{"id":23458,"date":"2024-11-01T10:05:19","date_gmt":"2024-11-01T14:05:19","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/?p=23458"},"modified":"2024-11-01T10:31:04","modified_gmt":"2024-11-01T14:31:04","slug":"debunking-debt-disaster","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/insights\/debunking-debt-disaster","title":{"rendered":"Le mythe de la catastrophe de la dette, d\u00e9boulonn\u00e9"},"content":{"rendered":"\n<p><strong>Par Atul Bhatia, CFA<\/strong><\/p>\n\n\n\n    <p>\n      Le gouvernement am\u00e9ricain est aux prises avec une dette astronomique. Le\n      chiffre est si important \u2013 plus de 35 000 milliards de dollars \u2013 que nous\n      pensons qu\u2019il a perdu tout sens. Il est ahurissant de constater que la\n      dette du Tr\u00e9sor am\u00e9ricain envers les autres organismes gouvernementaux des\n      \u00c9tats-Unis, si elle se pr\u00e9sentait comme une entit\u00e9 distincte, serait le\n      troisi\u00e8me pays le plus endett\u00e9 du monde, apr\u00e8s les \u00c9tats-Unis et le Japon.\n      Les int\u00e9r\u00eats sur la dette repr\u00e9senteront bient\u00f4t une d\u00e9pense de\n      1 000 milliards de dollars, soit plus que le montant combin\u00e9 consacr\u00e9 par\n      le gouvernement am\u00e9ricain aux prestations aux anciens combattants, \u00e0\n      l\u2019\u00e9ducation et au transport.\n    <\/p>\n    <p>\n      L\u2019ampleur de ces chiffres a cr\u00e9\u00e9 une industrie artisanale des pr\u00e9visions\n      tragiques, caract\u00e9ris\u00e9e par de nombreuses hyperboles, mais peu d\u2019analyses.\n      Nous avons d\u00e9j\u00e0 <a href=\"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/insights\/us-debt-dilemma-no-quick-fixes-and-no-catastrophes\"\n      title=\"Dilemme de la dette am\u00e9ricaine : ni solutions rapides ni catastrophes\">discut\u00e9<\/a> de ce que nous consid\u00e9rons comme les r\u00e9alit\u00e9s de\n      la dette nationale des \u00c9tats-Unis, mais pensons qu\u2019il est utile d\u2019examiner\n      de nouveau certains des mythes les plus pernicieux et persistants \u00e0 son\n      sujet.\n    <\/p>\n    <!-- SECTION -->\n    <h2>Mythe n<sup>o<\/sup> 1 : l\u2019\u00e9conomie am\u00e9ricaine est dangereusement surendett\u00e9e<\/h2>\n    <p>\n      La principale source de confusion en ce qui concerne la dette am\u00e9ricaine,\n      c\u2019est que l\u2019on pense que le chiffre nous dit quelque chose d\u2019important. Ce\n      n\u2019est pas le cas, du moins pas en soi, car le gouvernement ne constitue\n      qu\u2019une petite partie de l\u2019\u00e9conomie am\u00e9ricaine. Ce qui importe \u00e0 des fins\n      macro\u00e9conomiques, c\u2019est le montant que toutes les parties prenantes, tant\n      publiques que priv\u00e9es, ont emprunt\u00e9. Lorsque nous additionnons les\n      emprunts des m\u00e9nages et des soci\u00e9t\u00e9s, nous constatons que la dette du\n      gouvernement am\u00e9ricain est relativement faible. Les Canadiens, par\n      exemple, ont \u00ab endett\u00e9 \u00bb une plus grande partie de leur production future\n      que les Am\u00e9ricains, et les emprunts aux \u00c9tats-Unis sont sur le m\u00eame pied\n      d\u2019\u00e9galit\u00e9 que ceux en Su\u00e8de et au Royaume-Uni.\n    <\/p>\n    <p>\n      S\u2019inqui\u00e9ter de la dette publique, c\u2019est comme si l\u2019on pr\u00e9tendait ne pas\n      avoir de dette parce que l\u2019on a rembours\u00e9 sa carte de cr\u00e9dit le mois\n      dernier. C\u2019est un argument difficile \u00e0 faire valoir si l\u2019on a toujours un\n      pr\u00eat hypoth\u00e9caire, un pr\u00eat automobile ou une dette \u00e9tudiante. Qu\u2019il\n      s\u2019agisse des m\u00e9nages ou de l\u2019ensemble du pays, il est peu probable que\n      nous arrivions \u00e0 la bonne conclusion si nous n\u2019examinons qu\u2019une partie du\n      probl\u00e8me.\n    <\/p>\n    <!-- EX 1 -->\n    <h3>\n      La situation n\u2019est finalement pas si diff\u00e9rente : une mesure plus g\u00e9n\u00e9rale\n      de l\u2019endettement montre que le portrait des \u00c9tats-Unis est assez typique\n    <\/h3>\n    <h4>Dette en pourcentage du PIB<\/h4>\n    <div class=\"row mb-4\">\n      <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n        <img decoding=\"async\"\n        src=\"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/wp-content\/uploads\/sites\/6\/2023\/02\/debunking-debt-disaster-fr-chart-1.png\"\n        alt=\"Dette en pourcentage du PIB\"\n        class=\"img-fluid mb-1-half\"\n        aria-describedby=\"chart1desc\"\n      \/>\n      <p class=\"sr-only\" id=\"chart1desc\">\n        Le graphique des colonnes indique la dette en 2022 en pourcentage du produit int\u00e9rieur brut (PIB) de huit pays (class\u00e9s du plus petit au plus grand pourcentage de la dette totale) : Allemagne (194 %), Irlande (219 %), Royaume-Uni (252 %), Italie (254 %), Chine (272 %), \u00c9tats-Unis (273 %), Su\u00e8de (274 %) et Canada (322 %). La dette est divis\u00e9e en cat\u00e9gories : dette publique g\u00e9n\u00e9rale, dette des m\u00e9nages et dette des soci\u00e9t\u00e9s non financi\u00e8res. \n      <\/p>\n      <ul class=\"rbc-legend\">\n        <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-bar c-blue-tint-3\"><\/div>\n            Dette des soci\u00e9t\u00e9s non financi\u00e8res\n        <\/li>\n        <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-bar c-rbc-blue\"><\/div>\n            Dette des m\u00e9nages\n        <\/li>\n        <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-bar c-dark-blue\"><\/div>\n            Dette publique g\u00e9n\u00e9rale\n        <\/li>\n      <\/ul>\n        <p class=\"disclaimer\">\n          Source : Fonds mon\u00e9taire international; pourcentage du PIB de 2022\n          comprenant les obligations, les pr\u00eats et les titres de cr\u00e9ance\n        <\/p>\n      <\/div>\n    <\/div>\n    <!-- SECTION -->\n    <h2>\n      Mythe n<sup>o<\/sup> 2 : les investisseurs doivent se pr\u00e9parer \u00e0 un d\u00e9faut de paiement\n      imminent aux \u00c9tats-Unis\n    <\/h2>\n    <p>\n      Les d\u00e9fauts de paiement surviennent g\u00e9n\u00e9ralement lorsque les emprunteurs\n      manquent de ressources pour honorer leurs promesses. Il est improbable que\n      cela se produise pour le gouvernement am\u00e9ricain, car le Tr\u00e9sor a promis de\n      ne donner aux investisseurs qu\u2019un certain nombre de dollars \u00e0 des dates\n      futures pr\u00e9cises. Par une heureuse co\u00efncidence, le gouvernement am\u00e9ricain\n      peut fabriquer des dollars \u00e0 sa guise. Dans ces circonstances, ce serait\n      un choix d\u00e9lib\u00e9r\u00e9 pour les \u00c9tats-Unis de ne pas respecter leurs\n      obligations. Et compte tenu de la dur\u00e9e de vie des carri\u00e8res politiques\n      apr\u00e8s un d\u00e9faut de paiement d\u2019un \u00c9tat, nous pensons que les dirigeants\n      am\u00e9ricains ne feront pas ce choix.\n    <\/p>\n    <p>\n      Comme nous en avons d\u00e9j\u00e0 <a href=\"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/insights\/us-debt-dilemma-no-quick-fixes-and-no-catastrophes\"\n      title=\"Dilemme de la dette am\u00e9ricaine : ni solutions rapides ni catastrophes\">discut\u00e9<\/a>, la pr\u00e9occupation l\u00e9gitime \u00e0 l\u2019\u00e9gard des\n      emprunts excessifs n\u2019est pas le d\u00e9faut de paiement, mais l\u2019inflation. Les\n      dollars seront vers\u00e9s comme promis, mais les investisseurs ne pourront pas\n      acheter autant avec eux. Il s\u2019agit d\u2019un risque r\u00e9el. Mais c\u2019est une\n      pr\u00e9occupation tr\u00e8s diff\u00e9rente que celle d\u2019un d\u00e9faut de paiement. Les cas\n      de d\u00e9faillances d\u2019\u00c9tat sont des catastrophes \u00e9conomiques pour la plupart\n      des segments de la soci\u00e9t\u00e9 et ont tendance \u00e0 pr\u00e9c\u00e9der des ann\u00e9es de faible\n      croissance. L\u2019inflation est un probl\u00e8me s\u00e9rieux, mais elle est plus facile\n      \u00e0 g\u00e9rer et habituellement moins grave que les d\u00e9fauts de paiement.\n    <\/p>\n    <!-- SECTION -->\n    <h2>\n      Mythe n<sup>o<\/sup> 3 : Bl\u00e2mez les politiciens, ce sont eux qui sont aux commandes\n    <\/h2>\n    <p>\n      Le discours dominant est que nos dettes seraient dues \u00e0 notre prodigalit\u00e9.\n      Qu\u2019il s\u2019agisse de programmes insens\u00e9s de d\u00e9penses ou de r\u00e9ductions d\u2019imp\u00f4t\n      non capitalis\u00e9es, la dette ne serait qu\u2019une cons\u00e9quence d\u2019un pi\u00e8tre\n      leadership politique.\n    <\/p>\n    <p>\n      En toute justice, il y a un \u00e9l\u00e9ment de v\u00e9rit\u00e9 dans ce point de vue.\n      Relever les imp\u00f4ts n\u2019est jamais tr\u00e8s populaire en politique, et certains\n      programmes doivent \u00eatre financ\u00e9s. Malheureusement, les co\u00fbts impossibles \u00e0\n      couper des programmes d\u00e9passent les recettes fiscales impossibles \u00e0\n      augmenter. C\u2019est un enjeu politique structurel qui devrait persister dans\n      un avenir pr\u00e9visible.\n    <\/p>\n    <p>\n      La r\u00e9alit\u00e9, en fait, c\u2019est que la forte hausse des emprunts\n      gouvernementaux n\u2019est pas le r\u00e9sultat d\u2019une volont\u00e9 politique. Les\n      augmentations les plus importantes d\u00e9coulent de la crise financi\u00e8re\n      mondiale et de la pand\u00e9mie. Sans ces deux \u00e9v\u00e9nements, le ratio de la dette\n      au PIB des \u00c9tats-Unis serait probablement inf\u00e9rieur d\u2019environ 40 points.\n      Il est difficile de soutenir, selon nous, que les politiciens avaient\n      vraiment un choix lorsque la COVID-19 a frapp\u00e9 ou que le syst\u00e8me bancaire\n      \u00e9tait au bord de l\u2019effondrement.\n    <\/p>\n    <p>\n      Ces \u00e9v\u00e9nements d\u00e9montrent une fois de plus que le gouvernement n\u2019est\n      qu\u2019une partie relativement petite de l\u2019\u00e9conomie. Si l\u2019on examine le\n      dernier exc\u00e9dent budg\u00e9taire des \u00c9tats-Unis dans les ann\u00e9es 1990, il y\n      avait des mouvements cherchant \u00e0 contr\u00f4ler les d\u00e9penses et \u00e0 augmenter les\n      imp\u00f4ts, mais l\u2019un des principaux facteurs de l\u2019exc\u00e9dent a \u00e9t\u00e9 la mont\u00e9e\n      d\u2019Internet et la croissance \u00e9conomique parall\u00e8le.\n    <\/p>\n    <p>\n      R\u00e9duire la dette est davantage une question d\u2019\u00e9viter les catastrophes et\n      de r\u00e9colter les fruits de l\u2019innovation que de resserrer le budget fiscal\n      annuel.\n    <\/p>\n    <!-- EX 2 -->\n    <h3>\n      L\u2019augmentation de la dette aux \u00c9tats-Unis est aliment\u00e9e par les\n      interventions en p\u00e9riode de crise\n    <\/h3>\n    <h4>Titres de cr\u00e9ance f\u00e9d\u00e9raux d\u00e9tenus par le public (% du PIB)<\/h4>\n    <div class=\"row mb-4\">\n      <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n        <img decoding=\"async\"\n        src=\"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/wp-content\/uploads\/sites\/6\/2023\/02\/debunking-debt-disaster-fr-chart-2.png\"\n        alt=\"Titres de cr\u00e9ance f\u00e9d\u00e9raux d\u00e9tenus par le public (% du PIB)\"\n        class=\"img-fluid mb-1-half\"\n        aria-describedby=\"chart2desc\"\n      \/>\n      <p class=\"sr-only\" id=\"chart2desc\">\n        Le graphique montre le pourcentage des titres de cr\u00e9ance f\u00e9d\u00e9raux am\u00e9ricains d\u00e9tenus par le public en pourcentage du PIB national et le compare \u00e0 la variation sur 12 mois de la mesure. Le graphique montre que pr\u00e8s de la moiti\u00e9 de la dette actuelle a \u00e9t\u00e9 cr\u00e9\u00e9e dans la p\u00e9riode allant de 2009 \u00e0 2013 ainsi qu\u2019en 2020. \n      <\/p>\n      <ul class=\"rbc-legend\">\n        <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-dark-blue-tint-1\"><\/div>\n            Donn\u00e9es r\u00e9elles (gauche)\n        <\/li>\n        <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line rbc-legend-dashed c-blue-tint-2\"><\/div>\n            Pr\u00e9visions (gauche)\n        <\/li>\n        <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-bar c-beige\"><\/div>\n            Variation sur 12 mois (droite)\n        <\/li>\n      <\/ul>\n        <p class=\"disclaimer\">\n          Sources : RBC Gestion de patrimoine, Bloomberg; l\u2019ann\u00e9e 2024 et les\n          suivantes repr\u00e9sentent les pr\u00e9visions consensuelles de Bloomberg\n        <\/p>\n      <\/div>\n    <\/div>\n    <!-- SECTION -->\n    <h2>\n      Mythe n<sup>o<\/sup> 4 : la r\u00e9duction de la dette corrigera tous les probl\u00e8mes\n      imm\u00e9diatement\n    <\/h2>\n    <p>\n      Le vieil adage selon lequel il faut faire attention \u00e0 ce qu\u2019on souhaite,\n      car on pourrait l\u2019obtenir est particuli\u00e8rement pertinent pour ce qui est\n      des investisseurs et de la r\u00e9duction de la dette gouvernementale.\n    <\/p>\n    <p>\n      La hausse de la dette du gouvernement am\u00e9ricain s\u2019est accompagn\u00e9e de\n      solides rendements de placement dans la plupart des cat\u00e9gories d\u2019actif,\n      voire la totalit\u00e9 d\u2019entre elles. Les d\u00e9penses publiques financ\u00e9es par\n      emprunt ont jou\u00e9 un r\u00f4le r\u00e9el dans ces r\u00e9sultats. \u00c0 la base, la dette fait\n      \u00e9voluer la demande au fil du temps; les emprunts favorisent la demande\n      d\u2019aujourd\u2019hui, tandis que les remboursements la r\u00e9duisent. Si les\n      \u00c9tats-Unis devaient emprunter le chemin de la r\u00e9duction de la dette, il\n      est tr\u00e8s probable que la croissance \u00e9conomique \u2013 et, par extension, les\n      b\u00e9n\u00e9fices des soci\u00e9t\u00e9s \u2013 chuterait, du moins \u00e0 court terme. L\u2019optimisme\n      des investisseurs \u00e0 l\u2019\u00e9gard de la diminution de la dette pourrait aider \u00e0\n      compenser en partie les effets d\u2019un ralentissement de la croissance, mais\n      peu de donn\u00e9es empiriques sous-tendent cette id\u00e9e.\n    <\/p>\n    <!-- SECTION -->\n    <h2>La r\u00e9alit\u00e9<\/h2>\n    <p>\n      Malgr\u00e9 les manchettes inqui\u00e9tantes qu\u2019on ressasse sans arr\u00eat au sujet de\n      la dette am\u00e9ricaine, nous avons du mal \u00e0 voir ce qui alimente la peur. Les\n      march\u00e9s boursiers ont atteint des sommets records ou s\u2019en approchent, les\n      co\u00fbts d\u2019emprunt dans l\u2019ensemble de l\u2019\u00e9conomie sont en grande partie\n      g\u00e9rables, et la croissance \u00e9conomique est forte, alors que l\u2019inflation\n      diminue. Ce fut essentiellement la r\u00e9alit\u00e9 des \u00c9tats-Unis pendant la\n      majeure partie des quatre derni\u00e8res d\u00e9cennies, une p\u00e9riode marqu\u00e9e par\n      l\u2019augmentation de la dette publique.\n    <\/p>\n    <p>\n      Chaque dollar d\u00e9pens\u00e9 par le gouvernement am\u00e9ricain est-il efficient? Bien\n      s\u00fbr que non. La politique fiscale pourrait-elle \u00eatre plus rationnelle et\n      favoriser davantage la croissance? Tout \u00e0 fait. Mais il y a un monde de\n      diff\u00e9rence entre affirmer que la situation n\u2019est pas id\u00e9ale et dire que\n      nous sommes au bord de l\u2019apocalypse \u00e9conomique. Pour nous, franchir ce\n      pas, comme une grande partie de la discussion sur la dette am\u00e9ricaine,\n      rel\u00e8ve davantage de la mythologie \u00e9conomique que de la r\u00e9alit\u00e9 financi\u00e8re.\n    <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Les mythes rev\u00eatent peut-\u00eatre de l\u2019importance pour le folklore, mais ils ont peu d\u2019utilit\u00e9 en finance. Nous examinons les faits qui sous-tendent certains des mythes communs entourant la dette nationale des \u00c9tats-Unis.<\/p>\n","protected":false},"author":15,"featured_media":23459,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2024-11-01T09:31:33","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[510],"tags":[775,620,776],"rbcwm_content_owner":[675],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[590],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-23458","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","tag-catastrophe-de-la-dette","tag-linflation","tag-reduction-de-la-dette-gouvernementale","rbcwm_content_owner-pag","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"Les mythes rev\u00eatent peut-\u00eatre de l\u2019importance pour le folklore, mais ils ont peu d\u2019utilit\u00e9 en finance. Nous examinons les faits qui sous-tendent certains des mythes communs entourant la dette nationale des \u00c9tats-Unis.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["Yes"],"perspective_disclaimer":"","expandable":"","omit_from_pages":[],"disclaimer_footnote":""},"rbcwm_insight_cta_id":[10888],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Le mythe de la catastrophe de la dette, d\u00e9boulonn\u00e9<\/title>\n<meta name=\"description\" content=\"Les mythes rev\u00eatent peut-\u00eatre de l\u2019importance pour le folklore, mais ils ont peu d\u2019utilit\u00e9 en finance. 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