The article highlights a study by Melanie Plouviez pointing out the rise of inherited wealth in France, making it increasingly difficult for individuals to buy property solely on wages. This mirrors social issues documented by Balzac in the 19th century. The resurgence of asset accumulation and regressive tax policies has led to a two-tier society, where opportunities for the young are severely limited. The French political scenario illustrates these issues, as President Macron faces criticism for favoring the wealthy while promoting superficial equality measures amid austerity budgets.
Melanie Plouviez argues that the power of inherited wealth in France replicates the social injustices highlighted in Balzac's works, creating a stark divide between income earners and the wealthy.
As asset wealth increases, the gap widens between those who benefit from inheritance and those who rely solely on earning a wage, echoing concerns voiced by economist Thomas Piketty.
The amount of inherited wealth has doubled as a share of GDP in advanced economies since the mid-20th century, which compounds the issue of numerous opportunities being limited for the assetless youth.
Facing accusations of catering to the wealthy elite, French President Macron's response has been criticized as superficial, with austerity measures potentially exacerbating existing inequalities.
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