Monday, May 25, 2015

Back to the 17th Century -- Modern France

Slowly but surely France is reverting back to the good old days, centuries ago, where except for a handful of rich folks, most people who were prosperous worked for a government entity at some level.  Ultimately by the end of the eighteenth century, there wasn't enough money for all of this government largesse and the end result was the French Revolution. 

France is headed that way again.  Fewer and fewer Frenchman are involved in anything remotely resembling a private sector (banking can no longer be considered part of the private sector in France) and most bureaucrats, including teachers, have absolutely no fear of losing their jobs.  And what are they producing?

The real producers are the capitalists.  But, as in America, they are mostly the butt of late night comedy show jokes.  Personal income tax rates of 80 percent are considered okay here in a country that hasn't had any real economic growth in two decades.  Those two facts are not unrelated.

The big government agenda has done its work here.  Now there simply remains the political battle to see whether the far left or the far right will emerge victorious in the never ending effort to divide a shrinking pie.  Greece and Spain are further down that road than France.  But, France will catch up, in time.

These are observations based upon my annual trip to Paris to the French Open.  At least at the French Open, there are still people who still believe in competition, but not many folks in the French government share that belief.

1 comment:

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