This is the emblem of the economic policy of François Hollande, recovery and perpetuated under the mandate of Emmanuel Macron. The tax credit for competitiveness and employment (CICE), a device to 20 billion euros per year continues, nearly six years after its establishment, fuelling the controversy over its effectiveness.

” The assessments of the YEAR have concluded with mixed effects “, summary, Thursday, 11 October, the economists of the Institute of public policies (IPP), an independent body mandated last spring by the national Assembly to attempt, once more, to estimate the effects of the tax credit of 6 % on the wage bill, which applies to wages up to 2.5 times the minimum wage.

” Until now, evaluations of CICE have not found effect on investment [business], the R&D (research and development) and exports. They have concluded that an effect is probably positive on the margins, but low and uncertain employment. Finally, they have noted an increase in the average salary within the companies concerned, ” note the researchers of the IPP.

A little short, to a measure that has more or less cost 20 billion euros per year to public finances from 2014… and will cost the double in 2019. In fact, the YEAR will be next year turned down contributions long-lasting for companies. He was born in, in 2013, the tax credit mechanism was chosen in order not to have to pay the sums due prior to the following year, and not a burden on the budget. The result : the next year, the $ 20 billion will be due to firms both in respect of the credit in 2018, and the reduction of contributions of 2019. What deficit habs 0.9 percentage point of GDP, and make it graze the fateful bar of 3 % (forecast 2.8%).

Puzzle

at its discharge, the device has suffered from the beginning of the worst default for public policy : run several hares…