Reuters April: “France’s Socialist presidential frontrunner Francois Hollande welcomed Germany’s call for growth measures on Saturday as a sign Europe was accepting his warnings of the risk of austerity.” The story was tucked away on a weekend because it demonstrated the socialist’s intentions to reject any and all cost cutting efforts, a plan America sees every day.
Last year at the G-20 Obama and Sarkozy were caught on an open mic talking about Netanyahu. The two kept in touch yet nothing was ever said about Hollande and Obama spoke about everyone.
Hollande made a deal with Germany to finance infrastructure growth with French bonds. France is broke. It was the same old playbook growth through government spending plan. Borrow and spend, someone else will pay for it. It’s easier to print money.
Sarkozy raised retirement to 62yrs and the socialist campaigned on lowering it to 60yrs. He also wants to tax everyone earning over $1 Million at 75%.
We have seen those tax numbers, take every dollar from everyone making over $250,000 and it adds up to $980 Billion. If you believe big government could not spend it, apply it towards deficit, there would still be more than a third of a Trillion remaining with a year of business wiped out of our history. Jobs are at the top of the polls.
The markets are down. Obama’s spirit is following France.