Speaking of France, how is the Socialist-led European state faring these days?
Not so great, it seems.
In fact, a pretty reliable source claims they’re bankrupt.
Graham Ruddick reported on The Telegraph (UK) website Monday:
Michel Sapin made the gaffe in a radio interview, which left French President Francois Hollande battling to undo the potential reputational damage.
“There is a state but it is a totally bankrupt state,” Mr Sapin said. “That is why we had to put a deficit reduction plan in place, and nothing should make us turn away from that objective.”
The comments came as President Hollande attempts to improve the image of the French economy after pledging to reduce the country’s deficit by cutting spending by €60bn (£51.5bn) over the next five years and increasing taxes by €20bn.
(Editor’s note: Italics added for emphasis)
As I mentioned earlier tonight, some claim President Obama desires French-style Socialism for the United States.
If France’s economy truly is in shambles, and the U.S. President really wants to emulate them, well- here’s a glimpse of what Americans could expect. From an Investor’s Business Daily editorial yesterday:
Fresh after May 2012′s election, President Francois Hollande wasted no time raising government spending, hiking tax rates to 75% on those above $1.3 million in income, hiring 60,000 bureaucrats, cutting the retirement age for public pensions to 60 and undoing fiscal reforms by his predecessor, Nicolas Sarkozy. During his campaign, Hollande declared himself “the enemy of finance.” France today proves it…
Public debt has soared from 68% of GDP in 2008 to 90% in 2012, joblessness has hit 11%, and GDP growth of its $2.8 trillion economy is projected in 2013 at zero.
Tax hikes have driven the richest taxpayers from the country, making the $43 billion budget hole unlikely to be plugged by Hollande’s $26 billion tax hike. Meanwhile, a squeeze on business creates rising numbers of unemployed, who in turn demand state services.
Time will tell how this will all work out for the Socialists in France. But if history rhymes once again, keep in mind something former British Prime Minister Margaret Thatcher said in a 1976 interview:
Socialist governments traditionally do make a financial mess. They always run out of other people’s money. It’s quite a characteristic of them. They then start to nationalise everything, and people just do not like more and more nationalisation, and they’re now trying to control everything by other means. They’re progressively reducing the choice available to ordinary people.
Any of this sound familiar?
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
Ruddick, Graham. “France ‘totally bankrupt’, says labour minister Michel Sapin.” The Telegraph. 28 Jan. 2013. (http://www.telegraph.co.uk/finance/financialcrisis/9832845/France-totally-bankrupt-says-labour-minister-Michel-Sapin.html). 30 Jan. 2013.
“Like The Bourbons, France’s Socialists Have Learned Nothing, Forgotten Nothing.” Investor’s Business Daily. 29 Jan. 2013. (http://news.investors.com/ibd-editorials/012913-642388-france-socialist-model-is-same-old-recipe-for-bankruptcy.htm). 30 Jan. 2013.
Plan your work for today and every day, then work your plan.
-Margaret Thatcher (British attorney, politician. 1925- )
Christopher E. Hill, Editor
87,086 Unique Visitors in 2013
360,266 Unique Visitors from
Please Rate this Blog HERE
Happy Earth Day
- Go-To Gear For When The Lights Go Out
- Status Of West Coast Earthquake Early Warning System
- Chicago-Area Lakes Hit By Bad Fish Kill
- Chicago Gangs Completely Out Of Control?
- Quote For The Week
- Resource Of The Week: The Great Northern Prepper’s ‘Prepper Resources’ Page
- JM Bullion 2014 Silver Eagle Special: $2.45 Over Spot Any Quantity
- Gallup Poll: U.S. Adults Think Real Estate, Followed By Gold And Stocks, Is Best Long-Term Investment
- 31 Percent Of Chicago-Area Homeowners With Mortgages ‘Seriously Underwater’
- On TV: 10 Ways To End The World
- Cei mai multi dintre noi nu sintem pregatiti pentru situatia economica cataclismica care va veni. Putem face ceva sau vom fi victime sigure? | Lupul Dacic on The Percentage Of Adult Americans That Own Investment Gold Is…
- The nation of America is folding up under divine chastisement | on The Percentage Of Adult Americans That Own Investment Gold Is…
- Editor on Springfield, Illinois, Named America’s 3rd Most Dangerous City
- Erric on Springfield, Illinois, Named America’s 3rd Most Dangerous City
- GLOBAL IMPLOSION AND WHY THE INTERNATIONAL MONETARY FUND JUST LIED TO THE ENTIRE WORLD | sreaves32 on The Percentage Of Adult Americans That Own Investment Gold Is…
- Guest Post: 16 Signs That Most Americans Are Not Prepared For The Coming Economic Collapse on The Percentage Of Adult Americans That Own Investment Gold Is…
- 16 Signs That Most Americans Are NOT PREPARED For The Coming Economic Collapse | 2012: What's the 'real' truth? on The Percentage Of Adult Americans That Own Investment Gold Is…
- A Pocketful of Mumbles | OccurrencesDomesticForeign on The Percentage Of Adult Americans That Own Investment Gold Is…
- Michael Snyder ~ Most Americans Are Not Prepared For The Coming Economic Collapse | Shift Frequency on The Percentage Of Adult Americans That Own Investment Gold Is…
- 16 Signs That Most Americans Are NOT PREPARED For The Coming Economic Collapse | Olduvaiblog on The Percentage Of Adult Americans That Own Investment Gold Is…