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%.
“People call this the ‘new normal.’ Let me assure you there is nothing normal about this at all. It’s the new ‘abnormal,’ and it won’t last, because as free people we won’t stand for it…”
Socialist French President Francois Hollande is in the pilot's seat in the world's latest military incursion. We're not used to seeing the French lead the way into battle, but it's becoming increasingly frequent.
When Socialist President Francois Hollande took office, he swiftly made good on his pledge to raise the top tax rate on Frenchmen who earn a million euros a year -- to 75 percent.
How long is this show going to go on in Washington, and must it? They say closing time for its costars is midnight, December 31. That's when the president and the speaker of the House need to agree on the federal budget Or Else, but politicians never met a deadline they couldn't postpone, as in Can, Kick Down the Road.
After five years of service from President Nicolas Sarkozy who sought to reduce government controls of the economy and to stimulate private enterprise, French voters tossed him aside last May in favor of a presidential candidate who was nominated jointly by both the French Socialist Party, and France’s “Radical Left Party.”
But, spending cuts come with a 75% tax on the rich (he is, after all, a Socialist).
President Obama, new French President Francois Hollande and other political leaders have called for less "austerity" as a way to help the troubled economies on both sides of the Atlantic. That's the polite way of saying they want more government spending and larger deficits.
It could be said a narcissist’s best friend is the reflection he sees of himself in the mirror. No other relationship comes close -- unless the narcissist has the unique opportunity to meet another version of himself, which happened last week, during the recent Group of Eight (G-8) summit at Camp David.
The headline summed up the result of France's presidential election: "Hollande bests Sarkozy/ To claim helm of France." And the photograph that went with it caught the spirit of the occasion: There were the cheering mademoiselles celebrating the great Socialist triumph, their jewelry gleaming as bright as their smiles, the red flag waving in the background. ... Ah, Paris in May! The Revolution might as well have been taking place in the pages of Vogue.
In the space of two weeks, three European governments have fallen, sending seismic shock-waves across the continent and calling into question the experiment that has consumed its elites for decades: the construction of a centralized, socialist superstate known as "Europe."
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.
The markets appeared to collectively yawn in the wake of Hollande's election. Perhaps it's a sign that regardless of who's captain of the ship, it's still considered to be on a crash course with the iceberg.