Skip to comments.France Adopts Reagan Supply Side Economics (Again)
Posted on 01/25/2014 12:48:14 PM PST by Texas Eagle
At an April 2012 campaign rally after a torrential rain storm, Francois Hollande on the eve of being the first Socialist Party member elected President of France in 24 years boldly proclaimed: We have chased away the clouds, the sky is all rose. The crowd roared their approval of Hollandes imagery communism red triumphing in France. But on January 14th, 2014 Hollande solemnly acknowledged the failure of his collectivist policies by announcing his Administration would cut $40.8 billion of taxes on companies and the self-employed, plus reduce social security charge paid by employers by 5.4%. More shocking to the Left, Hollande said he would pay for his supply-side-economics by cutting $86 billion in public spending. Two decades later and again facing a collapsing economy, the Socialist Party of France is being forced to adopt the supply-side economics of President Ronald Reagan.
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What happened to their socialist President and his 75% tax rates?
Francois Hollande in his speech sought to show the Socialist Party, like the party of Francois Mitterrand mid-1980s, understands Frances problems and is willing to reverse policies and adopt measures known in France as the tournant de la rigueur (austerity turn) to fight inflation and regain competitiveness. Hollande is keenly aware that after the Socialist Party adopted supply-side economics in 1983, the French economy did recover and Mitterrand was re-elected in 1988.
Socialism fails wherever and whenever it is implemented. The result is miserable poverty and the curtailment of individual rights. Those that promote it are fools, those that implement it are guilty of crimes against humanity.
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But the rats in America are so stuck on stupid that they will never agree to it.
Apparently some folks didn’t get the memo: