The short version of the story: France is fucked.
The longer version:
He's going to raise the minimum wage by more than the inflation rate, yeah that'll help the UE numbers and grow the economy. His idea is that higher wages means more consumption and an improved economy. But it also could mean fewer jobs due to the higher cost of labor. I'll go out on a limb and say right now that the UE numbers in France are going up.
Then there's the tax increases on people earning more than a million euros a year and large corps, bidding to get more revenue. Plus a 3% higher tax rate on dividends and increases in payroll, wealth, and inheritance taxes. As we speak, The rich guys are leaving in droves; according to the IMF, in 2010 tax evasion in France is approx 17%, and no doubt going higher for those who haven't left yet. They're pulling their money out and stashing it in London or elsewhere.
And of course there's the rollback on the retirement age from 62 back down to 60. So tell me, if you're a German worker do you want to subsidize some French fuck's retirement when you have wait until 65 or 67? How can they possibly think they can pay full retirement benefits to people that are living longer?
What we have here is a liberal's wet dream: just about everything they want for us to do is already happening in France. Since Hollande has full control of their national parliament, he'll no doubt get what he wants. We'll see if it works; I'll stick with my short version: France is fucked.
The longer version:
He's going to raise the minimum wage by more than the inflation rate, yeah that'll help the UE numbers and grow the economy. His idea is that higher wages means more consumption and an improved economy. But it also could mean fewer jobs due to the higher cost of labor. I'll go out on a limb and say right now that the UE numbers in France are going up.
Then there's the tax increases on people earning more than a million euros a year and large corps, bidding to get more revenue. Plus a 3% higher tax rate on dividends and increases in payroll, wealth, and inheritance taxes. As we speak, The rich guys are leaving in droves; according to the IMF, in 2010 tax evasion in France is approx 17%, and no doubt going higher for those who haven't left yet. They're pulling their money out and stashing it in London or elsewhere.
And of course there's the rollback on the retirement age from 62 back down to 60. So tell me, if you're a German worker do you want to subsidize some French fuck's retirement when you have wait until 65 or 67? How can they possibly think they can pay full retirement benefits to people that are living longer?
What we have here is a liberal's wet dream: just about everything they want for us to do is already happening in France. Since Hollande has full control of their national parliament, he'll no doubt get what he wants. We'll see if it works; I'll stick with my short version: France is fucked.
