France moves backward; U.S.A. seems to be following
Just when you thought that some of the European countries were gaining some economic commonsense and rejecting the disastrous path which bankrupted Greece took -- with attempts to balance their budgets and cutting some of their bloated government programs -- one of the major European nations went even further to the left this past weekend. Incredibly, French voters elected the Socialist Party leader, Francois Hollande, as their president over the “conservative” President Nicolas Sarkozy who broke many of his campaign promises made five years ago when he was campaigning for president.
After his victory on Sunday, the socialist Hollande actually promised that he would institute far more government spending programs to turn the French economy around and increase taxes on -- altogether now -- “the wealthy.” Hmm. Sound familiar? Barack Obama instituted a whopping one trillion (with interest) dollar spending program shortly after he was inaugurated and then rammed through Congress: the multi-trillion dollar ObamaCare. Of course, Obama’s trillion dollar “stimulus” was an abject failure just as French president-elect Hollande’s socialist programs will be.
Like president-elect Hollande, Obama promised that he would increase taxes on “the wealthy.” Thus far, the Republicans in Congress have been able to block him. But the Obama tax increases -- nearly 1/2 trillion dollars of tax increases -- will go into effect this coming January 1st. Heritage Foundation estimated the tax increases just for 2013 alone would be $494 billion and that taxpayers would see even larger tax increases in succeeding years.
Is it any wonder why President Sarkozy lost the election. After making promises during his 2007 campaign, to re-energize the French economy by reducing the size and influence of the federal government, he got cold feet during the past couple of years and abandoned those policies. Sarkozy hoped his massive deficit spending would prop-up the French banks, just as Obama hoped his trillion dollar “stimulus” would prop up the American banks and restart the economy. Both presidents failed.
French voters apparently thought that if they wanted socialism in France they should vote for the real deal, Socialist Party leader Francois Hollande. Unfortunately, in America, the two national parties seem to have given the American people a similar choice between Obama and ObamaLite. It is doubtful that American voters will vote for ObamaLite this November when they can have the real thing.