“The French, in reality, do not save enough and consume too much”

This is (among many others) a reason for desolation among economic commentators. Faced with the fall of the Barnier government and historic political uncertainty, fearing new tax salvos, the French could continue to favor savings in the coming weeks. They thus risk curbing their desire to consume, to the great dismay of traders, who are betting big on the Christmas period. Without the support of full carts, how could growth finally restart?, we hear from all sides. Since the end of the coronavirus crisis, successive Bercy ministers have continued to look with Chimène eyes at the tens of billions of euros set aside during the months of hibernation of the country by the French. Everyone hoped that a renewed confidence would encourage households to finally loosen the purse strings and dissave, that is to say, reinject the contents of their nest egg into the economy.

This…