(Bloomberg) — France’s left-wing alliance plans public spending of €200 billion ($214 billion) on its priorities over the next five years if it wins snap elections in its bid to overthrow the president Emmanuel Macron‘s labor and pension reforms and stimulating growth.
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Jean-Luc Melenchon, whose far-left France Unbowed party is part of the coalition, brushed aside concerns about the additional spending and said he expects the state to generate a turnover of 230 billion euros in the same period thanks to a “boost in the activity”. .”
“Every election, the left’s program is equated with the downfall of the country,” he told Le Figaro newspaper in an interview. “Social spending creates well-being, which enables consumption, which creates jobs and tax revenue.”
Melenchon’s party, the Greens, the Socialists and the Communists formed a broad left-wing alliance called the New Popular Front to take on Marine Le Pen’s far-right National Rally after Macron called a snap vote. Melenchon’s group trails Le Pen’s party in polls on voting intentions less than 10 days until the two-round parliamentary election.
After unveiling a hastily put together manifesto, the coalition will present detailed figures on how it plans to finance its program at a news conference later on Friday.
The group has said it wants to roll back the government’s pension reform, restore the right to retire at age 60, raise the minimum wage and impose an additional tax on the profits of certain industrial companies, among other measures .
Valerie Rabault, a Socialist candidate and former budget writer, said earlier this week that she estimates the New Popular Front program would lead to new spending of 106 billion euros until 2027, when Macron’s mandate expires.
“The top priority is purchasing power,” she told France 2 Television on Friday.
She added that she would oppose Melenchon’s appointment as prime minister if the New Popular Front became the largest group in the National Assembly.
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