Well good

We’ve run out of other people’s money!

The sooner France falls, the better. There’s no hope that our own Hollywood cabana boy will learn a lesson from a socialist collapse but the spectacle might just catch the attention of US voters.

Taxes on foreign property owners to double.

Punitive taxes on French nationals, French corporations. Huge hikes in dividends taxes and capital gains.

Restoration of the 35-hour work week (plus those six-week vacations).

Hollande says the rich must pay their share as France battles to cut its public deficit from 5.2 percent of GDP last year to an EU limit of 3 percent in 2013 despite a stagnant economy and rising debt.

“We are in an extremely difficult economic and financial situation,” Finance Minister Pierre Moscovici told a news conference. “In 2012 and 2013, the effort will be particularly large. The wealthiest households and big companies will have to contribute.”

The budget followed a grim assessment of public finances on Monday by the state auditor, which warned that 6-10 billion euros of deficit cuts were needed in 2012 and a hefty 33 billion in 2013 for France to avoid a surge in public debt dragging it into the centre of the euro crisis.

One of the highest state spending levels in the world has raised France’s debt by 800 billion euros in the last 10 years to 1.8 trillion – equivalent to 90 percent of GDP, the level at which economists say debt starts to hinder economic growth.


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16 responses to “Well good

  1. Walt

    Dude –
    As a people, the Frogs are pretty low on the list. They surrender before the war even starts. But I must admit, Paris is an absolutely beautiful city. Have you ever been there?

    It is where I first fell in love. I was an innocent little moron, just starting to sprout pubes. So I was probably around six years old. Maybe five. And I met a French girl. She took me to the Louvre, the Eiffel Tower, and for long walks down the Hudson River. It was beautiful!!

    Anyhows, we went to a cheezy café, and I figured it was time to boff her. So I tossed some cheap wine down her throat, and figured I was good to go. I take her to a park, start to diddle her love muffin, and realize she has the Amazon rain forest under each of her pits. WTF is up with that? Ruined it for me. I like baldys.

    And who likes poodles? They are rats, not dogs.
    You agree?
    Your Pal,

  2. Balzac

    Obama desires to remake America as a European welfare state, with the public sector dominating the economy, extensive and growing entitlements, single payer healthcare, punitive taxation on businesses, powerful unions, and cradle-to-grave government benefits.

    Where in Europe does this model work? Why does he desire it?

  3. NRA

    Some days I come here just to read Walt!
    Happy Fourth!

  4. Fred2

    Here’s a no-brainer prediction: All those taxes and “social” programs will fail to have their stated effect and things will get worse – far worse – in France. They will not meet their goals, there will be rioting – and not just among the Muslim minority – and no one will say “mea culpa, let’s try the opposite tack.” After all that’s literally unthinkable, it’s heresy.

  5. Peg

    Hey, Balzac. It worked for Marie Antoinette!

  6. cos cobber

    Look for more french to be heard in greenwich and nyc. The best and brightest will be leaving soon. France is no place to start a business and we will benefit. The second world is about to be reinstated.

  7. CatoRenasci

    The old aphorism defined Hell as a place where, inter alia, the Politicians are French.

  8. There will always be a france

    But as always, a stylish and successful Greenwich lady will be shoed in Italian, pursed in France—-paying whatever outrageous price asked.
    What are the signs of the Greenwich man? German cars, Swiss watch—-but ultimately Italian cars and French wine.

  9. Dollar Bill

    If the welfare state in Europe is in its death throes, why are Germany and Sweden hardly suffering at all? As a percentage of GDP, these two countries spend much more on government social programs than Spain, Greece and Ireland. No, the answer to European revival is to soak the banksters, who got us into this mess, rather than inflicting more pain and austerity on people who had little or nothing to do with it. Afflict the comfortable, and comfort the afflicted, I say. Just the exact opposite of what the stupid and selfish Teabaggers are counseling.

  10. Dollar Bill

    And you can include other healthy European countries like Denmark and Finland, who are near the top of the list in social welfare spending. The most generous welfare states in Europe are the ones with the healthiest economies.

    • Go back and check my post on Sweden, DB, and its switch back to capitalism. You can have a welfare state if you keep the economy going and generating enough income to pay for your largess. Sweden )and Germany, for that matter) has recognized this while here in the UNited States we are abandoning the concept and substituting a soak the rich philosophy that, as Sweden, for instance, proved, goes bust. Not enough rich people, alas.

  11. Cos Cobber

    Germany’s success is largely predicated on:
    1) an undervalued currency. if germany was trading in marks rather than euros over the past 10 years it would have nowhere near the export success it has experienced.
    2) US protection under NATO which allows Germany to grossly underweight its armed forces expenditures.
    3) a culture that is pro manufacturing, pro engineering and committed to quality.

    Restore the mark tomorrow and lets see what happens.

  12. Dollar Bill

    We had 91% marginal tax rates under Ike, and no rich people complainedabout being soaked. And our economy hummed back then, producing jobs and solid economic growth, unlike today with no job growth and historically low rates on capital gains and high income earners.. And Ike was hardly a soak the rich commie (though the Birchers, the predecessors to today’s Teabaggers, thought so).

    Surely returning the top marginal rates back to what they were under Clinton isn’t going to usher in the apocalypse, is it? The rich clearly do not pay their fair share as is, and they certainly can afford to do their patriotic duty abd pay more, given the gravy train they’ve enjoyed the last 12 years or so.

    • Bill – find me one person who paid that tax rate back then. Just didn’t happen. We had railroad car tax shelters and 5,000 variations thereof, but no one paying that rate. In fact, Eisenhower’s successor, a young Democrat named – oh, I forget his name – slashed those rates, saying “a rising tide raises all boats”.

      The only industry that suffered under those rates was the film industry and they lobbied hard and got rid of the gross receipts tax while Ike was still serving. They used Democrats to do it, too. Search this blog for a full exposition of that bit of history. And try to imagine, if you can, if George Clooney and his pals were paying 90% of their income to Washington? Obama wouldn’t have to crawl there on his knees to beg for it. Which of course, is precisely your plan.

  13. mc

    since ww2, Germany and the rest of the western bloc has spent a a very small percentage of gdp on defense. the us taxpayer has gifted trillions in defending them, not to mention also the huge amount of dollars u.s. servicemen have spent in the nato bloc. we work two jobs whilst they take summers off.

  14. Fred2

    $DB one of the reasons that the Scandinavian countries get away with it is that they A. Small. B. Up until recently, culturally uniform C. Trustworthy.

    Small culturally homogenous “high trust” societies do MUCH BETTER at this sort of thing, because it’s much easier to pay high taxes if you know that you will both get high benefits and that no one ( or close to no one) is cheating/abusing the system.

    (Note that as socialism corrodes the fibres of society, that trust is measurably diminishing.)

    (Also remember:ALL of Scandinavia together has less population than greater NYC. These are small societies, and 6 degrees of separation would be a lot. )

    That and they’ve been pretty smart about not completely hobbling the productive sectors of society.

    You want to hear the most “racist” vicious comments you’ve ever heard? Speak, off the record, to Scandinavians about their immigrants. On the record they’d be cowed into saying nice polite things.

    Of course, since the immigrants, who represent a small % of the population are responsible for a large % of the petty fraud, crime, rape, and general unrest and problems, (Oslo’s rape stats, last I checked, showed something like 97% (or so) of rapes & assaults were done by recent immigrants or children of immigrants, most ( a similar %) of them against native born ethnicity Norwegians) reasonable people might conclude the comments aren’t prejudice so much as post-judice.