Socialist France is “fixing their economy” by raising taxes on the wealthy. Hey, wait a second…

posted at 8:41 pm on July 19, 2012 by Erika Johnsen

As I’ve recounted before, France recently ousted former “right-wing” President Nicolas Sarkozy in favor of Socialist President Francois Hollande, and they elected a sizable Socialist majority into parliament along with him so he’d have no trouble implementing his Socialist agenda. Hollande has already gotten started rolling out the anti-austerity, tax-and-spend, hike-taxes-on-the-wealthy, redistribute-the-wealth measures in what is going to turn out to be a wildly ill-fated effort to boost economic growth. The hits just keep on comin’:

French lawmakers Thursday backed a series of measures abolishing tax breaks and taxing the wealthy as the new Socialist government pursued efforts to kickstart the economy with a tax-and-spend programme. …

Lawmakers later voted to back an emergency rise in the ISF wealth tax applying to taxpayers with a net worth of more than 1.3 million euros ($1.6 million) and which is expected to bring in an extra 2.3 billion euros in revenues this year.

They also approved a tightening of the inheritance tax to reduce the exemption ceiling from 159,000 euros per child to 100,000 euros, the creation of a three percent surtax on cash dividends and the doubling of a tax rate on financial transactions to 0.2 percent. …

More fiscal steps promised by Hollande, including a 75 percent tax rate on annual incomes in excess of a million euros, are expected to be introduced next year.

Hmmm… hiking taxes on the wealthy, getting rid of tax breaks, government spending… that’s sounding kind of familiar. Haven’t we been hearing something similar-sounding to France’s strategy for fixing their broken economy on this side of the Atlantic recently?

Yes, argue all you like about how “it’s not the same thing,” France’s approach is way more extreme, blah blah blah. This is about choosing a fundamental approach to solving the problems of gigantic public debt and a stagnant economy: By raising taxes on the wealthy (who already pay a disproportionately large share in taxes) in order to justify continued big-government overspending, or easing government taxes and restrictions on everybody to encourage economic activity and prosperity; growing the government so they can run around trying to fix everybody’s problems and socially engineer their worldview, or backing off and allowing everybody to fix their own problems. It looks like President Obama favors France’s horribly misguided, historically disastrous approach to fixing the economy, but remember guys — he’s not a socialist, and he has total respect for the free market.


Related Posts:

Breaking on Hot Air

Blowback

Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.

Trackbacks/Pings

Trackback URL

Comments

We be French!
Fried.

Electrongod on July 19, 2012 at 8:44 PM

So if the whole world becomes “The Takers”….
Who do we take from?

Electrongod on July 19, 2012 at 8:45 PM

remember guys — he’s not a socialist

Of course not! Irresponsible right-wind jibberdy-jabberdy-goo.

Axe on July 19, 2012 at 8:46 PM

Funny, I still don’t have the appetite for Frog Legs and Snails in Stinky Feet Cheese sauce.

Corporal Tunnel on July 19, 2012 at 8:46 PM

The problem here is two-fold – faulty memory on the part of those who lived through this experiment and the failed education of those who were too young to experience it.

Solve those two and you’d have 80% of the population acknowledging that this is just as morally acceptable as the genocide.

All this has happened before. And apparently it is all going to happen again.

CorporatePiggy on July 19, 2012 at 8:47 PM

Electrongod on July 19, 2012 at 8:45 PM

@Electrongod

Axe on July 19, 2012 at 8:47 PM

*but with 2 n’s :) lol

Axe on July 19, 2012 at 8:48 PM

I surrender.

AllahsNippleHair on July 19, 2012 at 8:49 PM

Like France, our economy’s gonna be waving the white flag if we have 4 more years of this clown.

gsherin on July 19, 2012 at 8:49 PM

The French Surrender Monkeys have surrendered again.

First to National Socialism, now to “good old-fashioned regular” Socialism.

electricfunksandwich on July 19, 2012 at 8:50 PM

The annual proposed “take” on increased taxes on the wealthy in America will cover about a week, maybe a couple days, of federal spending.

A drop in the bucket when government confiscates private property.

Revise the tax code, simplify it, reward success, and, this is kinda important, stop the spending, the profligate spending this Administration fosters.

Raising tax rates, if history is a model, merely allows “government” to spend more.

Call it what it is…class warfare, here and among the Euros.

The President, the Congress, the Senior Executive Service can all easily get by with half their taxpayer-funded income.

Let them lead…really lead.

How ’bout it?

50% pay cut for all federal employees earning over $100k.

They are our employees, we, as employers, should demand it. Why should we pay our employees far more than our own rates of pay?

And…might as well bring it up..require all members of Congress to be enrolled in Obamacare.

coldwarrior on July 19, 2012 at 8:50 PM

@Electrongod

Axe on July 19, 2012 at 8:47 PM

Whoa…

Dog meat isn’t what’s for breakfast, anymore.

Electrongod on July 19, 2012 at 8:51 PM

I surrender.

AllahsNippleHair on July 19, 2012 at 8:49 PM

Hey! That’s France’s job!

VegasRick on July 19, 2012 at 8:51 PM

Something interesting…had my brother in law visiting from England the last week or so…(he’s American..married to another American..living in Manchester…go figure) He was just telling me today that they know some other Americans who are living in Italy that just got socked with a 5000 Euro/year ‘property tax’. Apparently, up until this year, they’ve never had to pay this tax before…


LoL!!

BigWyo on July 19, 2012 at 8:52 PM

Hussein will be speechifying from the top of a
styrofoam Eiffel Tower this year !

burrata on July 19, 2012 at 8:53 PM

And…might as well bring it up..require all members of Congress to be enrolled in Obamacare.

coldwarrior on July 19, 2012 at 8:50 PM

Random drug tests. Fire those who fail, just like us.

VegasRick on July 19, 2012 at 8:54 PM

Yes, argue all you like about how “it’s not the same thing,” France’s approach is way more extreme, blah blah blah. This is about choosing a fundamental approach to solving the problems of gigantic public debt and a stagnant economy: By raising taxes on the wealthy (who already pay a disproportionately large share in taxes) in order to justify continued big-government overspending, or easing government taxes and restrictions on everybody to encourage economic activity and prosperity; growing the government so they can run around trying to fix everybody’s problems and socially engineer their worldview, or backing off and allowing everybody to fix their own problems.

Think of France as a laboratory of democracy. Give it a few years and then the pundits can fight it out as to how well or poorly it’s doing.

Stoic Patriot on July 19, 2012 at 8:54 PM

This is something that worries me. Once you have a population that is trained to be dependent on the government it is very difficult for them to make any other choice but further dependency. Even the baby steps taken by Sarkozy were too much for the French to accept. In the US 52% voted for Obama and I am not sure those voters will ever walk away from the public trough again.

sharrukin on July 19, 2012 at 8:55 PM

Socialist France is “fixing their economy” by raising taxes on the wealthy.

Rich Frenchmen are “fixing their finances” by leaving the country.

Paul-Cincy on July 19, 2012 at 8:56 PM

In the US 52% voted for Obama and I am not sure those voters will ever walk away from the public trough again.

sharrukin on July 19, 2012 at 8:55 PM

The public trough will run dry soon. Then what.

Paul-Cincy on July 19, 2012 at 8:57 PM

The public trough will run dry soon. Then what.

Paul-Cincy on July 19, 2012 at 8:57 PM

Look to CA for answers ?

burrata on July 19, 2012 at 8:59 PM

yea and I just read a story somewhere …found it

Wealthy Flee France Top Tax Rate 75 Percent

http://finance.townhall.com/columnists/mikeshedlock/2012/07/19/wealthy_flee_france_top_tax_rate_75_percent

Aggie95 on July 19, 2012 at 8:59 PM

The public trough will run dry soon. Then what.

Paul-Cincy on July 19, 2012 at 8:57 PM

First this.

Then they start squeezing those filthy rich folks who aren’t doing their part which of course won’t work, but it will catapult someone into power who will make the trains run on time.

sharrukin on July 19, 2012 at 9:00 PM

French toast.

hillsoftx on July 19, 2012 at 9:00 PM

Look to CA for answers ?

burrata on July 19, 2012 at 8:59 PM

High speed trains..?

d1carter on July 19, 2012 at 9:01 PM

Wealth Taxes are more insidious than income taxes because it’s a tax on something that was already taxed. It is robbery, literally.

Corporal Tunnel on July 19, 2012 at 9:05 PM

Hollande also wants an infrastructure bank….hmmmm, i think barry beat him to that also…but here it went over like a lead balloon (thx to Rs)

r keller on July 19, 2012 at 9:08 PM

How about a thread on McCain’s attack on Bachman?

VorDaj on July 19, 2012 at 9:11 PM

Going to be interesting when those ‘wealthy’ people exercise an option called “moving to another country”.

Or are the French planning on building a wall to keep everyone in?

GarandFan on July 19, 2012 at 9:11 PM

Lets keep in mind that what Obama is proposing now may not be extreme as the Frenchies, but he’s got another election to deal with. Besides, once you open the door to this candy store, it’ll be much harder to keep the children out.

BHO is surely a socialist at heart.

BKeyser on July 19, 2012 at 9:13 PM

We be French!
Fried.

Electrongod on July 19, 2012 at 8:44 PM

I surrender.

AllahsNippleHair on July 19, 2012 at 8:49 PM

Good Lord…..it’s happening already…..the horror!

Tim_CA on July 19, 2012 at 9:14 PM

If I lived in France – I would start an executive elite moving company.

You would be busy for years.

gophergirl on July 19, 2012 at 9:14 PM

to back an emergency rise in the ISF wealth tax

Income tax of 75%+, but if you don’t have “income,” just property or assets of any sort, it’s to be taxed. Punitive rates are a couple of percentage points yearly, so if you have an estate appraised at $10 million, not uncommon at all for people who aren’t “rich,” you have maybe $200,000 yearly to pay, on top of everything else. Rates will rise toward 10% or even higher (the sky’s the limit) when the actual goal is to seize the entire “wealth,” to break up property holdings or force sale of a business to a socialist state.
Don’t think it can’t happen here. With the demographics of burgeoning low-income immigrant population, with high birth rates and faster and faster rates of immigration from Mexico, this group in cahoots with white libs, will go ahead and implement their communist style utopia, and find the ways to redistribute $ as directly as possible to themselves. The constitution or the scotus will not stand in the way.
What is needed? We need to rethink the way this democracy works, frankly. I don’t know the full answer. Also, clearly the immigrant population is a threat in the democracy as it stands now.

anotherJoe on July 19, 2012 at 9:14 PM

7 May 2012

President Obama was quick to invite France’s Socialist president-elect to Washington for a visit, but the White House also had some rather perplexing advice for Francois Hollande:

President Obama’s spokesman warned the new socialist president-elect of France not to implement his campaign agenda of ending austerity measures, indicating that such a reversal could damage the world economy.

Ace at Ace of Spades has a bead on the Obama administration’s primary concern in all this… which is of course the fate of the Obama administration:

“If France crashes, it offers America a preview of where Obama’s policies will take us, so he… doesn’t want France to implement Obama’s policies. He doesn’t want that heads up. Not before the election.

In addition, of course, a second official recession would just about wrap things up for Romney.”

.
.
Obama To France: Do As I Say Not As I Do, Mon Cher

M2RB: Alanis Morissette
.
.
“Irony can be pretty ironic sometimes…”

Resist We Much on July 19, 2012 at 9:15 PM

The French will bring back the guillotine before it’s all over.

History repeats itself.

Robert Jensen on July 19, 2012 at 9:16 PM

Good Lord…..it’s happening already…..the horror!

Tim_CA on July 19, 2012 at 9:14 PM

It was a ….*cough*

A gaffe..
:)

Electrongod on July 19, 2012 at 9:17 PM

How about a thread on McCain’s attack on Bachman?

VorDaj on July 19, 2012 at 9:11 PM

Maybe by Saturday or Sunday, but I doubt. Sheriff Joe Arpaio says Hi!

JPeterman on July 19, 2012 at 9:17 PM

The difference between France and the US in 2012–they have better food and wine.

james23 on July 19, 2012 at 9:17 PM

Stupid is as stupid does.

The hardest part for me is to listen to the drivel when all the experts are stupefied that their socialist scheme didn’t work. We’ll hear the word “unexpected” a lot.

Hey Barry… It. Won’t. Work.

Mojave Mark on July 19, 2012 at 9:20 PM

Also in the news how the rich are leaving France in droves. NewYork City tried this and Rush left the City with about 4300 other rich people and when the taxman added up the following years take in taxes they were seriously short, gee I wonder why.

mixplix on July 19, 2012 at 9:20 PM

Electrongod on July 19, 2012 at 9:17 PM

lol.

Tim_CA on July 19, 2012 at 9:20 PM

How about a thread on McCain’s attack on Bachman?

VorDaj on July 19, 2012 at 9:11 PM

The old fap attacking his own party isn’t news, it’s a certainty.

AllahsNippleHair on July 19, 2012 at 9:21 PM

I love the polka dot tie with the striped shirt. So presidential.

crr6 on July 6, 2012 at 9:17 PM

bettycooper on July 19, 2012 at 9:22 PM

From George Washington to Barrack Obama..

It surprises me how this country wants to be ruled again..

Electrongod on July 19, 2012 at 9:22 PM

Lawmakers later voted to back an emergency rise in the ISF wealth tax applying to taxpayers with a net worth of more than 1.3 million euros ($1.6 million) and which is expected to bring in an extra 2.3 billion euros in revenues this year.

They also approved a tightening of the inheritance tax to reduce the exemption ceiling from 159,000 euros per child to 100,000 euros, the creation of a three percent surtax on cash dividends and the doubling of a tax rate on financial transactions to 0.2 percent.

More fiscal steps promised by Hollande, including a 75 percent tax rate on annual incomes in excess of a million euros, are expected to be introduced next year.

Note, on top of tax on income, Hollande will take 3% of net worth over $1.6 million. Those assets already had been taxed once or twice at the income, dividend and capital gain levels.

If re-elected, you can be sure Barry will try similar grabs.

bayview on July 19, 2012 at 9:24 PM

How ’bout it?

50% pay cut for all federal employees earning over $100k.

They are our employees, we, as employers, should demand it. Why should we pay our employees far more than our own rates of pay?

And…might as well bring it up..require all members of Congress to be enrolled in Obamacare.

coldwarrior on July 19, 2012 at 8:50 PM

I like the cut of your jib sir! Great suggestion!!

Tim Zank on July 19, 2012 at 9:26 PM

California is going to try the same approach: Our proposition list for November is a selection of tax hikes and specialty spending programs.

I wanted to warn my fellow Americans to expect more former Californians as neighbors after November!

Mutnodjmet on July 19, 2012 at 9:36 PM

Ah, but heading down Obama’s path *will* lead to more drastic measures, as they fail – and fail, they will.

We’re not far off from taxing wealth, confiscating pensions/retirement accounts/401k’s/IRA’s. Just watch, it’s coming…

Midas on July 19, 2012 at 9:42 PM

How about FACTS
Salahuddin on July 19, 2012 at 1:00 PM

1982 TAFRA was a deal between Reagan and Dem controlled Congress (both houses) to close loopholes and delete future tax rate increases in return for $3 in cuts for every $1 in resultant tax increase.
Top marginal tax rates:
1971-80 – 70%
1981 – 69.13%
1982-86 – 50%
1987 – 38.5%
1988-89 – 28%
1990-92 – 31%
1993-2000 – 39.6%
2001-02 – 38.6%
2003-12 – 35%
In 1982 the top marginal tax rate was also significantly reduced. Revenues went up, but the Dems controlling Congress violated their agreement and increased spending – overriding Reagan’s veto of the budget bill that did that.
So look at those years and tell me again when it was we had a good economy and increased revenues.

dentarthurdent on July 19, 2012 at 9:43 PM

The French via Airbus are coming to Alabama in an attempt to destroy Boeing……where’s Obama?

dmann on July 19, 2012 at 9:43 PM

The public trough will run dry soon. Then what?

Paul-Cincy on July 19, 2012 at 8:57 PM

Mad Max.

SubmarineDoc on July 19, 2012 at 9:48 PM

OT but not by much – considering Mr. Electrongod’s nice posts above:

Of course….
Freedom loving Americans saw Obama’s mask slip a few days ago.

They was what we saw…

An A$$hole.

Electrongod on July 19, 2012 at 8:45 AM

That is from this morning’s post on Romney and the CBS poll. It is the quote of the day for me.

Stray Cat on July 19, 2012 at 9:55 PM

How about a thread on McCain’s attack on Bachman?

VorDaj on July 19, 2012 at 9:11 PM

…first we have to have McCan’t be subject to what VegasRick suggests…along with Pelosi, Reid, and a couple hundred more politicians…and we’re going to need massive elections…

Random drug tests. Fire those who fail, just like us.

VegasRick on July 19, 2012 at 8:54 PM

KOOLAID2 on July 19, 2012 at 9:58 PM

I can just imagine Obama thinking, “it would be easier to be the President of France … they get to tax net worth, not just income.”

toby11 on July 19, 2012 at 10:06 PM

You know, in some ways this could be a good thing, it’ll be fun to watch this fail spectacularly, yet another example of failed socialism. Of course it may take a while, but still …

toby11 on July 19, 2012 at 10:07 PM

Good Lord…..it’s happening already…..the horror!

Tim_CA on July 19, 2012 at 9:14 PM

Several years ago, there was a spate of “boss-napping” in France where employees kidnapped their bosses and/or the owners of the company. Instead of negotiating like Trumka and Hoffa, the families were sent “ransom notes.”

The French don’t foutre around. If there is any silver lining to be had, because the French have a mob mentality, the agitators of the initial uprisings are generally consumed in the flames that they, themselves, lit and then fanned.

I wrote a lot in the lead up to the French election about how many of the Conservatives were secretly rooting for a Hollande victory. Unlike the US, France doesn’t make expats pay taxes if they are paying taxes where they reside. The wealthy will vote with their feet and Muffin has even laid out the red carpet. They know that Hollande, a Socialist will either have to dismantle the social welfare system (which will make the French hate him) or will destroy the economy and the country’s credit (which will make the French hate him even more…and lead for call for new leadership). The unofficial — and secret — motto in Conservative circles prior to the election was:

Après Sarkozy, Le Déluge. Viva M Hollande – L’homme, Qui Va Détruire La France!

Translation: After Sarkozy, The Deluge. Viva M Holland – The Man, Who Is Going To Destroy France!

Further, everyone with any knowledge of the house of cards that is the French fiscal situation understands that Hollande is going to HAVE TO CUT social programmes. He needs to raise nearly $300 billion before the end of the year. While it is true that France was selling bonds recently at a negative yield, that will not continue.

The bond market is going to demand cuts. “Austerity,” which in most of Europe has primarily meant tax rises and future spending cuts (think the US’ “Doc-Fix” – Medicare cuts aren’t made. A “fix” is always done down the road).

IIRC, Hollande imagines his 75% top marginal rate and FTT will raise enough money to close the deficit to 3%, which is the largest deficit-to-GDP ratio permitted by the EU. Assuming all things remain equal and behaviours do not change, his programme will not achieve its desired results. In the real world, it won’t even come close. In the UK, the Coalition raised the top rate to 50pc and promised it would raise revenues to the government by more than £1 billion, at least! Instead, tax receipts collected from the “evil rich” fell by a staggering £509 million in one year!

The same will happen in France. As one, astute cookie in The City stated on a BBC show much to the horror of the Fabian panel:

“You can’t tax the rich, STUPID!” They’ll always find a way around your new tax traps. Why do you think they pay beaucoup bucks for armies of solicitors, financial planners, estate planners, investment councilors, etc?

These are a few interesting articles from before and after the election:

Resist We Much on July 19, 2012 at 10:17 PM

Oops, I forgot the links to the articles:

Après Sarkozy, Le Déluge. Viva M Hollande – L’homme, Qui Va Détruire La France!

http://predicthistunpredictpast.blogspot.com/2012/04/pres-sarkozy-le-deluge-viva-m-hollande.html

M2RB: Blue Oyster Cult

Voting for Yesterday in France

http://predicthistunpredictpast.blogspot.com/2012/04/voting-for-yesterday-in-france.html

M2RB: Edith Piaf

Resist We Much on July 19, 2012 at 10:22 PM

Obama doesn’t have a clue what he is saying as the teleprompter is his god. Without being told what to say, he hasn’t hasn’t had an origial thought since he was bogarting joints with the Choom gang with the windows rolled up.

volsense on July 19, 2012 at 10:41 PM

Or are the French planning on building a wall to keep everyone in?

GarandFan on July 19, 2012 at 9:11 PM

They’ve already got one – the Maginot Line. Well, it certainly didn’t keep anyone out!

OldEnglish on July 19, 2012 at 10:56 PM

Get a clue folks, Modern socialism is largely a fraud, a false front used to disguise the 3 class society of the Privileged, Collectors and Serfs.

Raising taxes on high earners isn’t as much as Socialism and class warfare as it is how weak, gutless politicians survive to promote their own Privileged class over the collector class and serf (workerbees).

The Privileged live largely outside of market forces. Typically the Priviledges are the politicians, bureaucrats, greens, public unions, and perhaps attorneys. They can screw up the marketplace as much as they wish without feeling much effects — the Class system is designed to protect the Privileged from marketplace whims and change.

The Collectors are the leaders of the private sector and are sensitive to market forces. The Privileged use high taxes on the Collectors to skim money from the Serfs who work in the private sector, without the Serfs realizing they are being suckered.

The Serfs live their lives in the private sector marketplace. The Privileged use Class warfare on the Serfs to make them think that the Collectors are the Serf’s bane of existence and should therefore pay high taxes. Never mind that the Collectors merely pass the Privileged’s tax increases on to the Serfs in the form of higher costs for the services and products sold in the private sector.

For quite some time this Class system has been a great for counting votes, but not so much for counting money. Never fear — the Privileged have rigged the system such that any general fiscal failure will end up with them holding a golden parachute far into retirement… Screw everyone else…

drfredc on July 19, 2012 at 11:37 PM

drfredc on July 19, 2012 at 11:37 PM

“Modern Socialism” is no different from “Old Socialism.” Even in the early Soviet Union, there was a dacha class.

John Kenneth Galbraith once said:

“Under capitalism, man exploits man. Under communism, it’s just the opposite.”

There is no difference between communism and socialism, except in the means of achieving the same ultimate end: communism proposes to enslave men by force, socialism—by vote. It is merely the difference between murder and suicide.

“Foreign Policy Drains U.S. of Main Weapon,” The Los Angeles Times, 9 September 1962

Resist We Much on July 19, 2012 at 11:46 PM

Cruise Missiles have a section of their flight pattern called “Terminal Phase”.

So does Socialism.

In missiles it is a final maneuver where the missile pops up, arches over and then crashes into the ground.

In Socialism, it is where the true believers, who finally have the reigns of power they have been itching for all these years and they grab the reigns and bankrupt all those “greedy” people they have been hating all this time. There is a brief “popup” as the money is seized, then the economy crashes.

France is in a Terminal Phase

Bulletchaser on July 19, 2012 at 11:51 PM

Obama doesn’t have a clue what he is saying as the teleprompter is his god. Without being told what to say, he hasn’t hasn’t had an origial thought since he was bogarting joints with the Choom gang with the windows rolled up.
volsense on July 19, 2012 at 10:41 PM

Beginning to think his teleprompter abuse is to keep his true beliefs secret.

txhsmom on July 20, 2012 at 12:29 AM

France slides into recession, or worse, like most of the Euro players.

German people will only tolerate the leaches so long.

Speakup on July 20, 2012 at 12:30 AM

If I lived in France – I would start an executive elite moving company.

You would be busy for years.

gophergirl on July 19, 2012 at 9:14 PM

You’d be surprised how many of those are fully operational and thriving under the current circumstances :)… the frenzy of moving accross the Channel has reached unprecedented levels…my sister is telling me that there’s a new trend over there, among the Fremch ‘proletariat’, to scorn those who leave or planning on leaving because of high taxation and dub them as ‘unpatriotic’ :)… Sounds familiar? :)…well, better than collabo, I suppose :)…

jimver on July 20, 2012 at 12:42 AM

France is in a Terminal Phase

Bulletchaser on July 19, 2012 at 11:51 PM

oui, selon toute vraisemblance….

jimver on July 20, 2012 at 12:48 AM

Last night, Bill O’Reilly did his talking points memo on the subject of Obama’s ideology.

He concluded that Obama is not a socialist.

Rather, Obama is an anti-capitalist heavy regulating wealth redistributor. Whew! I was so relieved to hear this!

TarheelBen on July 20, 2012 at 1:00 AM

Listen, if we are going to emulate France, we need to get out in front of this now. We should help Barry finish trashing the economy and immediately surrender. Oh, and act very haughty by taunting you a second time while taking our extended mandated vacations!

ghostwalker1 on July 20, 2012 at 1:07 AM

I am just old enough to remember the dire state that Britain got itself into in the mid to late 70′s through socialist mismanagement. Constant strikes, unions holding the public to ransom, frequent power cuts, trash piling up in the streets and bodies piling up in the morgues. It took Thatcher to get the country back on its feet, although the process was painful. I’ll give France 2 years of this nonsense before they’re screaming for a conservative fix.

Sharke on July 20, 2012 at 1:18 AM

Sharke on July 20, 2012 at 1:18 AM

You’re not that old, and it wasn’t all that long ago.

Hell, if you want a more recent example, look at NYC from David Dinkins, NY’ers finally got a Rudy Gulliani….but they’ll probably swing to a Alec Baldwin at this rate.

BlaxPac on July 20, 2012 at 2:21 AM

they’ll probably swing to a Alec Baldwin at this rate.

BlaxPac on July 20, 2012 at 2:21 AM

Arec Bardwin!?!?! You are worthress!

Difficultas_Est_Imperium on July 20, 2012 at 3:39 AM

Socialist France is “fixing their economy” by raising taxes on the wealthy.

Rich Frenchmen are “fixing their finances” by leaving the country.

Paul-Cincy on July 19, 2012 at 8:56 PM

This would be the free market part

tomg51 on July 20, 2012 at 6:52 AM

TarheelBen on July 20, 2012 at 1:00 AM

Once or twice a year I happen to watch BOR and saw that talking points memo last night.

I haven’t laughed so hard at a TV show since SNL in the 70′s

moo on July 20, 2012 at 7:17 AM

Fast forward 3 – 4 years: “That Sarkosy really made a mess of things…. We didn’t realize how deep the hole was… um… clearly we need more stimulus… dang those greedy bigot Germans…”

rhombus on July 20, 2012 at 7:38 AM

So if the whole world becomes “The Takers”….
Who do we take from?

Electrongod on July 19, 2012 at 8:45 PM

Hence Thatcher’s admonition.

Odysseus on July 20, 2012 at 7:48 AM

Si vous avez une entreprise, vous n’avez pas construit cela.

Odysseus on July 20, 2012 at 7:52 AM

TarheelBen on July 20, 2012 at 1:00 AM

Picking navel lint is more intellectually stimulating that watching O’Reilly. I know…I’ve tried both and always feel dumber after watching O’Reilly.

Extrafishy on July 20, 2012 at 7:58 AM

Unlike capitalism socialism really is a zero sum game.

Viator on July 20, 2012 at 8:07 AM

Wait, no mention about the other parts of this news Erika?

This story becomes even better (well in a “Ha ha ha, socialism back firing on you I see” way). When France was asked if their new confiscating tax rate was going to scare away the rich, the Socialazylist merely replied: “well only a few, because most of the French Millionaires and Billionaires have French Pride!”

For folks keeping score at home, yes this would about the same reasoning they’ve been using for quite a long while when asked essentially the question of “What could go wrong?” It’s gone on there for centuries, but perhaps has shown up a number of times most prominently and recently during the 1900s in a number of major events. But despite centuries of evidence to the contrary, France still believes that (almost Hyper) Nationalism will save the day when it comes to flaws in their plans.

And mere days latter, what do we have? Well I distinctly recall Drudge listing up a number of such stories that can be summed up as simply this:

French Rich in a mass exodus from the country, with the theme being either accepting British PM Cameron’s red carpet offer, and moving to Britain, contacting Swiss banks and moving their money their, or both.

Yea… how’s that French (socialist) Pride working out for ya France?

Razgriez on July 20, 2012 at 8:18 AM

So if the whole world becomes “The Takers”….
Who do we take from?

Electrongod on July 19, 2012 at 8:45 PM

Excellent…this is what arrogant politicians don’t understand, or fail to grasp…
Business men are smarter than politicians, pass all the laws you want, the businessmen, the ones who elect the politicians, always seem to escape and indeed even prosper more under these draconian policies.

The bank, the nation’s second-largest by assets after JPMorgan Chase, said on Wednesday that it earned $2.5 billion, or 19 cents a share, compared with analysts’ projections of 14 cents for the quarter, as its expenses dropped and credit conditions improved.

The head of companies never suffer…it’s the workers who suffer first.

right2bright on July 20, 2012 at 8:38 AM

Hey wait a minute! Our athletes Olympic uniform includes beret’s this year!

Coincidence…?

ccrosby on July 20, 2012 at 11:41 AM

Lawmakers later voted to back an emergency rise in the ISF wealth tax applying to taxpayers with a net worth of more than 1.3 million euros ($1.6 million) and which is expected to bring in an extra 2.3 billion euros in revenues this year.

Holy cow; a “wealth tax”? Seriously?

Consider the difference.

You and I both make $100,000 a year. I frivolously spend every penny I have on booze & hookers.. you save for the future.

Now in 20 years you have $1 million saved for your retirement, and I have $0… and we’ve paid the same taxes up until now. And the Government say “Hey, You’re “wealthy” so you have to pay taxes AGAIN because you didn’t piddle all your money away when you had the chance”

And to me they say “Oh, you poor poor man, can we give you some of this other man’s money to help you while you’re broke?”

That is what a “wealth tax” brings… I don’t see any way to justify such a thing.

gekkobear on July 20, 2012 at 12:16 PM