode de 900 000&nbsp;\u00e0 1,3&nbsp;million.<\/p>\n\n\n\n<p>La r\u00e9alisation de la quarantaine de milliards d\u2019euros d\u2019\u00e9conomie intervient au moment o\u00f9 les facteurs de hausses des d\u00e9penses se multiplient&nbsp;: r\u00e9armement, transition \u00e9cologique, vieillissement d\u00e9mographique, mutation technologique, lutte contre le narcotrafic. Face \u00e0 ces d\u00e9fis, le gouvernement ne dispose d\u2019aucune marge de man\u0153uvre. Le service de la dette est en voie de devenir le premier poste de d\u00e9penses de l\u2019\u00c9tat : 73 milliards d\u2019euros pr\u00e9vus pour 2026, contre 49,5&nbsp;milliards en 2022, soit +47\u202f&nbsp;% en quatre ans. Avec des taux longs autour de 3,25\u202f&nbsp;% \u00e0 10 ans pour les OAT, chaque point de d\u00e9ficit public suppl\u00e9mentaire augmente m\u00e9caniquement le co\u00fbt de la dette. La France se retrouve dans une situation o\u00f9 plus de 15\u202f&nbsp;% des recettes fiscales nettes servent \u00e0 financer les seuls int\u00e9r\u00eats de la dette.<\/p>\n\n\n\n<p>Un redressement budg\u00e9taire cr\u00e9dible, doit imp\u00e9rativement s\u2019appuyer sur trois leviers\u202f:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Une r\u00e9forme fiscale coh\u00e9rente, reposant sur l\u2019\u00e9largissement des assiettes et la r\u00e9duction des taux marginaux\u00a0;<\/li>\n\n\n\n<li>Un recentrage des politiques publiques, avec une \u00e9valuation syst\u00e9matique des dispositifs, la suppression des doublons et la d\u00e9concentration des responsabilit\u00e9s\u00a0;<\/li>\n\n\n\n<li>Une r\u00e9forme de l\u2019\u00c9tat et de la gouvernance locale, visant \u00e0 r\u00e9duire les strates, simplifier les proc\u00e9dures et restaurer une culture de gestion des moyens.<\/li>\n<\/ul>\n\n\n\n<p>Sans r\u00e9formes de structure, la soutenabilit\u00e9 budg\u00e9taire deviendra de plus en plus d\u00e9licate avec un risque \u00e0 plus ou moins long terme d\u2019une mise sous tutelle humiliante comme la Gr\u00e8ce, l\u2019Espagne ou le Portugal l\u2019ont connu dans le pass\u00e9.<\/p>\n\n\n\n<p>La rentr\u00e9e 2025 marque ainsi un tournant. Soit la France engage une strat\u00e9gie de r\u00e9\u00e9quilibrage cr\u00e9dible, soit elle s\u2019expose \u00e0 un ajustement &nbsp;impos\u00e9 de l\u2019ext\u00e9rieur. Dans les deux cas, la p\u00e9riode des illusions budg\u00e9taires touche \u00e0 sa fin.<\/p>\n\n\n\n<p><strong>Jean-Pierre Thomas<\/strong> &#8211; <strong>Pr\u00e9sident de Thomas Vend\u00f4me Investment<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>La rentr\u00e9e budg\u00e9taire s\u2019annonce d\u2019une rare complexit\u00e9. Entre la volont\u00e9 de certains de bloquer la France \u00e0 partir du 10 septembre et l\u2019examen des lois de finances \u00e0 compter du mois d\u2019octobre, le Gouvernement de Fran\u00e7ois Bayrou devra prouver sa capacit\u00e9 \u00e0 naviguer en gros temps. La France accumule depuis 50 ans des d\u00e9ficits publics. [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":10514,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2,24],"tags":[],"class_list":["post-10513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-edito","category-publications"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>La fin des illusions budg\u00e9taires &#8226; Thomas Vend\u00f4me Investment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/vendome-investment.com\/en\/la-fin-des-illusions-budgetaires\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"La fin des illusions budg\u00e9taires &#8226; Thomas Vend\u00f4me Investment\" \/>\n<meta property=\"og:description\" content=\"La rentr\u00e9e budg\u00e9taire s\u2019annonce d\u2019une rare complexit\u00e9. 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