This article deals with public debt dynamics in France. It also analyses several contemporary debates such as Ricardian equivalence, sustainability and budget balance decomposition. Public deficit is not necessarily the result of a Keynesian type of expansionary fiscal policy. It can also stem from insufficient tax resources creating a reversal bottom-up redistribution. The deficit would be then recessionary. In the latter case, expenditures' reduction can only worsen the macroeconomic environment.
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Find related papers by JEL classification: E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management I00 - Health, Education, and Welfare - - General - - - General
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