Overview

• The Cour des comptes warns of a potential liquidity crunch and an uncontrolled trajectory for the social accounts within a few years.
• Social debt has swollen to roughly €300 billion as persistent deficits continue, and Cades—extended to 2033—approaches its practical limits.
• Pressure is shifting to short‑term financing channels such as Acoss, raising concerns about near‑term funding resilience.
• Demographic change with fewer workers per retiree and falling fertility undermines the pay‑as‑you‑go model and heightens intergenerational strain.
• Younger cohorts face higher contributions, longer working lives and lower pension returns, while political forces on the left press to expand coverage, including proposals like a food “carte vitale” and funeral benefits.