The returns are in and Sarkozy lost, just barely, but he lost. The people of France (by a small margin) said that they no longer want to live under draconian austerity measures. The cuts were so drastic and so deep that the pain could no longer be endured. They sent Nick packing.
The only problem with that is that there haven’t been any cuts.
The free money spigot may have slowed a bit, but it was never cut off as the following graphic shows:
I give Mr. Sarkozy some credit for trying to get Frances fiscal house in order. I think if he had had more control over the process and been able to implement deep cuts quickly, people would have seen the improvment and he would have been re-elected but…..C’est la vie
When a country has conditioned its citizens to expect something for nothing, breaking the habit can be a hard pill to swallow.
As an aside, this story also shines a light on the absolute fraud that is the American news media. Watching their coverage of the so call austerity measures would lead one to believe that France had cut its spending to the bone and then started cutting the bone.
Lets hope the people of the United States don’t follow France’s lead in November.