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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (145349)	8/27/2014 12:25:21 PM
From: pcstel	Read Replies (3) \| Respond to of 149319

Seeing Socialism Doesn't Work, Hollande Shifts Economics: Hollande has apparently been mugged by a cruel Econ 101 reality that higher government spending and soak-the-rich economics may be a winner in faculty lounges across the country but is a depressant in practice. The budget deficit hasn't fallen; it has risen. *Businesses have moved out of France. Rich people are taking their money elsewhere, too. You can't tax wealth if it flees, after all.* So now Hollande says that it is time for a 180-degree — well, maybe 90-degree — change in direction. Make France "business friendly" is his latest crusade. Hollande promises to cut taxes, relieve regulations that it make it hard for businesses to start up and expand, and lower the budget by 50 billion euros. No one will mistake France's president for Ronald Reagan or Milton Friedman, but this is a dramatic repudiation of the socialist agenda. So no surprise that Hollande's fellow socialists are in rebellion, with angry resignations from his own Cabinet. Not everyone is as enamored of the radical idea of giving some free-market, supply-side and pro-business policies a try. The malcontents are calling the agenda of cutting government spending "austerity." ************************************************************ Christine Lagarde tried this in France as it's first "outsider" Finance Minister, (now Managing Direcgtor of the IMF) under Sarkozy. More work, more business friendly, less vacations, less Govt. entanglements. The French people HATED HER. PCSTEL