France’s « pay-and-go » pension system for generation’s solidarity was created in 1956 when all the people over 65 could benefit from the national fund of solidarity. Then the retirement age returned to 60 with two systems co-existing: the public system and the public one. In France, the workers can retire at age 60 if they have worked 41 to 42 years. The retirement age at 60 was set by former French president Mitterrand in 1982. Some can even retire at age 70 if they wish.

However, some people who work in public transport could retire at age 55; others who have hard jobs like the miners or the train drivers could retire at age 50 but Sarkozy’s government put an end to the exceptions to the system in 2007.

Due to the economic recession and the growing CNAV’s deficit, 3 main reforms were implemented in 1993, 2003 and 2008. The effective contribution increased as the pension was based on price inflation. The retirement age did not change in 2003 with Fillon’s reform but the contribution increased so that an employee needed a 41 years contribution. In 2008, this contribution increased with a progressive extension. With a minimum pension guaranteed, the employees could have a job and benefit from a pension. However, with the people ageing and the decrease of birth rate, the pension system is still in danger and an increasing number of senior people must work not to be under the poverty line. Of course, the French government wants to preserve the existing pay-and-go pension system without increasing the pension contribution in order to solve the problems of deficit, which means changing the retirement age to 62 at least and encourage senior to work longer.

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Germany has a powerful technological economy. In 2003, Germany’s GNI per capita was $25,250. It is the twenty-third highest in the world in terms of per capita income: $38,860. The growth rate of GDP has declined annually since the early 1980s.

Germany had considerable economic success in rebuilding its economy after losing World War II. It is now the third largest economic power in the world, after the US and Japan. The fiscal and monetary policy adopted by the government was cautious. The idea was to make a social market economy. This idea demanded the economy to be governed by market forces, the state correcting the imperfections of marketing and helping the underprivileged. A lot of attention was paid to bank financing. Companies could focus on objectives on the long term.

German economy is split into two regions: West Germany and East Germany. In the east, economy is still quite weak. The unemployment rate is double than that in the west. After the unification of West and East Germany in 1990, Germany’s flourishing economy declined.

Manufacturing is an important sector for the German economy. Telecommunications is also becoming an important sector. The most important manufacturing industries are the chemical and the automotive industries. The share of manufacturing in GDP has become stable at 30%, while that of fishing, agriculture or forestry has kept falling, the lowest point being reached in 2002 according to statistics of the World Bank.

Agriculture has little importance for the economy as a whole and the steel-making sector has been declining. Agriculture employed less than 3% of the population in 2004, a decreased number compared to 4% in 1991. Still Germany manages to cover 90% of its nutritional necessities through its domestic production.

Exports account for over 1/3 of the national output, as Germany’s economy is mostly export-oriented. Germany exports mainly chemicals, vehicles, food, beer, machinery, textiles, electronics and metals and imports textiles, machinery, textiles and chemicals. Germany’s largest trade partner is France. The United States of America are the second largest trade partner. Germany imports from the US mostly data processing equipment and aircraft and exports in return motor vehicles, chemicals, machinery and electrical equipment.

The most important German energy resource is coal, although its extraction has diminished since 1989, due to the environmental policy. After United States, China, India and Japan, Germany is the fifth largest energy consumer in the world and the largest in Europe.

France has the eighth largest economy in the world with purchasing power parity at $2,067 trillion. Three quarters of France’s population lives in urban areas, most of them in Paris, Lille, Aix-en Provence or Lyon. Life expectancy in France is 79 years, one of the highest out of all the countries in the world.

In the last twenty years there have been introduced reforms and measures of privatization into France’s governance system. Nowadays the state has a smaller role in the economy than it did in the past. In spite of privatization, the government still has power over a big part of France’s economic activity. France’s economy was planned in such a way as to be a support for international trade.

France is a modern industrialized nation with a various industrial branches. The most important industrial sectors are naval and specialist shipbuilding, telecommunications, chemicals, automobile and aerospace production, pharmaceutics, civil engineering and construction. France also leans upon the nuclear power development that produces more than three quarters of France’s production of electricity. France does not produce oil domestically, thus nuclear power is very important.

Agriculture and food-related industries account for a big part of economic activity. Manufacturing is powerful in sectors like pharmaceutics, aerospace, transport and motor vehicles. Five percent of GDP is covered by the sector of construction.

France is the most important agricultural producer in the EU, covering more than thirty percent. Wheat farms are spread in the north of France, while the west of the country exports beef, poultry, pork, dairy products and wheat. France’s second largest exporter is the United States. The subsidies from the European Union cover €11 billion and give France many advantages in terms of competing. Thus France opposes cutbacks of subsidies.

After the United Kingdom and Germany, France is the next largest trading country in Europe. France exports weapons all over the world, being the world’s third largest weapon provider. Guns, warships and other equipment are built for the French Government. However, France also exports weapons to Greece, Pakistan, Singapore, the United Arab Emirates and Taiwan. Towards the US, France exports engines, electrical equipment, cosmetics, chemicals, beverages, plastics, steel, iron, petroleum, perfume and other luxurious products. France is famous world wide for its production of fine wines and cheese.

None of us in the boomer generation have seen the recession of the thirties, but must have surely heard of the terrifying times from our parents and others who lived through the time. So, it is obvious that we have a question in the back of our minds – Is this the second recession?

The reason why we are all called boomers is because we have been born in a time where there has been a lot of growth – all around. We have lived good lives, and have given our children a better place than what we were handed down. Yes, there have also been negative aspects like terrorism and global warming, but in general, life is good and has become better. But this current economic scenario has got us thinking. Is this the outcome of all the years of uncontrolled growth?

Top economists from around the world are of the opinion that this is not a real recession, and that things will turn around in a little time.

If we look at the first recession – of the 30s, the cause is the same – growth that has no parameters. Even today, the reason why the economy has reached a stage of meltdown is because of too many factors that have been neglected all these years. Everyone knew that this day would come, and all the smart people have put their eggs in different baskets. Only the ones who depended too heavily on the financial markets have been affected seriously.

So, what do we tell our children who are just starting their careers and their independent lives?

Simple – Congratulate them, and tell them that this experience will seriously help them to plan for the rest of their lives. So, this is not the second coming of the recession. This is a slowdown – yes! But not one that will slow us down for a long time! Afterall, we are the boomers, aren’t we?

Social security is an entitlement program that people tend to either love or hate. There specific attitude is usually a reflection of whether they think it is a success or not. This determination is often misguided because discussions of its problems don’t include the surplus issue.

What do we all here about social security in the media? The general premise is it is in trouble and thus must be poorly run. Well, it is in trouble, but not because of the way it is run. Instead, the program is underfunded and holds a ton of IOUs from a group that is just about the least credible creditor on the planet – the United States Government! It all comes down to the surplus issue.

Social security has been running out of money because it spends more than it takes in, right? No. The opposite is true. The program has nearly always brought in tens to hundreds of billion dollars more a year than it has expended. One needs only look to the 2006 year when it brought in just over $100 billion more than it spend. Given all these surpluses, the program should literally have trillions of dollars built up in its trust account. It does not. So, where did all the money go?

Most people know they are in trouble when they have to borrow from one credit card to pay another. Well, our government never really learned the lesson. It has been borrowing the social security surplus for years and using it to pay the interest on the national debt. Talk about a shell game! Well, it worked so long as there was a surplus. That no longer is the case.

2010 is the first year that social security will not run a surplus. Incoming taxes and expenditures will basically match. This is partially due to the economic mess, but is a continuation of a trend that is arising as the baby boomer generation begins to retire and seek benefits from the program. The number of boomers making claims will balloon over the next fifteen years and the program is going to be running big deficits.

The social security deficit problems is doubly painful. First, there will be no surpluses to pay the interest on the national debt and, second, the government will have to find money to fund the program. That is a lot of money to come up with and it will be interesting to see how it is handled. Most expect benefits to be cut, the participation age raised and taxes to go up. Oh, joy.

The inauguration is over, appointments are agreed upon, our nation’s capitol returns to itself and millions of Americans watch to see President Obama lead this country toward his vision for the United States of America.  It will take his embodying that vision for the country and the congress to agree and follow the strategic plans supporting that vision. That is the stature of leadership needed. Our new president is not alone in this important undertaking.

Along with government leaders, thousands of business owners, some small, some employing many, but all fundamentally vital to the welfare of their communities, state or nation, will be re-assessing their business mission and vision statements to determine their place in the new economy. As our new President says, we are all involved and needed; everyone is key!  Now is the time for all, big or small, government or commercial, local or international, to lead with a sense of vision rather than with a sense of desperation.

Peter Senge in The Dance of Change says “In today’s organizations, the idealization of great leadership leads to an endless search for heroic figures that can come in to rescue the rest of us from recalcitrant, non-competitive institutions.  But might this very thinking be a key reason such institutions prevail?  Might not the continual search for the hero-leader be a critical factor in itself, diverting our attention away from building institutions that, by their very nature, continually adapt and reinvent themselves, with leadership coming from many people in many places, not just from the top?”

Both institutional organizations and businesses of all sizes are full of leaders where initiative and creativity are plentiful.  The role of the leader is to harness and direct the activity.  Modern leadership is adaptive and aware; responsive, not reactive.

Our new leader, President Obama, must enlist the existing pool of leaders within our government institutions and many industries to truly reinvent themselves.  The change that is needed should occur as a result of new visions by both government and business.  It is a leader’s responsibility to implement this vision driven change.  The bottom line – what our government institutions and business communities need right now is visionary leadership – not just coming from President Obama, but coming from many people in many places; and these people must be committed to living the vision.