Mark W. Hendrickson
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The election of Socialist Party candidate Francois Hollande to the presidency of France epitomizes the sorry state of contemporary democracy. By that, I don’t mean to imply that the French people should have voted for the incumbent, Nicolas Sarkozy. Neither would be capable of solving France’s intractable problems in a way acceptable to French voters, nor are the problems with democracy unique to France. To varying degrees they exist throughout Europe as well as here in the United States.

The first problem is: widespread economic illiteracy. Hollande campaigned on a platform of economic growth and expanded job creation, to be accomplished by raising taxes on the rich and increasing government spending. Well, good luck with that one. Even Lord Keynes himself advocated lowering taxes rather than raising them to stimulate economic activity. And the record of net job creation via government stimulus is one of dismal failure. Hollande’s program can’t work, and yet a majority of the French electorate voted for it. How sad.

The second problem is the utter cynicism of today’s politics. One wonders whether Hollande himself truly believes his own campaign rhetoric. One senses that he knows that his socialistic policies would drive France’s struggling economy into the ditch: According to the World Socialist Web Site (www.wsws.org)—who were cheerleaders for Hollande’s campaign promises of more tax & spending—Hollande’s team has told Reuters that he is going to change course and “carry out reactionary policies ... and intensify social cuts.”

The third problem is that people sometimes believe in fairy tales. Who knows what Hollande believes or understands about economics, but let’s give him credit for being politically astute. He understood that the key to electoral success is to tell voters what they want to hear. In France’s case (as in the recent elections in Greece and northern Germany) most people are opposed to “austerity.” Hollande sized up the public mood and won the presidency on the theme of, “You don’t want austerity, and under me, you won’t have it.” That’s bunk. There is going to be “austerity” (in France and elsewhere) whether the people want it or not.

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Mark W. Hendrickson

Dr. Mark W. Hendrickson is an adjunct faculty member, economist, and fellow for economic and social policy with The Center for Vision & Values at Grove City College.