Awesome, Joe Weisenthal has read the article, so we don't have to. Joe reports:
So what's actually in the piece?Joe somehow doesn't think this is bad:
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.
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.