May 8, 2012

The people of France elected Socialist Francois Hollande as president, dealing a blow to those urging European governments to get their runaway spending under control.

“Decades of big government policies have now brought several European economies to their knees,” The Heritage Foundation’s Nile Gardiner argues. “Soaring taxes, spiraling unemployment, mountains of red tape, stifling labour regulations, and ruinous levels of public spending needed to fund vast and unsustainable welfare states and entitlement programs have created a perfect storm of economic malaise.”

Heritage’s Mike Brownfield explains Hollande’s campaign promises:

[Hollande] promised to raise taxes on big corporations and wealthy individuals, implement a top rate tax of 75 percent, increase public spending by 20 billion euros, raise the minimum wage, hire 60,000 more teachers, and lower the retirement age from 62 to 60 for some workers.

France’s new policies reflect Hollande’s belief that government stimulus spending will restore France’s economy. But by drastically taxing corporations and job creators, France is removing the incentive for self sufficiency and creating a nation even more dependent on big government programs to provide for their basic needs.

The socialist agenda of France’s new president sounds eerily similar to the policies touted by President Obama. Brownfield elaborates:

President Obama came into office on a promise of hope and change, appealed to young Americans and promised renewed prosperity. His solution was more government spending to the tune of a near-trillion-dollar stimulus, a government-run health care plan, a bailout of government unions, and a call for higher taxes on wealthy Americans and corporations.

Other European leaders are still advocating budget cuts. British Prime Minster David Cameron and German Chancellor Angela Merkel have both spoken out against increased government spending as a solution to Europe’s massive debt crisis.

What do you think? Does America run the risk of following Europe’s path to big government and socialism?

Comments (8)

John Paulson - May 8, 2012

You do fail to cite how much the high end realestate and private banking industries in England adore Hollande.

John

John Paulson - May 8, 2012

When our GOD changed the heart of Pharah it took supernatural intervention. The grades for his Clairmont years are among the many sequestered years of our President. The truth may be he is too dumb to connect the close parallels between he and Hallande. He only knows he likes Hollande’s pitch.

Robert - May 8, 2012

Boy, is he in for Le Big Surprise when all his big government ideas fall flat! Just like Obama’s, the stimulus won’t stimulate the economy, increasing taxes won’t bring more revenue, and increasing the minimum wage won’t create more wealth, but will increase unemployment. Perhaps that thought will come to him when he is standing in Le Unemployment Line!

Frank Partee - May 8, 2012

I hope and pray not!! Change must come this November, or our economic future may be devastated.

Angel Barron - May 8, 2012

The rise of socialism in Europe should really not be a surprise. Class warfare works well in France, Spain, and Greece. Once you let the Genie out of the bottle, with entitlements, with promises of the “easy life,” it is too late to have fiscal conservative restraint. You expect that Obama and the Democrats in this country are emboldened by the rise of socialism in Europe. They hope to also have their “social justice” agenda win here in this country in November. Except they forget one thing, in America, most Americans are still grounded in the fundamental rugged individualism that gave birth to our country. Americans may be the last civilization that believes in hard work and the value of liberty, the principles of capitalism. Americans are NOT Europeans.

MarkC - May 9, 2012

I think the US has taken the lead in that regard. Maybe, just maybe, other governments following the same disastrous effect will drive some of the business’ back to America. And just maybe, we’ll no longer have the distinction of the highest corporate tax rate in the world

M.K. Jacobsen - May 9, 2012

Page straight out of Obama’s playbook — guess Hollande isn’1 paying attention to the sorry state of America’s economy to realize it doesn’t work. Great opportunity for America (after November) to attract French businesses! Another nail in the coffin of the EU…how long before it falls apart completely?

Jose Lopez - May 9, 2012

What’s the problem? This is a good time for Americans to watch France’s downward spiral that will make Greece’s appear in slow motion and compare the promises of Obama here with the promises of Hollande to the French and how they are so alike – it might enlighten many to where are we headed if we don’t get on heads on straight.

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