We have an amazing man-bites-dog story today.
Let’s begin with some background information. A member of the European Commission recently warned that:
“Tax increases imposed by the Socialist-led government in France have reached a “fatal level”…[and] that a series of tax hikes since the Socialists took power 14 months ago – including €33bn in new taxes this year – threatens to “destroy growth and handicap the creation of jobs”.
Given the pervasive statism of the European Commission, that was a remarkable admission.
But the Commissioner who issued that warning, Olli Rehn, is Finnish, so French politicians presumably don’t listen to his advice any more than they listen to the thoughtful, well-meaning, and generous suggestions I make.
But maybe, just maybe, there are some people inside France who realize the house of cards is in danger of collapse.