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President Obama's spokesman warned the new socialist president-elect of France not to implement his campaign agenda of ending austerity measures, indicating that such a reversal could damage the world economy.
"A balanced approach . . . Both fiscal consolidation and efforts to boost the recovery is the right approach for Europe," White House Press Secretary Jay Carney told reporters today. "That's an approach that he thinks ensures that the recovery continues while putting our fiscal house in order."
French President-Elect Francois Hollande called for an increase in government spending and taxes. "Europe is watching us, austerity can no longer be the only option," he said upon winning the presidential election.
Our country will suffer . The world will suffer kicking the can down the road and not being responsible for spending that cannot be paid for without cutting the spending.. 75% taxes on everyone in France that makes over 1 million euro will have all the rich leaving and that will result in having no tax base to support the spending.
As Donald Rumsfeld found out, the French don't take kindly to being told what to do and President Hollande is likely to give Obama a very Gallic 'bras d'honneur'.
Our country will suffer . The world will suffer kicking the can down the road and not being responsible for spending that cannot be paid for without cutting the spending.. 75% taxes on everyone in France that makes over 1 million euro will have all the rich leaving and that will result in having no tax base to support the spending.
They just need to move to the US system of taxing all citizens whether they are in or outside the country. Problem solved.
An attempt by some to portray President Obama's words as trying to say he's against stimulus. What is really the TRUTH is that he's telling Hollande to stay the course with BOTH austerity and stimulus measures hammered out in the Euro treaty.
However, I'm more in agreement w/ Hollande than w/ President Obama.
The only thing more useless than Obama is the French.
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