http://www.familysecuritymatters.org/publications/detail/britain-is-shackled-to-the-corpse-of-europe
Europe’s economic problems are about to get a whole lot worse. For the past three years, governments have tried, however ineffectually, to tackle the debt crisis. Now, though, in country after country, voters are demanding precisely the high-tax and high-spend policies which caused the recession in the first place.
Yesterday’s elections in France and Greece were the first of what will surely be many advances by the populist Left. In both places, candidates were elbowing each other aside during the campaign to demand more intervention and an end to cuts.
The new French President is an unapologetic Socialist of the kind we haven’t known in this country since Michael Foot. François Hollande wants wealth taxes, stimulus spending and a massive expansion of the state payroll.
He understands that this might lead to dismay in the international markets, but he has an answer to that: he will create a French credit ratings agency which, unlike the American ones, will tell him what he wants to hear.
Hollande summarises his programme as ‘growth, not austerity’. Gosh. Who knew it was so easy? Why has no one thought of that before?
The truth, of course, is that France has already pushed tax-and-spend to its limits. The government accounts for an extraordinary 56 per cent of the economy, and the French budget was last in balance in 1974. If state expenditure really had a stimulus effect, France would be the wealthiest country in Europe.
Yet every one of the ten presidential candidates there demanded even greater state intervention. Nicolas Sarkozy promised to make France ‘stronger than the markets’. Three of the other contenders were Trotskyists and one was a Green.