Saturday, November 17, 2012

Here's What's In That Economist Article That Has The Nation Of France Outraged

Awesome, Joe Weisenthal has read the article, so we don't have to. Joe reports:
So what's actually in the piece?
Here are some key bullets from the report.
  • Public spending is 57% of the nation's output.
  • Debt-to-GDP is 90%.
  • No new company has entered the CAC-40 stock market index since 1987.
  • Nobody gets fired. Unions protest over any reforms.
  • France still has a high standard of living, and has some of the best companies in the world, but growth has stalled.
  • Unemployment is 10%. Youth unemployment much higher.
  • France can still borrow cheaply, but it's also resting on past laurels (it's still a gigantic tourist destination).
  • New President Francois Hollande is ostensibly powerful, but his approval rating has plunged.
  • He refuses to really acknowledge France's economic challenges.
Joe somehow doesn't think this is bad:
 Overall, it's really not as bad as the cover suggests.
It's bad. This is no time for " Que Sera Sera".  The answer is French though: Laissez Faire.

Joe's full article is here.

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