Who benefited from the July 2009 sit-down restaurant value-added tax cuts?

Summary The Institute of Public Policy (IPP) is developed in the framework of a scientific partnership between PSE and CREST. The IPP aims to promote the quantitative analysis and evaluation of public policies by using the most recent methods of economic research. Abstract The pension reform announced by Mr. Emmanuel Macron during the presidential campaign is based on a certain number of general principles, often summarized by the commitment "each euro contributed gives the same rights". As the details of the reform are not yet known, this note aims to contribute to the public debate by presenting the fundamental principles of a well-designed pay-as-you-go system, regardless of the target system chosen, and to highlight the points of arbitration to be decided by the democratic debate. We thus highlight the advantages of increasing pension entitlements in line with wage growth, and of establishing transparent rules for the evolution of settlement rates according to the country's demographic conditions. The trade-offs to be made are nevertheless important: what overall contribution rate to choose? what convergence between the contribution rates of the different schemes? how fast to transition to the new system? how to improve solidarity mechanisms? or what governance to put in place? - The debate on the choice of the ideal pension system cannot be reduced to the opposition between annuity, notional accounts or points-based systems, but should be based on general operating principles. - The revaluation of rights acquired during a career according to wage growth is the only option that guarantees that each euro contributed gives the same right regardless of when it was contributed. - For a given contribution rate, the financial equilibrium of the system also requires adjusting the rate at which pensions are paid out to demographic conditions, in particular the average life expectancy per generation. - Solidarity mechanisms can be designed to reproduce the redistribution of the current system, or even to improve it.