French socialists in charge of the government have admitted that there's a tax threshold too high even for them. The country has the steepest tax burden in the world, collecting 45% of the country's GDP in tax revenue, and it's set to climb to a new record level next year.
Tax rates have risen so high and so often in recent years in France that even Socialist ministers are urging the president (an avowed socialist himself, natch) to reconsider his tax-and-spend utopian policies.
The Obama Administration – despite its many flaws – is genuinely more market-oriented that its French counterpart. . . Or perhaps "less statist" would be a more accurate description.
The amount of economic illiteracy in France is simply staggering. If the goal is to get people to read books, logic would dictate the cheaper the price the better. Kindle, Nook, and other eBook readers come to mind.
The simmering feud between France and Germany erupted into a heated political exchange following Pressure on Hollande to take bold action to revive the French economy, calling for new pension and labour market reforms.
I like to think I’m a reasonably savvy observer of public opinion and international economics, but every so often I’m stunned by some bit of data.
France's budget deficit is currently 3.7% of GDP. Recall that budget deficits exceeding 3% is over treaty limits. With Hollande at the Helm, any rational-thinking person understands the odds Hollande reduces the French budget deficit to zero by 2017 is roughly 0%.