Maybe you all know what I think about the president of my country, Nicolas Sarkozy, who celebrated two weeks ago the first birthday of his election. As you may all know, I totally disagree with his policies concerning foreign affairs, immigration, security and economy. The last policy I talked about will be the point of my article.
First, I would like to summarize briefly the economic situation of France which is not that great, and this is a euphemism. Indeed, the public debt increased in 2007 and it represents 64.2 % of the GDP, two third of our GDP that is to say around 1000 billion Euros. Besides, the trade balance is in deficit since we lost around 30 billion Euros and we can add that it’s going to be worse and worse since the expenditures will be increased by 4% whereas the tax cuts will cost 14 billion Euros this year and 68 billion Euros on the long run. This is, as said in an article from The Economist, an unrealistic policy. Of course, the frightening economic situation of France is not the fault of Nicolas Sarkozy, because he has just been elected a year ago, however, he has been elected thanks to a liberal and ambitious program he doesn’t respect. Indeed, he abandoned the abortion of the 35 hours a week because of the many protestations and the fear to lose the next elections or he abandoned the Social Added Tax in order not to lose the legislative elections of July 2007. This, could provoke serious disasters because it is not the “revolution” he promised and he continued to play an ambiguous partition with the liberal cuts in taxes and the Keynesian increase of expenditures.
To conclude, I know it’s difficult to judge a mandate so soon or before its term, but nobody can deny that the situation worries many of us. The policy has to be changed, if not, the French economy would be jeopardize and the consequences would be dramatic.