Posts tagged ‘Europe’

May 14, 2012

New Socialist French President Has Three Homes on the French Riviera

by Eric T. Phillips

In America we call them limousine liberals. In Britain they call them champagne socialists. In France, they’re called “Gauche Caviar”–“left-wing caviar.”

In addition to his three homes on the Riviera, Francois Hollande owns a spacious apartment in Paris. But don’t worry, this man of the people–who self-admittedly “dislikes the rich” and plans to raise the top marginal tax rate in France to 75%–plans to cut his own salary by 30% upon assuming office. Then he’ll “only” be making 156,000 euros (about $200,000). In addition to free housing and travel, of course.

May 10, 2012

What European Austerity?

by Eric T. Phillips

Keynesians in the U.S. have been breathlessly repeating that savage austerity programs in Europe are dragging that continent into depression. If the Europeans would only increase spending, inflation, and debt, the argument goes, their economies would be stimulated and the Euro zone would be saved.

The problem is, the spending cuts that the Keynesians decry are virtually nonexistent. Greece, Spain, and Ireland have slightly reduced their budgets relative to 2009 levels, but overall spending is up 3.4% in the European Union as a whole (27 countries) and is up 1.8% in the Euro zone specifically (17 countries).

Russ Roberts crunches the numbers.


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