MIME-Version: 1.0
Content-Location: file:///C:/98CBE0E5/Rexecode-syntheseetude.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="us-ascii"

<html xmlns:o=3D"urn:schemas-microsoft-com:office:office"
xmlns:w=3D"urn:schemas-microsoft-com:office:word"
xmlns:dt=3D"uuid:C2F41010-65B3-11d1-A29F-00AA00C14882"
xmlns=3D"http://www.w3.org/TR/REC-html40">

<head>
<meta http-equiv=3DContent-Type content=3D"text/html; charset=3Dus-ascii">
<meta name=3DProgId content=3DWord.Document>
<meta name=3DGenerator content=3D"Microsoft Word 11">
<meta name=3DOriginator content=3D"Microsoft Word 11">
<link rel=3DFile-List href=3D"Rexecode-syntheseetude_fichiers/filelist.xml">
<title>Comparatif de l&#8217;impact &eacute;conomique des mesures </title>
<!--[if gte mso 9]><xml>
 <o:DocumentProperties>
  <o:Author>pmesserlin</o:Author>
  <o:LastAuthor>Fran&#231;ois Fillon</o:LastAuthor>
  <o:Revision>2</o:Revision>
  <o:TotalTime>4</o:TotalTime>
  <o:Created>2007-03-16T10:29:00Z</o:Created>
  <o:LastSaved>2007-03-16T10:29:00Z</o:LastSaved>
  <o:Pages>1</o:Pages>
  <o:Words>832</o:Words>
  <o:Characters>4577</o:Characters>
  <o:Company> </o:Company>
  <o:Lines>38</o:Lines>
  <o:Paragraphs>10</o:Paragraphs>
  <o:CharactersWithSpaces>5399</o:CharactersWithSpaces>
  <o:Version>11.6360</o:Version>
 </o:DocumentProperties>
 <o:CustomDocumentProperties>
  <o:_AdHocReviewCycleID dt:dt=3D"float">288409971</o:_AdHocReviewCycleID>
  <o:_EmailSubject dt:dt=3D"string">synth&#232;se Rexecode</o:_EmailSubject>
  <o:_AuthorEmail dt:dt=3D"string">pmesserlin@u-m-p.org</o:_AuthorEmail>
  <o:_AuthorEmailDisplayName dt:dt=3D"string">pmesserlin@u-m-p.org</o:_Auth=
orEmailDisplayName>
  <o:_ReviewingToolsShownOnce dt:dt=3D"string"></o:_ReviewingToolsShownOnce>
 </o:CustomDocumentProperties>
</xml><![endif]--><!--[if gte mso 9]><xml>
 <w:WordDocument>
  <w:SpellingState>Clean</w:SpellingState>
  <w:GrammarState>Clean</w:GrammarState>
  <w:HyphenationZone>21</w:HyphenationZone>
  <w:ValidateAgainstSchemas/>
  <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid>
  <w:IgnoreMixedContent>false</w:IgnoreMixedContent>
  <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText>
  <w:Compatibility>
   <w:BreakWrappedTables/>
   <w:SnapToGridInCell/>
   <w:ApplyBreakingRules/>
   <w:WrapTextWithPunct/>
   <w:UseAsianBreakRules/>
   <w:UseWord2002TableStyleRules/>
  </w:Compatibility>
  <w:BrowserLevel>MicrosoftInternetExplorer4</w:BrowserLevel>
 </w:WordDocument>
</xml><![endif]--><!--[if gte mso 9]><xml>
 <w:LatentStyles DefLockedState=3D"false" LatentStyleCount=3D"156">
 </w:LatentStyles>
</xml><![endif]-->
<style>
<!--
 /* Font Definitions */
 @font-face
	{font-family:"Avenir LT 95 Black";
	panose-1:0 0 0 0 0 0 0 0 0 0;
	mso-font-alt:"Times New Roman";
	mso-font-charset:0;
	mso-generic-font-family:roman;
	mso-font-format:other;
	mso-font-pitch:auto;
	mso-font-signature:0 0 0 0 0 0;}
@font-face
	{font-family:Verdana;
	panose-1:2 11 6 4 3 5 4 4 2 4;
	mso-font-charset:0;
	mso-generic-font-family:swiss;
	mso-font-pitch:variable;
	mso-font-signature:536871559 0 0 0 415 0;}
@font-face
	{font-family:"Avenir LT 55 Roman";
	panose-1:0 0 0 0 0 0 0 0 0 0;
	mso-font-alt:"Times New Roman";
	mso-font-charset:0;
	mso-generic-font-family:roman;
	mso-font-format:other;
	mso-font-pitch:auto;
	mso-font-signature:0 0 0 0 0 0;}
 /* Style Definitions */
 p.MsoNormal, li.MsoNormal, div.MsoNormal
	{mso-style-parent:"";
	margin:0cm;
	margin-bottom:.0001pt;
	mso-pagination:widow-orphan;
	font-size:12.0pt;
	font-family:"Times New Roman";
	mso-fareast-font-family:"Times New Roman";
	color:windowtext;
	mso-fareast-language:EN-US;}
a:link, span.MsoHyperlink
	{color:#0071BD;
	mso-text-animation:none;
	font-weight:bold;
	text-decoration:none;
	text-underline:none;
	text-decoration:none;
	text-line-through:none;}
a:visited, span.MsoHyperlinkFollowed
	{color:purple;
	text-decoration:underline;
	text-underline:single;}
p
	{mso-margin-top-alt:auto;
	margin-right:0cm;
	mso-margin-bottom-alt:auto;
	margin-left:0cm;
	mso-pagination:widow-orphan;
	font-size:12.0pt;
	font-family:"Times New Roman";
	mso-fareast-font-family:"Times New Roman";
	color:#0071B9;}
p.pagename, li.pagename, div.pagename
	{mso-style-name:pagename;
	mso-margin-top-alt:auto;
	margin-right:0cm;
	mso-margin-bottom-alt:auto;
	margin-left:0cm;
	line-height:17.55pt;
	mso-pagination:widow-orphan;
	font-size:16.0pt;
	font-family:"Avenir LT 95 Black";
	mso-fareast-font-family:"Times New Roman";
	mso-bidi-font-family:"Times New Roman";
	color:#FF8639;
	font-weight:bold;}
p.style6, li.style6, div.style6
	{mso-style-name:style6;
	mso-margin-top-alt:auto;
	margin-right:0cm;
	mso-margin-bottom-alt:auto;
	margin-left:0cm;
	mso-pagination:widow-orphan;
	font-size:10.5pt;
	font-family:Verdana;
	mso-fareast-font-family:"Times New Roman";
	mso-bidi-font-family:"Times New Roman";
	color:#009AD6;
	font-weight:bold;}
p.edito, li.edito, div.edito
	{mso-style-name:edito;
	mso-margin-top-alt:auto;
	margin-right:0cm;
	mso-margin-bottom-alt:auto;
	margin-left:0cm;
	mso-pagination:widow-orphan;
	font-size:10.5pt;
	font-family:Verdana;
	mso-fareast-font-family:"Times New Roman";
	mso-bidi-font-family:"Times New Roman";
	color:black;}
p.notes-italique, li.notes-italique, div.notes-italique
	{mso-style-name:notes-italique;
	mso-margin-top-alt:auto;
	margin-right:0cm;
	mso-margin-bottom-alt:auto;
	margin-left:0cm;
	mso-pagination:widow-orphan;
	font-size:9.0pt;
	font-family:Verdana;
	mso-fareast-font-family:"Times New Roman";
	mso-bidi-font-family:"Times New Roman";
	color:#00A486;
	font-style:italic;}
span.style261
	{mso-style-name:style261;
	mso-ansi-font-size:10.5pt;
	mso-bidi-font-size:10.5pt;
	font-family:"Avenir LT 55 Roman";
	mso-ascii-font-family:"Avenir LT 55 Roman";
	mso-hansi-font-family:"Avenir LT 55 Roman";
	mso-text-animation:none;
	font-weight:bold;
	text-decoration:none;
	text-underline:none;
	text-decoration:none;
	text-line-through:none;}
span.titre-gauche1
	{mso-style-name:titre-gauche1;
	mso-ansi-font-size:16.0pt;
	mso-bidi-font-size:16.0pt;
	font-family:"Avenir LT 95 Black";
	mso-ascii-font-family:"Avenir LT 95 Black";
	mso-hansi-font-family:"Avenir LT 95 Black";
	color:#F7A64A;
	font-weight:bold;}
span.SpellE
	{mso-style-name:"";
	mso-spl-e:yes;}
span.GramE
	{mso-style-name:"";
	mso-gram-e:yes;}
@page Section1
	{size:595.3pt 841.9pt;
	margin:70.85pt 70.85pt 70.85pt 70.85pt;
	mso-header-margin:35.4pt;
	mso-footer-margin:35.4pt;
	mso-paper-source:0;}
div.Section1
	{page:Section1;}
-->
</style>
<!--[if gte mso 10]>
<style>
 /* Style Definitions */
 table.MsoNormalTable
	{mso-style-name:"Tableau Normal";
	mso-tstyle-rowband-size:0;
	mso-tstyle-colband-size:0;
	mso-style-noshow:yes;
	mso-style-parent:"";
	mso-padding-alt:0cm 5.4pt 0cm 5.4pt;
	mso-para-margin:0cm;
	mso-para-margin-bottom:.0001pt;
	mso-pagination:widow-orphan;
	font-size:10.0pt;
	font-family:"Times New Roman";
	mso-ansi-language:#0400;
	mso-fareast-language:#0400;
	mso-bidi-language:#0400;}
</style>
<![endif]-->
</head>

<body lang=3DFR link=3D"#0071BD" vlink=3Dpurple style=3D'tab-interval:35.4p=
t'>

<div class=3DSection1>

<p class=3DMsoNormal align=3Dcenter style=3D'text-align:center'><b><span
style=3D'font-size:16.0pt;font-family:"Avenir LT 95 Black";mso-bidi-font-fa=
mily:
Arial;color:red;mso-fareast-language:FR'>Comparatif de l&#8217;impact
&eacute;conomique des <span class=3DGramE>mesures <br>
</span>des candidats concernant le travail<o:p></o:p></span></b></p>

<p class=3DMsoNormal style=3D'text-align:justify'><b><span style=3D'font-si=
ze:16.0pt;
font-family:"Avenir LT 95 Black";mso-bidi-font-family:Arial;color:#FF8639;
mso-fareast-language:FR'><o:p>&nbsp;</o:p></span></b></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><b><span style=3D'font-size:10.5pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>Commentaires
pr&eacute;liminaires</span></b><span style=3D'font-size:10.5pt;font-family:=
Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'><o:p></o:p>=
</span></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>1. Les mesu=
res
&eacute;tudi&eacute;es ici ne concernent que les mesures concernant le trav=
ail
(les autres mesures budg&eacute;taires et l&#8217;&eacute;quilibre des fina=
nces
publiques feront l&#8217;objet prochainement d&#8217;un autre dossier).<o:p=
></o:p></span></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>2. Les
raisonnements sont explicit&eacute;s et d&eacute;velopp&eacute;s dans les
dossiers techniques accessibles sur ce site. La complexit&eacute; des
propositions conduit &agrave; consid&eacute;rer les r&eacute;sultats comme =
des
ordres de grandeur et non des chiffres pr&eacute;cis.<o:p></o:p></span></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>3. Nous ne
prenons pas en compte les mesures de type changement du contrat de travail =
ou
&eacute;volution de la repr&eacute;sentativit&eacute; syndicale dont les ef=
fets
ne peuvent pas &ecirc;tre &eacute;valu&eacute;s.<o:p></o:p></span></p>

<p class=3DMsoNormal style=3D'text-align:justify'><span style=3D'font-size:=
10.5pt;
font-family:Verdana;mso-bidi-font-family:Arial;color:black;mso-fareast-lang=
uage:
FR'>4. Nous ne prenons pas en compte les effets de tr&egrave;s long terme
li&eacute;s par exemple &agrave; l&#8217;augmentation des cr&eacute;dits de
l&#8217;enseignement sup&eacute;rieur ou de la recherche (augmentation qui
figure au demeurant dans les trois programmes). Nous en restons donc aux ef=
fets
de court et de moyen terme.<o:p></o:p></span></p>

<p class=3DMsoNormal style=3D'text-align:justify'><span style=3D'font-size:=
10.5pt;
font-family:Verdana;mso-bidi-font-family:Arial;color:black;mso-fareast-lang=
uage:
FR'><o:p>&nbsp;</o:p></span></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><b><span style=3D'font-size:16.0pt;font-family:"Avenir =
LT 95 Black";
mso-bidi-font-family:Arial;color:red;mso-fareast-language:FR'>- Fran&ccedil=
;ois
Bayrou<o:p></o:p></span></b></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><b><span style=3D'font-size:10.5pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>1. A court
terme</span></b><span style=3D'font-size:10.5pt;font-family:Verdana;mso-bid=
i-font-family:
Arial;color:black;mso-fareast-language:FR'><o:p></o:p></span></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>Plusieurs
mesures interf&egrave;rent. La mesure de baisse des cotisations sociales sur
les heures suppl&eacute;mentaires est favorable &agrave; l&#8217;emploi. El=
le
s&#8217;apparente &agrave; la mesure du m&ecirc;me type propos&eacute;e par=
 N.
Sarkozy<span class=3DGramE> mais</span> elle est d&#8217;une ampleur plus f=
aible
car la hausse du revenu marginal pour le salari&eacute; (de l&#8217;ordre de
12&nbsp;%) et la baisse du co&ucirc;t du travail pour l&#8217;employeur
(environ 17&nbsp;%) sont plus mod&eacute;r&eacute;s. On peut en attendre de
l&#8217;ordre de 50&nbsp;000 cr&eacute;ations d&#8217;emplois nouveaux et
30&nbsp;000 &laquo;&nbsp;&eacute;quivalents emplois&nbsp;&raquo; (sous forme
d&#8217;allongements de la dur&eacute;e du travail). Il en r&eacute;sultera=
it
une augmentation du PIB et du pouvoir d&#8217;achat de l&#8217;ordre d&#821=
7;un
<span class=3DSpellE>demi-point</span>.<o:p></o:p></span></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>L&#8217;eff=
et
des &laquo;&nbsp;emplois francs&nbsp;&raquo; est particuli&egrave;rement
difficile &agrave; analyser. Nous estimons qu&#8217;on pourrait en attendre=
 une
centaine de milliers d&#8217;emplois. <o:p></o:p></span></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>La
concentration des all&egrave;gements de charges sociales, qui est<span
class=3DGramE> en fait</span> une augmentation des charges sociales, est
tr&egrave;s <span class=3DGramE>p&eacute;nalisante</span>. Elle est suscept=
ible
d&#8217;aboutir &agrave; 200 &agrave; 250&nbsp;000 suppressions
d&#8217;emplois. <o:p></o:p></span></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>Au total,
l&#8217;effet sur l&#8217;emploi et sur la croissance est donc n&eacute;gat=
if.<o:p></o:p></span></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><b><span style=3D'font-size:10.5pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>2. A long t=
erme</span></b><span
style=3D'font-size:10.5pt;font-family:Verdana;mso-bidi-font-family:Arial;
color:black;mso-fareast-language:FR'><o:p></o:p></span></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>Les effets =
de
long terme sont relativement neutres sur la croissance et la
comp&eacute;titivit&eacute; car les mesures se neutralisent et modifient peu
les conditions de la production et de l&#8217;offre de biens et services en
France.<o:p></o:p></span></p>

<p class=3DMsoNormal style=3D'text-align:justify;line-height:17.55pt'><b><s=
pan
style=3D'font-size:10.5pt;font-family:Verdana;mso-bidi-font-family:Arial;
color:#009AD6;mso-fareast-language:FR'>Impact des mesures</span></b><span
style=3D'font-size:10.5pt;font-family:Verdana;mso-bidi-font-family:Arial;
color:black;mso-fareast-language:FR'> <o:p></o:p></span></p>

<div align=3Dcenter>

<table class=3DMsoNormalTable border=3D1 cellspacing=3D0 cellpadding=3D0 wi=
dth=3D512
 style=3D'width:384.0pt;mso-cellspacing:0cm;mso-padding-alt:0cm 0cm 0cm 0cm=
'>
 <tr style=3D'mso-yfti-irow:0;mso-yfti-firstrow:yes'>
  <td width=3D96 valign=3Dtop style=3D'width:72.0pt;padding:0cm 0cm 0cm 0cm=
'>
  <p class=3DMsoNormal style=3D'text-align:justify'><span style=3D'font-siz=
e:10.5pt;
  font-family:Verdana;mso-bidi-font-family:Arial;color:black;mso-fareast-la=
nguage:
  FR'>&nbsp;<o:p></o:p></span></p>
  </td>
  <td width=3D107 style=3D'width:80.25pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>Heures
  suppl&eacute;mentaires<o:p></o:p></span></p>
  </td>
  <td width=3D93 style=3D'width:69.75pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>Emplois
  francs&nbsp; <o:p></o:p></span></p>
  </td>
  <td width=3D115 valign=3Dtop style=3D'width:86.25pt;padding:0cm 0cm 0cm 0=
cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>Concentra=
tion
  des all&eacute;gements<o:p></o:p></span></p>
  </td>
  <td width=3D89 style=3D'width:66.75pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>Total**<o=
:p></o:p></span></p>
  </td>
 </tr>
 <tr style=3D'mso-yfti-irow:1'>
  <td width=3D96 style=3D'width:72.0pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>PIB<o:p><=
/o:p></span></p>
  </td>
  <td width=3D107 style=3D'width:80.25pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>+0,5&nbsp=
;%<o:p></o:p></span></p>
  </td>
  <td width=3D93 style=3D'width:69.75pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>+0,6&nbsp=
;%<o:p></o:p></span></p>
  </td>
  <td width=3D115 style=3D'width:86.25pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>-1,3&nbsp=
;%
  &agrave; -1,6&nbsp;%<o:p></o:p></span></p>
  </td>
  <td width=3D89 style=3D'width:66.75pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>-0,2 &agr=
ave;
  -0,5&nbsp;%<o:p></o:p></span></p>
  </td>
 </tr>
 <tr style=3D'mso-yfti-irow:2'>
  <td width=3D96 valign=3Dtop style=3D'width:72.0pt;padding:0cm 0cm 0cm 0cm=
'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>Emploi<o:=
p></o:p></span></p>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>&nbsp;&nb=
sp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  <i>dont</i> : <o:p></o:p></span></p>
  </td>
  <td width=3D107 valign=3Dtop style=3D'width:80.25pt;padding:0cm 0cm 0cm 0=
cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>+80&nbsp;=
000<o:p></o:p></span></p>
  </td>
  <td width=3D93 valign=3Dtop style=3D'width:69.75pt;padding:0cm 0cm 0cm 0c=
m'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>+90&nbsp;=
000<o:p></o:p></span></p>
  </td>
  <td width=3D115 valign=3Dtop style=3D'width:86.25pt;padding:0cm 0cm 0cm 0=
cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>-230&nbsp=
;000<o:p></o:p></span></p>
  </td>
  <td width=3D89 valign=3Dtop style=3D'width:66.75pt;padding:0cm 0cm 0cm 0c=
m'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>-60&nbsp;=
000<o:p></o:p></span></p>
  </td>
 </tr>
 <tr style=3D'mso-yfti-irow:3;mso-yfti-lastrow:yes;height:60.75pt'>
  <td width=3D96 valign=3Dtop style=3D'width:72.0pt;padding:0cm 0cm 0cm 0cm;
  height:60.75pt'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>Cr&eacute=
;ations<o:p></o:p></span></p>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span class=3DSpellE><span style=3D'font-size:10.5pt;
  font-family:Verdana;mso-bidi-font-family:Arial;color:black;mso-fareast-la=
nguage:
  FR'>Equivalents-emplois</span></span><span style=3D'font-size:10.5pt;
  font-family:Verdana;mso-bidi-font-family:Arial;color:black;mso-fareast-la=
nguage:
  FR'>*<o:p></o:p></span></p>
  </td>
  <td width=3D107 valign=3Dtop style=3D'width:80.25pt;padding:0cm 0cm 0cm 0=
cm;
  height:60.75pt'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>+50&nbsp;=
000<o:p></o:p></span></p>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>+30&nbsp;=
000<o:p></o:p></span></p>
  </td>
  <td width=3D93 valign=3Dtop style=3D'width:69.75pt;padding:0cm 0cm 0cm 0c=
m;
  height:60.75pt'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>+90&nbsp;=
000<o:p></o:p></span></p>
  </td>
  <td width=3D115 valign=3Dtop style=3D'width:86.25pt;padding:0cm 0cm 0cm 0=
cm;
  height:60.75pt'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>-230&nbsp=
;000<o:p></o:p></span></p>
  </td>
  <td width=3D89 valign=3Dtop style=3D'width:66.75pt;padding:0cm 0cm 0cm 0c=
m;
  height:60.75pt'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>-90&nbsp;=
000<o:p></o:p></span></p>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>+30&nbsp;=
000<o:p></o:p></span></p>
  </td>
 </tr>
</table>

</div>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><i><span style=3D'font-size:9.0pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:#00A486;mso-fareast-language:FR'>*Sous for=
me
de hausse du temps de travail<o:p></o:p></span></i></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><i><span style=3D'font-size:9.0pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:#00A486;mso-fareast-language:FR'>** Nous
retenons le point moyen de la fourchette<o:p></o:p></span></i></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify;line-height:17.55pt'><i><span style=3D'font-size:9.0pt;
font-family:Verdana;mso-bidi-font-family:Arial;color:#00A486;mso-fareast-la=
nguage:
FR'>&nbsp;<o:p></o:p></span></i></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify;line-height:17.55pt'><b><span style=3D'font-size:16.0pt;
font-family:"Avenir LT 95 Black";mso-bidi-font-family:Arial;color:red;
mso-fareast-language:FR'>- S&eacute;gol&egrave;ne Royal<o:p></o:p></span></=
b></p>

<p class=3DMsoNormal style=3D'text-align:justify'><b><span style=3D'color:#=
0071B9;
mso-fareast-language:FR'>1. A court terme</span></b><span style=3D'color:#0=
071B9;
mso-fareast-language:FR'><o:p></o:p></span></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>La hausse d=
u <span
class=3DSpellE>smic</span> &agrave; 1&nbsp;500&nbsp;&#8364; d&#8217;ici la =
fin de
la l&eacute;gislature est&nbsp; d&eacute;favorable &agrave; l&#8217;emploi.=
 Une
hausse du salaire minimum plus rapide que celle du salaire moyen
(d&#8217;environ 5 points sur la l&eacute;gislature) entra&icirc;nerait une
augmentation des co&ucirc;ts de production qui p&egrave;serait sur la comp&=
eacute;titivit&eacute;.
Cela pourrait conduire &agrave; la suppression d&#8217;environ 50&nbsp;000
emplois.<o:p></o:p></span></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>La suppress=
ion
du CNE pourrait supprimer environ 30&nbsp;000 emplois.<o:p></o:p></span></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>La mesure de
cr&eacute;ations <span class=3DGramE>d&#8217;&laquo;&nbsp;</span>emplois
tremplins&nbsp;&raquo; est une nouvelle forme d&#8217;emploi aid&eacute;. Si
&agrave; court terme elle conduirait &agrave; des embauches rapides
(proportionnelles &agrave; l&#8217;argent public inject&eacute;), la
viabilit&eacute; de ces postes &agrave; moyen terme est incertaine. Surtout=
, le
financement de la mesure conduirait &agrave; terme &agrave; une augmentation
des pr&eacute;l&egrave;vements obligatoires qui aurait des effets
n&eacute;fastes sur la croissance et sur l&#8217;emploi. <o:p></o:p></span>=
</p>

<p class=3DMsoNormal style=3D'text-align:justify'><span style=3D'color:#007=
1B9;
mso-fareast-language:FR'>L&#8217;effet sur l&#8217;emploi total ne pourrait
&ecirc;tre positif qu&#8217;&agrave; court terme gr&acirc;ce aux
&laquo;&nbsp;emplois tremplins&nbsp;&raquo;, mais il serait n&eacute;gatif =
par
la suite.&nbsp; <o:p></o:p></span></p>

<p class=3DMsoNormal style=3D'text-align:justify'><span style=3D'color:#007=
1B9;
mso-fareast-language:FR'>&nbsp;<o:p></o:p></span></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><b><span style=3D'font-size:10.5pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>2. A long t=
erme</span></b><span
style=3D'font-size:10.5pt;font-family:Verdana;mso-bidi-font-family:Arial;
color:black;mso-fareast-language:FR'><o:p></o:p></span></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>Les charges
fiscales suppl&eacute;mentaires conduiraient &agrave; une baisse de
l&#8217;emploi et du PIB et &agrave; un nouveau recul de la
comp&eacute;titivit&eacute; et du pouvoir d&#8217;achat moyen<o:p></o:p></s=
pan></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'><o:p>&nbsp;=
</o:p></span></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify;line-height:17.55pt'><b><span style=3D'font-size:10.5pt;
font-family:Verdana;mso-bidi-font-family:Arial;color:#009AD6;mso-fareast-la=
nguage:
FR'>Impact des mesures<o:p></o:p></span></b></p>

<div align=3Dcenter>

<table class=3DMsoNormalTable border=3D1 cellspacing=3D0 cellpadding=3D0 wi=
dth=3D537
 style=3D'width:402.75pt;mso-cellspacing:0cm;mso-padding-alt:0cm 0cm 0cm 0c=
m'>
 <tr style=3D'mso-yfti-irow:0;mso-yfti-firstrow:yes'>
  <td colspan=3D6 valign=3Dtop style=3D'padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'text-align:justify'><span style=3D'font-siz=
e:10.5pt;
  font-family:Verdana;mso-bidi-font-family:Arial;color:black;mso-fareast-la=
nguage:
  FR'>Pour m&eacute;moire<o:p></o:p></span></p>
  </td>
 </tr>
 <tr style=3D'mso-yfti-irow:1'>
  <td width=3D54 valign=3Dtop style=3D'width:40.5pt;padding:0cm 0cm 0cm 0cm=
'>
  <p class=3DMsoNormal style=3D'text-align:justify'><span style=3D'font-siz=
e:10.5pt;
  font-family:Verdana;mso-bidi-font-family:Arial;color:black;mso-fareast-la=
nguage:
  FR'>&nbsp;<o:p></o:p></span></p>
  </td>
  <td width=3D63 style=3D'width:47.25pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>1.<o:p></=
o:p></span></p>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span class=3DGramE><span style=3D'font-size:10.5pt;
  font-family:Verdana;mso-bidi-font-family:Arial;color:black;mso-fareast-la=
nguage:
  FR'>Hausse <br>
  </span></span><span style=3D'font-size:10.5pt;font-family:Verdana;mso-bid=
i-font-family:
  Arial;color:black;mso-fareast-language:FR'>du <span class=3DSpellE>smic</=
span><o:p></o:p></span></p>
  </td>
  <td width=3D93 style=3D'width:69.75pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>2.
  Suppression du <span class=3DGramE>CNE</span><o:p></o:p></span></p>
  </td>
  <td width=3D71 style=3D'width:53.25pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>Total1<o:=
p></o:p></span></p>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>Hors empl=
ois
  tremplins<o:p></o:p></span></p>
  </td>
  <td width=3D148 style=3D'width:111.0pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>3. Emplois
  tremplins<o:p></o:p></span></p>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>(0 <span
  class=3DGramE>&agrave;</span> 300&nbsp;000&nbsp;?)<o:p></o:p></span></p>
  </td>
  <td width=3D94 style=3D'width:70.5pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>Extension=
 <span
  class=3DGramE>&eacute;ventuelle <br>
  </span>des 35 heures aux PME<o:p></o:p></span></p>
  </td>
 </tr>
 <tr style=3D'mso-yfti-irow:2'>
  <td width=3D54 valign=3Dtop style=3D'width:40.5pt;padding:0cm 0cm 0cm 0cm=
'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span class=3DGramE><span style=3D'font-size:10.5pt;
  font-family:Verdana;mso-bidi-font-family:Arial;color:black;mso-fareast-la=
nguage:
  FR'>PIB</span></span><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'><o:p></o:=
p></span></p>
  </td>
  <td width=3D63 style=3D'width:47.25pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>-0,3&nbsp=
;%<o:p></o:p></span></p>
  </td>
  <td width=3D93 style=3D'width:69.75pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>-0,2&nbsp=
;%<o:p></o:p></span></p>
  </td>
  <td width=3D71 style=3D'width:53.25pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>-0,5&nbsp=
;%<o:p></o:p></span></p>
  </td>
  <td width=3D148 style=3D'width:111.0pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>Positif
  &agrave; court terme<o:p></o:p></span></p>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>N&eacute;=
gatif
  &agrave; long terme<o:p></o:p></span></p>
  </td>
  <td width=3D94 style=3D'width:70.5pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>-0,9&nbsp=
;%<o:p></o:p></span></p>
  </td>
 </tr>
 <tr style=3D'mso-yfti-irow:3;mso-yfti-lastrow:yes'>
  <td width=3D54 valign=3Dtop style=3D'width:40.5pt;padding:0cm 0cm 0cm 0cm=
'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>Emploi<o:=
p></o:p></span></p>
  </td>
  <td width=3D63 style=3D'width:47.25pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>-50&nbsp;=
000<o:p></o:p></span></p>
  </td>
  <td width=3D93 style=3D'width:69.75pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>-30&nbsp;=
000<o:p></o:p></span></p>
  </td>
  <td width=3D71 style=3D'width:53.25pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>-80&nbsp;=
000<o:p></o:p></span></p>
  </td>
  <td width=3D148 style=3D'width:111.0pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>Positif
  &agrave;&nbsp; court terme<o:p></o:p></span></p>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>N&eacute;=
gatif
  &agrave; long terme<o:p></o:p></span></p>
  </td>
  <td width=3D94 style=3D'width:70.5pt;padding:0cm 0cm 0cm 0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>-150&nbsp=
;000<o:p></o:p></span></p>
  </td>
 </tr>
</table>

</div>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify;line-height:17.55pt'><i><span style=3D'font-size:9.0pt;
font-family:Verdana;mso-bidi-font-family:Arial;color:#00A486;mso-fareast-la=
nguage:
FR'>&nbsp;<o:p></o:p></span></i></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><b><span style=3D'font-size:16.0pt;font-family:"Avenir =
LT 95 Black";
mso-bidi-font-family:Arial;color:red;mso-fareast-language:FR'>- Nicolas Sar=
kozy<o:p></o:p></span></b></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><b><span style=3D'font-size:10.5pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>1. A court
terme</span></b><span style=3D'font-size:10.5pt;font-family:Verdana;mso-bid=
i-font-family:
Arial;color:black;mso-fareast-language:FR'><o:p></o:p></span></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>La mesure de
d&eacute;taxation des heures suppl&eacute;mentaires est favorable &agrave; =
l&#8217;emploi.
La r&eacute;mun&eacute;ration de l&#8217;heure suppl&eacute;mentaire
augmenterait de 45&nbsp;% pour le salari&eacute;, ce qui aurait un effet
puissant sur les comportements d&#8217;offre de travail des m&eacute;nages.=
 Le
co&ucirc;t <span class=3DGramE>du</span> l&#8217;heure suppl&eacute;mentaire
baisserait de 26&nbsp;% pour les entreprises, les incitant &agrave; augment=
er
la dur&eacute;e du travail d&#8217;une part, mais aussi &agrave; embaucher =
sur
de nouveaux postes du fait de la baisse du co&ucirc;t moyen du travail indu=
ite.
Au total, la mesure pourrait cr&eacute;er de l&#8217;ordre de 120&nbsp;000
emplois et 60&nbsp;000 &laquo;&nbsp;&eacute;quivalents emplois&nbsp;&raquo;
(sous forme d&#8217;allongements de la dur&eacute;e du travail). L&#8217;ef=
fet
sur l&#8217;emploi et sur la croissance&nbsp; serait donc positif.<o:p></o:=
p></span></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><b><span style=3D'font-size:10.5pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>2. A long t=
erme</span></b><span
style=3D'font-size:10.5pt;font-family:Verdana;mso-bidi-font-family:Arial;
color:black;mso-fareast-language:FR'><o:p></o:p></span></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>Les effets =
de
long terme seraient d&#8217;autant plus importants que les mesures auraient
stimul&eacute; un allongement g&eacute;n&eacute;ral de la dur&eacute;e du
travail qui restaurerait la comp&eacute;titivit&eacute; fortement mise &agr=
ave;
mal depuis la mise en &#339;uvre <span class=3DGramE>des</span>
&laquo;&nbsp;35&nbsp;heures&nbsp;&raquo;.<o:p></o:p></span></p>

<p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt=
:auto;
text-align:justify;line-height:17.55pt'><b><span style=3D'font-size:10.5pt;
font-family:Verdana;mso-bidi-font-family:Arial;color:#009AD6;mso-fareast-la=
nguage:
FR'>Impact des mesures<o:p></o:p></span></b></p>

<div align=3Dcenter>

<table class=3DMsoNormalTable border=3D1 cellspacing=3D0 cellpadding=3D0
 style=3D'mso-cellspacing:0cm;mso-padding-alt:0cm 0cm 0cm 0cm'>
 <tr style=3D'mso-yfti-irow:0;mso-yfti-firstrow:yes'>
  <td width=3D253 valign=3Dtop style=3D'width:189.75pt;padding:0cm 0cm 0cm =
0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>PIB<o:p><=
/o:p></span></p>
  </td>
  <td width=3D216 valign=3Dtop style=3D'width:162.0pt;padding:0cm 0cm 0cm 0=
cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>1&nbsp;%
  &agrave; +1,3&nbsp;% de PIB en plus<o:p></o:p></span></p>
  </td>
 </tr>
 <tr style=3D'mso-yfti-irow:1'>
  <td width=3D253 valign=3Dtop style=3D'width:189.75pt;padding:0cm 0cm 0cm =
0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>Emploi&nb=
sp;<o:p></o:p></span></p>
  </td>
  <td width=3D216 valign=3Dtop style=3D'width:162.0pt;padding:0cm 0cm 0cm 0=
cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>160&nbsp;=
000
  &agrave; 200 000<o:p></o:p></span></p>
  </td>
 </tr>
 <tr style=3D'mso-yfti-irow:2'>
  <td width=3D253 valign=3Dtop style=3D'width:189.75pt;padding:0cm 0cm 0cm =
0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>Dont&nbsp=
;:<o:p></o:p></span></p>
  </td>
  <td width=3D216 valign=3Dtop style=3D'width:162.0pt;padding:0cm 0cm 0cm 0=
cm'>
  <p class=3DMsoNormal style=3D'text-align:justify'><span style=3D'font-siz=
e:10.5pt;
  font-family:Verdana;mso-bidi-font-family:Arial;color:black;mso-fareast-la=
nguage:
  FR'><o:p>&nbsp;</o:p></span></p>
  </td>
 </tr>
 <tr style=3D'mso-yfti-irow:3'>
  <td width=3D253 valign=3Dtop style=3D'width:189.75pt;padding:0cm 0cm 0cm =
0cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>&nbsp;&nb=
sp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  nouveaux emplois&nbsp;<o:p></o:p></span></p>
  </td>
  <td width=3D216 valign=3Dtop style=3D'width:162.0pt;padding:0cm 0cm 0cm 0=
cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span class=3DGramE><span style=3D'font-size:10.5pt;
  font-family:Verdana;mso-bidi-font-family:Arial;color:black;mso-fareast-la=
nguage:
  FR'>120&nbsp;000<o:p></o:p></span></span></p>
  </td>
  <p class=3DMsoNormal></p>
  <tr style=3D'mso-yfti-irow:4;mso-yfti-lastrow:yes'>
   <td width=3D253 valign=3Dtop style=3D'width:189.75pt;padding:0cm 0cm 0cm=
 0cm'><span
   style=3D'font-size:10.5pt;font-family:Verdana;mso-fareast-font-family:"T=
imes New Roman";
   mso-bidi-font-family:Arial;color:black;mso-ansi-language:FR;mso-fareast-=
language:
   FR;mso-bidi-language:AR-SA'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&n=
bsp;&nbsp;&nbsp;&nbsp;
   <span class=3DGramE>&laquo;&nbsp;</span>&eacute;quivalents
   emplois&nbsp;&raquo;<o:p></o:p></span></td>
  </tr>
  <td width=3D216 valign=3Dtop style=3D'width:162.0pt;padding:0cm 0cm 0cm 0=
cm'>
  <p class=3DMsoNormal style=3D'mso-margin-top-alt:auto;mso-margin-bottom-a=
lt:auto;
  text-align:justify'><span style=3D'font-size:10.5pt;font-family:Verdana;
  mso-bidi-font-family:Arial;color:black;mso-fareast-language:FR'>40&nbsp;0=
00
  &agrave; <span class=3DGramE>80&nbsp;000<o:p></o:p></span></span></p>
  </td>
  <p class=3DMsoNormal></p>
 </table>
</tr>
<span class=3DGramE><span style=3D'font-size:12.0pt;font-family:"Times New =
Roman";
mso-fareast-font-family:"Times New Roman";mso-ansi-language:FR;mso-fareast-=
language:
EN-US;mso-bidi-language:AR-SA'><o:p>&nbsp;</o:p></span></span></div>

</div>

</body>

</html>
