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Posted: 7/4/2012 4:44:23 AM EDT
Ignoring the reality of financial troubles rarely works




French voters get a wake-up call via harsh message on national finances


Kelly McParland  Jul 3, 2012 – 1:13 PM ET



If French voters thought they were winning themselves a reprieve from tough medicine by defeating Nicolas Sarkozy and replacing him with the socialist Francois Hollande, they got a rude awakening on Monday.


Didier Migaud, head of the Cour des Compes, warned that the national economy is bordering on disaster and will "require both an unprecedented curb on public expenditure and an increase in taxes.”


"The country is in the danger zone in terms of its economy and public finances. We cannot rule out the possibility of a debt spiral,” said  Migaud, equivalent to the national auditor. "2013 is a crucial year. The budgetary equation is going to be very hard: much harder than expected due to the worsening of the economic picture.”


At a press conference laden with gloom, Mr. Migaud noted the budget situation left behind by Mr. Sarkozy was worse than the new government had expected. It’s an old trick of new governments to throw up their hands in shock once they take office and get a look at the books.





Link Posted: 7/4/2012 4:46:04 AM EDT
[#1]
Link Posted: 7/4/2012 4:46:18 AM EDT
[#2]
WHo'da ever thought?
Link Posted: 7/4/2012 4:46:32 AM EDT
[#3]
well, the increase in taxes from a socialist should have been expected but i bet a curb on dem gubmint handouts is a true shocker!!! "ou est mon frommage gratuite???"
Link Posted: 7/4/2012 5:03:55 AM EDT
[#4]
Link Posted: 7/4/2012 5:06:13 AM EDT
[#5]
At least they're willing to address it, even though they had to lie in order to win the election.  Here is our Treasury Secretary, saying no the administration has no plan to address our looming fiscal catastrophe, but he steadfastly opposes any pragmatic solution offered by Republicans.





Link Posted: 7/4/2012 5:07:07 AM EDT
[#6]
Math, how does that work?
Link Posted: 7/4/2012 5:08:11 AM EDT
[#7]
The only thing you'll ever see is the increased taxes on the producers, the cuts to the leeches will never come until the system collapses.
Link Posted: 7/4/2012 5:49:49 AM EDT
[#8]
Quoted:


it would be funny if it was ONLY in france (italy, greece, spain, etc) that this problem exists.

in the USA we are certainly no better off, and you could argue probably much worse off.

ar-jedi
Link Posted: 7/4/2012 5:52:31 AM EDT
[#9]
Bush's fau-  I mean, Sarcozy's fault.
Link Posted: 7/4/2012 5:56:52 AM EDT
[#10]
It’s an old trick of new governments to throw up their hands in shock once they take office and get a look at the books.






Link Posted: 7/4/2012 6:06:56 AM EDT
[#11]
So when do we break out Philippe Petain's quote about "twenty years of Marxism?" After the Germans march on Paris or after the French march on Berlin?




Quoted:




"The country is in the danger zone in terms of its economy and public finances.





And how would they get to this danger zone? Some sort of highway, perhaps?



 
Link Posted: 7/4/2012 6:08:02 AM EDT
[#12]
i'd go easy with the schadenfreude, we're right behind them.
Link Posted: 7/4/2012 6:14:09 AM EDT
[#13]
Quoted:
And how would they get to this danger zone? Some sort of highway, perhaps?




Link Posted: 7/4/2012 6:17:18 AM EDT
[#14]
Le hope and le change!
Link Posted: 7/4/2012 6:18:24 AM EDT
[#15]
You think people in this country can make the connection between France's woes and our future?  I doubt it.
Link Posted: 7/4/2012 6:29:01 AM EDT
[#16]
It looks like folks are waking up.
Link Posted: 7/4/2012 6:35:11 AM EDT
[#17]



Quoted:


Ignoring the reality of financial troubles rarely works




French voters get a wake-up call via harsh message on national finances


Kelly McParland  Jul 3, 2012 – 1:13 PM ET





If French voters thought they were winning themselves a reprieve from tough medicine by defeating Nicolas Sarkozy and replacing him with the socialist Francois Hollande, they got a rude awakening on Monday.




Didier Migaud, head of the Cour des Compes, warned that the national economy is bordering on disaster and will "require both an unprecedented curb on public expenditure and an increase in taxes.”




"The country is in the danger zone in terms of its economy and public finances. We cannot rule out the possibility of a debt spiral,” said  Migaud, equivalent to the national auditor. "2013 is a crucial year. The budgetary equation is going to be very hard: much harder than expected due to the worsening of the economic picture.”




At a press conference laden with gloom, Mr. Migaud noted the budget situation left behind by Mr. Sarkozy was worse than the new government had expected. It’s an old trick of new governments to throw up their hands in shock once they take office and get a look at the books.














 
Link Posted: 7/4/2012 6:40:50 AM EDT
[#18]
so everyone here is in favor of the  end to the bush tax cuts  and spending cuts (1.2 trillion - 55 billion in defense cuts next year)  that are coming next year then. correct?





 fiscal cliff


Link Posted: 7/4/2012 6:54:54 AM EDT
[#19]
No way, Socialism brings free stuff for eveyone. They might have to raise the retirement age back up to 50 and the work week up to 25 hours.

Hope and change with snails.
Link Posted: 7/4/2012 7:26:42 AM EDT
[#20]
Quoted:

<snip>
It’s an old trick of new governments to throw up their hands in shock once they take office and get a look at the books.




Hmm.  Where have I heard that before...

Posted Via AR15.Com Mobile
Link Posted: 7/4/2012 8:35:00 AM EDT
[#21]
Quoted:
so everyone here is in favor of the  end to the bush tax cuts  and spending cuts (1.2 trillion - 55 billion in defense cuts next year)  that are coming next year then. correct?

 fiscal cliff



i stopped reading right here:

Fed Chairman Ben Bernanke, and most other sentient economists, to throw our economy back into a recession in 2013 if we aren’t there already by then anyway

actually that's not true, that's when i went back to the beginning and parsed the fuck out of it using austrian logic. massive load of horseshit, subtle argument for more and more taxation on us working folks because "government spending is the panacea".

fuck that shit.

it's not revenue that's the problem (why are we borrowing 40% of every dollar we spend from china?) it's a fucking spending problem.

cut every fed-gov budget 25% right now - across the board.  there is a massive amount of pain coming for every citizen of this country; all sacred cows need to die yesterday.

then next year we'll do it again.

and again...

leviathon is totally out of control and rapidly destroying what's left of our once magnificent country.

drastic times call for drastic measures.
Link Posted: 7/4/2012 8:39:22 AM EDT
[#22]
If only I could bet that any cuts they make will never affect those at the top
 
Link Posted: 7/4/2012 8:43:47 AM EDT
[#23]
"......I can't be out of money, I still have checks left!!......"
 
Link Posted: 7/4/2012 8:46:01 AM EDT
[#24]
Like, merde, man.
Link Posted: 7/4/2012 8:47:59 AM EDT
[#25]
Quoted:
Math, how does that work?


It really is a matter of simple math.

Link Posted: 7/4/2012 8:49:41 AM EDT
[#26]
Quoted:
So when do we break out Philippe Petain's quote about "twenty years of Marxism?" After the Germans march on Paris or after the French march on Berlin?





French marching on Berlin. Stop it, you're killing me.
Link Posted: 7/4/2012 8:55:58 AM EDT
[#27]



Quoted:



Quoted:

So when do we break out Philippe Petain's quote about "twenty years of Marxism?" After the Germans march on Paris or after the French march on Berlin?











French marching on Berlin. Stop it, you're killing me.


Hey, just trying to be fair.



 
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