The Minister of Public Accounts, Olivier Dussopt, announced on Tuesday March 9, 2021 on Twitter that the 2020 Social Security deficit had been sharply revised downwards, to reach 38.9 billion euros.
A deficit that remains historic despite the decrease
At the end of 2020, the Social Security deficit had been voted up to 49 billion euros. However, the Minister of Public Accounts, Olivier Dussopt, announced on Tuesday March 9, 2021, that the Social Security deficit had been revised downwards to 38.9 billion euros. The announcement was made via the Minister’s Twitter account ” The security deficit will be revised to 38.9 billion euros. This remains a historical record and we will have to get out of whatever it takes with the crisis “.
Although the decline is strong, the level of deficit remains historic and finds its origin in the multiplication of expenses related to Covid-19, masks, tests, work stoppages in particular. The Social Security deficit is also linked to the revenue losses caused by the pandemic.
A decline that is modeled on the decline of the recession
Before the start of the health crisis, the Social Security deficit was forecast at 5.4 billion euros. Far from the 38.9 billion announced by the government. The decline in the Social Security deficit is also part of a recession that, thanks to a fourth quarter of 2020 more productive than expected, reached -8.2% of GDP. According to relatives of Olivier Dussopt, “ the Minister is pleased that this surge in activity, which reduced the forecast deficits of the State, has the same effect on that of the Secu “.
For the moment, the Minister of Public Accounts has not yet made public the details of this decrease in the deficit in the various branches of Social Security. He should publish them in the course of next week.