France shuns Europe as Brexit revolt spreads
Only Greece outstrips France for hatred of the EU.
More after the break.
"France's social model is funded by punitively high taxes on labour. The unintended effect is to create a destructive 'tax wedge' that makes it too costly to hire new workers. It protects incumbents but penalizes outsiders, leading to a blighted banlieu culture of mass youth unemployment.
There are 360 separate taxes, with 470 tax loopholes. The labour code has tripled to 3,000 pages since 1985. The unions command only 7pc membership but have a legal lockhold on companies with over 50 employees. "It is an inferno that sadly lacks the poetry of Dante," said Prof Granville.
Failure to reform has come together in a toxic cocktail with the destructive effects of monetary union. The damage has been less dramatic than in Greece, Portugal, Spain, and Italy, but the insidious effects are powerful.
France’s has lost 20pc in unit labour cost competitiveness against Germany but is stuck in the same exchange regime. The result is a hollowing out of French manufacturing and a loss of 60,000 industrial jobs a year."
France is run by a tiny coterie of 5000 people. The place, like so many socialist paradises is built to divert wealth to a small oligarchy who actually run the country. It could use many reforms but labor reforms are most necessary. They have been watered down to the point of uselessness. Perhaps serious changes like the 2004 Hartz IV, reforms could help, but this will not happen with the Hollende regime, with its 84% no confidence vote.
Instead France has Nordic tax rates with zero labor flexibility, high unemployment, and a tiny uncreative oligopoly running the show.
We're gonna need more corn, and beer!