The French Pension protests

Despite all the protests by the French regarding the pension reforms, increasing the retirement age and the years the collection of the benefits, the French government has finally passed the reform package. I believe it is the right thing, although most of the French would feel a sense of loss regarding their entitlement, but judging by the calmness now in the streets of France, People are coming to terms with the new reality. It was just a matter of time, when the reforms would have taken place since most of the developed world is in a big financial crunch; this recession has just created the right atmosphere to implement quickly this reform lest the people start to protest more loudly once the economic situation improves.

But even if the economic situation improves, does any modern industrial nation have the capacity to keep on providing benefits without additional sacrifices from the recipients, I don’t believe that. Unless you keep on borrowing to pay for the additional services (since the current revenue is only useful for day to day governmental operations) and burdening the coming future generations, this model of providing benefits from yesteryears will have to be adjusted to the new economic realities, and the French decision is in the right direction.