French Leftist Leader Jean-Luc Mélenchon Unveils Ambitious Economic Platform

Left-wing presidential candidate Jean-Luc Mélenchon presented an ambitious economic and social program during a large rally in Seine-Saint-Denis, north of Paris, according to the Financial Times. Speaking before some 20,000 supporters, the 75-year-old candidate, running for the presidency for the fourth time, declared that it is time to change everything. Recent polls show Mélenchon garnering around 18 percent of the vote ahead of the first round, trailing far-right leader Marine Le Pen, who holds about 35 percent. However, polls for the hypothetical runoff project a significant defeat for Mélenchon against Le Pen.

At the core of Mélenchon's platform are sweeping reforms, including the nationalization of highways and airports, expansion of the welfare state, and increased government control over banks and strategic industries. The program also proposes state price controls on food, energy, and fuel, narrowing salary gaps within corporations, capping dividend distributions, and halting continuous stock trading. Furthermore, Mélenchon suggests confiscating inheritances exceeding 12 million euros and lowering the retirement age to 60, down from the current 63.

One of the most controversial proposals addresses France's public debt. Mélenchon aims to eliminate 600 billion euros of debt held by the European Central Bank by converting it into non-repayable, zero-interest loans. While critics point out that the sweeping program lacks detailed cost estimates at a time when France's deficit is projected to reach 5.4 percent of GDP, Mélenchon remains defiant. He also advocates replacing the Fifth Republic with a new constitution, lowering the voting age to 16, phasing out nuclear energy in favor of renewables, and pursuing a non-aligned foreign policy.