After an all-too-brief post-election honeymoon, economic reality is beginning to crash down on France’s new Socialist president, François Hollande. French auto companies are closing factories, and the Hollande government is mostly powerless to do anything about it. As the BBC reports:
President Hollande’s campaign slogan was “change is now” but, since he has been in office, another catchphrase has started to be heard more often. It is one inherited from the previous Socialist president, Francois Mitterrand — “Donner du temps au temps”. It roughly translates as “all in due course” or “be patient, don’t rush things”.
Via Meadia is shocked—shocked!—that a French socialist is failing to keep his election promises. Apparently, you cannot repeal basic laws of economics, even with a legislative majority.
You cannot build a successful economy by punishing and penalizing legitimate business anymore than you can raise morale by beating the crew. French socialists forget that from time to time; it is an expensive lesson to relearn.