Monday, February 2, 2009

France Rejects Obama Style Stimulus

Who would have expected French leaders to understand even a tiny bit of laissez faire?

Bloomberg reports:

Prime Minister Fran├žois Fillon on Monday rejected demands that the French government seek to stimulate consumer spending, rather than follow his plan to stimulate corporate and infrastructure investment, to lift France out of its economic slump.

"It would be irresponsible to chose another policy, which would increase our country's indebtedness without having more infrastructure and increased competitiveness in the end," Fillon said in a speech in Lyon.


And he said this despite heavy protests from union groups:

More than 1.1 million people took to the streets across France last Thursday, according to the Interior Ministry, with unions putting the number of protesters at 2.5 million, to call on President Nicolas Sarkozy to stop cutting government jobs, increase the minimum wage and spend more on households as the economy enters its first recession since 1993.

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