Greetings from Obamaland!
Actually, that’s wrong in two respects. First, I’m actually in France. And even though I’ve joked that Obama wants to make America like France, technical accuracy requires me to admit that my real location is Paris, where I participated earlier today in the latest stop on the Free Market Road Show.
Second, I used the “Obamaland” joke when writing a few days ago about my visit to Greece. So I should probably not over-utilize any literary crutch.
With those caveats out of the way, allow me to wax poetic about troubles in the land of wine, cheese, and 35-hour work weeks.
Actually, I won’t wax at all. Let’s look at what a former Frenchwoman has to say.
Veronique de Rugy of Mercatus, a native of France who escaped to the United States, has a column looking at the turmoil and angst in her home country.
…another European Union member is quietly slipping into economic despair. After years of fiscal mismanagement, France is in a bad, bad place. …France spends more of its GDP on government-57 percent-than any other country in the Eurozone. The country’s unemployment rate is at a 16-year high of 11 percent, and a startling number of richer and younger French people are leaving for more hospitable economic environments abroad. …Since the creation of the Eurozone in 1999, France has only managed a 0.8 percent annual growth rate.
The statists in France seem to think the right way of dealing with this crisis is to double down on statism.
…the French government’s response to anemic growth and higher unemployment has been to tack toward less economic freedom, not more. …President Francois Hollande of the Socialist Party has refused to trim France’s social-welfare spending-the highest of all developed economies-and has chosen instead to chip away at the country’s huge deficit by raising taxes.
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 25th, 2014 | John Ransom
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 24th, 2014 | John Ransom