Press TV, Paris
France is a nation of 67 million people, and 40 million of them earn less than 2,000 euros per month. A new poll reveals that skyrocketing inflation is wreaking unprecedented havoc on their lives.
The poll says that after bills are paid 20 million Frenchmen have less than 100 euros in the bank by the 10th of each month. It’s not a new problem: perhaps the primary slogan of the Yellow Vest movements has been a cry of, “The end of the month!”
A stunning 95% of those earning less than 2,000 euros per month are worried about inflation, 2/3rd say they are struggling to get by, half say they have insomnia over financial worries and 80% of households with children fear they will fall into poverty.
New official data says prices will jump 5.4% in June, in the largest monthly increase since 1985. The next two months will see further increases, and combined with near-recession levels of economic growth.
After years of no-strings attached Quantitative Easing and Zero Interest-Rate Policies for the rich, interest rates are now being hiked just when the average person most needs some credit.
The failure to invest years of this so-called free money into socially-productive investments means the real economy has suffered from long-running neglect at the expect of high finance, real estate and stocks.
Deeply unpopular austerity cuts have also worsened the condition of the real economy, put even more costs on the average person’s back and left France poorly equipped for what seems like the latest Western financial crisis.