EXCLUSIVE SURVEY – Purchasing power: the government judged harshly by pessimistic French people

A comeback in chiaroscuro. Even though the French economy is currently showing some resilience , this is not enough to restore morale in the country: six out of ten French people anticipate a serious crisis in the months to come, while the government’s action on purchasing power is struggling to convince them. This is what emerges from a survey carried out by the Elabe Institute for “Les Echos”, Radio Classique and the Institut Montaigne.

“The idea has taken root in public opinion that we are going beyond a major crisis. We find levels close to those observed at the height of the health crisis linked to Covid”, comments Vincent Thibault, director of studies at Elabe.

Debt worries on the right

In detail, 59% of respondents expect a major economic crisis in the coming months, while 34%, a little less pessimistic, see a difficult but one-off period coming.

“What is striking is that all strata of French society agree with this observation,” emphasizes Vincent Thibault. In fact, the most advantaged are only slightly less likely to predict a major crisis (57%). The most worried nevertheless remain far-right sympathizers, 76% of whom mention this dark scenario.

In detail, 86% of French people (+6 points compared to the beginning of December 2021) are worried about the economic situation of the country and 80% (+3 points) for the level of debt. Among right-wing supporters, it even rises to 91% on this last point, which probably explains why Laurent Wauquiez chose this theme for his political return to the Medef this week.

The respondents are also 71% (an increase of 8 points) to say they are worried about their own financial situation. “For people declaring to restrict themselves to make ends meet or even dip into their reserves, the rate is more like 90%,” notes the pollster. On the other hand, the fear of losing their job is shared by only 39% of working people, an additional sign of the fact that the question of unemployment has become less essential for the French.

Macron voters on their hunger

In its place, it is the question of purchasing power that sits at the center of all concerns. On this point, the survey is not very encouraging for the government: 47% of French people consider that the measures taken by the executive do not improve the situation in this area at all, while 43% consider that they are going in the right direction but are not sufficient. Only 10% see a real improvement.

This lack of confidence in the executive also explains why 59% of French people believe that Emmanuel Macron’s action should deteriorate the country’s economic situation (33% stable and 8% improving), and they are also 54% to say that it will deteriorate their financial situation (40% stable and 5% improving).

“When we see that the government repeats everywhere that it is working to protect the French, clearly we are far from it in the eyes of the public. What emerges is the feeling that the executive is powerless in the face of the crisis, and this does not only concern opposition voters, ”notes Vincent Thibault.

In fact, even within Emmanuel Macron’s electorate, while only 18% say that the measures taken do not improve the situation, 57% still consider them insufficient, while only 25% of them believe that they really improve things.

The majority can only hope that the entry into force of strong measures – fuel discount Where the revaluation of pensions – will eventually play. “What we also sense is that the French do not currently hold Emmanuel Macron responsible for the situation, due to an exogenous shock. This makes a difference with what was happening with the “yellow vests”, underlines the pollster.