Charles Payne

'They get one hour for breaks and lunch, talk for three hours and work for three. I told the French union workers this to their faces. They told me that's the French way!’

-Maurice Taylor, CEO Titan International

Socialism is a losing policy as it stops economies from growing. It also makes people lazy. The (2013) front cover of Le Point magazine translated to English reads in part, “Are the French Lazy?”

Yesterday, French President François Hollande dissolved his government as the nation continues to fall apart. This is the natural consequence of socialism- running out of other people’s money. How can the people of France ever get their economy to thrive when they work (by far) the least amount of hours of any industrialized nation?

  • France 1,479 hours
  • US 1,790 hours
  • Mexico 2,226 hours

In addition, government spending, as percentage of GDP, is out of control, pushing out private sector funds and resulting in a sense of entitlement.

  • France 56.2%
  • Germany 44.9%
  • US 40.7%

This week, François Hollande came under fire from his finance minister for not spending enough money, rather than engaging in austerity. Yesterday, a new minister was announced, Emmanuel Macron, 36 years-old; not even old enough to remember the last budget surplus of 1974. In 2008, the Organization for Economic Co-Operation and Development (OECD) ranked France as the fifth largest economy, however, in six years; the country will be on the cusp of slipping out of the top ten based on purchasing power parity.

Richest Nations in 2020GDP
#1China$28.1
#2USA$22.6
#3India$10.2
#4Japan$6.2
#5Russia$4.3
#6Germany$4.0
#7Brazil$3.9
#8UK$3.4
#9France$3.2
#10Mexico$2.8

Charles Payne

Charles V. Payne is a regular contributor to the Fox Business and Fox News Networks. He is also the Chief Executive Officer and Principle Analyst of Wall Street Strategies, Inc. (WSSI), founded in 1991 which provides subscription analytical services to both individual and institutional investors.