France’s economic situation is dismal. Unemployment is at 10.6 per cent; Standard & Poor’s has downgraded the country’s credit rating; manufacturing is dying ... The most pressing challenge facing President François Hollande is the budget deficit, which, at four and a half per cent, hovers stubbornly above the European Union limit of three per cent.
"The Socialists’ argument was a strange blend of philanthropic appeal and confiscatory threat...Was the supertax a charity benefit or a holdup?..."
"...I recently heard the novelist Hilary Mantel deliver a brilliant lecture at the British Museum, in which she asserted that, at the time of the French Revolution, the scandal of the monarchy “focussed the rays of misogyny” upon a single body, that of Marie Antoinette. (The lecture, “Undressing Anne Boleyn,” has been published in The London Review of Books, which commissioned it.) In a similar manner, the country’s anxieties about money had coalesced in the person of Depardieu..."
"...As a sort of economic creationist, Mélenchon is immune to data. He segued into psychobabble..."
"....Now it’s not only the rich people who will go—it’s the people who want to be rich."
In France, c'est bien connu, entrepreneurship is being stifled.
Reagan, in office from 1981 to 1989, inherited a 70% tax rate and lowered it steadily to 28%. Eisenhower’s presidency saw steady growth, low unemployment, a rising middle-class standard of living and largely balanced budgets. The Reagan years saw growth essentially no better than Eisenhower’s, coupled with high unemployment, stagnant middle-class incomes and a skyrocketing national debt.
And yet, somehow, the lesson we’ve come away with is that low taxes create jobs, boost growth and generate prosperity.
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