The problem with socialism is that it eventually runs out of other people's money. France has spent profligately over the past twenty years. It has now run out of other people's money. It's not hard to read the tea-leaves.
Prime Minister Jean-Marc Ayrault has urged the French to rally behind efforts to tackle a "crushing" debt burden after an audit warned of a 43 billion euro ($A53.09 billion) budget hole.
AYRAULT, outlining the new Socialist government's agenda in parliament, also admitted the crisis was "unprecedented" and said debt servicing charges had become untenable.
In Europe, the eurozone crisis still burns and at home his finance minister has just warned that French economic growth will be lower than forecast.
"The debt burden has become crushing. The state pays nearly 50 billion euros to its creditors annually," Ayrault said.
"I have come here today to appeal to you and through you all French people for a mobilisation because it is not too late to react and succeed," he said, appealing for "patriotism," and adding: "An indebted France is a dependent France."
Right . . . Too bad y'all did not think of that while running huge state deficits, spending like a crazed madman, and contracting gargantuan debts. Oh, that's right. France deserves a certain standard of living. Other people have to pay for it. Public debt is different from household debt. Public debt creates economic growth. It is stimulatory. It is the road to wealth and prosperity. Socialism is a terrible immoral blight. It is the preserve of the greedy, the envious, and of foolish sluggards.
No comments:
Post a Comment