Friday, May 18, 2012
NMA: French ditch austerity
France’s first Socialist president in 17 years. François Gérard Georges Nicolas Hollande defeated incumbent Nicolas Sarkozy on promises to reassess austerity deals aimed at solving Europe’s financial crisis in favor of pro-growth remedies, and to increase taxes for the rich.
The results of the French presidential election were echoed in Greece, where voters also punished pro-austerity parties in the polls, and are a major rejection for Franco-German led belt-tightening under former French president Nicolas Sarkozy and German Chancellor Angela Merkel.
Is the end of “Merkozy,” the Franco-German partnership that has enforced the austerity regime, a good thing?
Angela Merkel's party also suffered legislative defeats and a socialist leader may take over Greece.
Some Democrats are concerned about these elections since incumbents are being turned out, but the real issue is that voters have rejected conservative austerity.
President Obama needs to explain this to the American people. His economic stimulus outperformed the austerity mavens in Europe.
Who wants to cut spending and use "austerity" to fix the economy? That would be Mittens.
Of course, Republicans rarely cut defense, so America can expect big cuts to Medicare, Food Stamps and Social Security while the Bush tax cuts are continued if Mittens gets the nod in November.
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