French Economic textbook for sale…


December 21, 2012 by Ish

French Economic textbook for sale… never read. Dropped once.

An excellent rundown of the troubles in Europe from The American Interest this morning:

France is between a rock and a hard place. French public debt is almost 90 percent of GDP, and the French people are unwilling to give up any more, even though France’s average retirement rate is lower than elsewhere in Europe. Sarkozy’s original reforms met with large protests, and any change in the retirement age by Hollande is likely to engender a similar reaction.

As in America, years of disastrous blue policies and overgenerous pension promises are finally catching up with France. Now policymakers are left with with a depressing choice: renege on promises to workers or watch the system go broke. Hollande has made it clear that he doesn’t want to do anything that could be seen as an attack on the workers, but he may have no choice. When the money isn’t there, it isn’t there.

Les mathématiques sont difficiles.


6 thoughts on “French Economic textbook for sale…

  1. Julia says:

    What? Hollande’s 75% tax rate on the wealthy won’t immediately solve all of France’s economic problems? Hmm, maybe someone should tell Barack Obama before it’s too late.

    • Ish says:

      I cannot wait until someone on the Left comes up with 110% tax rates, give the State everything you earned this year, plus some of your existing assets. After all, at somepoint you’ve made enough money and should give back to society… its only fair.

      • Julia says:

        And they will be ABSOLUTELY SHOCKED when the people they wanted to tax leave the country and total revenues plunge.

      • Ish says:

        Don’t worry, Sen. Barbara Boxer (D-CA) and the rest of the Democrats have this covered! Moving Ahead for Progress in the 21st Century Act, S. 1813, 112th Cong. § 40304(a) will revoke the passport rights of anyone that owes delinquent taxes in excess of $50,000… and you know darn well that that amount will only get lower as the IRS and White House decide to “interpert” the law.

        This bill passed the Senate 74 to 22; with every Democrat in the Senate voting in favor (save one absentee). The GOP split right down the middle on this, 22 yeas to 22 nays.

  2. Jake says:

    As Mr. Obama has stated, he is not interested in fixing problems. He is interested in *fairness*. So, if our system is racing toward a crash, step on the gas and ensure there are no survivors.

    As for 110% tax rates, someone in our local newspaper’s readership has already suggested a “wealth tax” on anyone who has (not makes, but already has) over $2 million. They were not specific as to whether that figure was specifically cash or just assets in general. Another reader replied that such a tax is unconstitutional, citing the relevant sections, but lack of constitutionality, public support, and congressional approval have proven to be mild obstacles at best for this administration. It may be a bit more difficult to set up, since it’s specifically only Congress that has the power to levy taxes, but Mr. Obama has proven to be endlessly creative when it comes to courting disaster.

    • Ish says:

      Yes, and its specifically only Congress that has the power to pass laws or wage war… it has been a long, long time since the Executive Branch limited itself to executive powers or the Legislative or Judical Branches gave a flying frell.

      Obama has “stepped on the gas,” to be sure, but it wasn’t his idea to turn the office of the president from chief executive to chief technocrat.

      I hope Santa Claus brings you plenty of canned goods and a nice water filter…

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