Dan Mitchell on socialist winning in France! “it’s always better to let the left-wing party win when the supposedly right-wing party has a statist candidate.”

Hooray, the Socialist Beat the Socialist in France

Back in 2012, I endorsed a wretched socialist, Francois Hollande, to be president of France.

I knew he was terrible, but the supposedly right-wing incumbent, Nicolas Sarkozy, also was a proponent of dirigisme. As I wrote at the time, “it’s always better to let the left-wing party win when the supposedly right-wing party has a statist candidate.”

In France’s next election, in 2017, French voters faced a similarly dismal choice. Emmanuel Macron ran against Marine Le Pen and I urged voters to “pick the socialist over the socialist.”

Macron prevailed in that race and just won a rematch against Le Pen on Sunday.

I didn’t bother writing about the race ahead of time because it didn’t matter. Neither candidate promoted good ideas.

If you want to know France’s problems, the Fraser Institute’s Economic Freedom of the World is a good place to start.

According to the most recent edition, France ranks #53, which is a very poor grade for a developed nation.

The country’s biggest problem is fiscal policy. Out of 163 nations, it ranks #155 for “size of government.”

That’s even worse than Greece.

And if you look at the historical data from the Fraser Institute, you’ll see that France’s score actually has declined since Macron won in 2017.

Not by much, to be sure, but still a move in the wrong direction. Moreover, given France’s demographic outlook, things will get much worse in the not-too-distant future.

All the more reason why I’m not excited about Macron’s reelection victory.

But what do others say?

If you want a semi-optimistic perspective, the Wall Street Journal opined on the potential implications and seems to think Macron’s heart is in the right place.

The question is whether Mr. Macron will do more in the next five years to make France great again. …Mr. Macron defies traditional political divisions. In his first term he appointed center-right figures to key positions and made progress with tax and labor reform.  …Ms. Le Pen…ran to his left on economics, calling for a wealth tax on financial assets and trade protectionism. …While Mr. Macron showed free-market instincts in his first term, he has tacked to the left recently to shore up support from young and progressive voters. Far-left candidate Jean-Luc Mélenchon says he wants to be prime minister, and the coming National Assembly elections could be decisive in determining the direction of the country. Focusing on pro-growth reform—rather than climate obsessions or populist gestures like limiting executive pay—would help restore the economic vitality that Mr. Macron originally promised. It would also make it less likely for a radical like Ms. Le Pen or Mr. Mélenchon to take power in five years.

For a more negative perspective, here’s a CapX column from 2019, authored by Anne-Elisabeth Moutet.

…tax increases; a ballooning national debt and the highest government spending ratio to GDP in Europe… It’s become harder than ever to pinpoint a specific “Macron line”, but whatever it is, it isn’t a liberal one. …The president’s idea for modernising France’s industry is a mix of high-handed, interventionist industrial policyand a brushed-up reliance on top-down sectoral choices reminiscent of every single one of his predecessors, from de Gaulle onwards. …he announced €5bn investment into Le French Tech from well-coaxed institutional investors, with the aim of creating “25 French unicorns by 2025”. (The irony of having a government programme dedicated to create privately-held tech start-ups valued above $1bn seems to have escaped him). …The president’s policies oscillate according to polling and estimated image gains. As a result, the supposedly “courageous” reforms promised…are…watered down. …Macron believes sincerely in his top-down…plans.

For what it’s worth, I suspect Macron understandsthat his nation needs pro-market reform, but I also think he isn’t willing to take any risks to make it happen.

P.S. A few years ago, I shared a story that told you “everything you need to know about France.” Here are some excerpts from another story that captures the awful mindset holding back that country.

In less than three weeks, board game lovers in France bought all 10,000 copies of Kapital!, a new game about class struggle, injustice and French politics created by French sociologists.…One player will draw the good lot and fall among the rich; others will be the struggling poor and middle class. All players have to fight their way to the “tax haven” at the conclusion of the board. …The sociologists created the game to raise awareness about social injustice and the gap between the rich and poor. …The game was an instant success, selling out in less than three weeks.

This is almost as bad as the European Commission’s online game that was designed to brainwash children in favor of higher taxes.

P.P.S. Here’s a must-watch video explaining why America shouldn’t become another France.

Milton Friedman – Health Care Reform (1992) pt 1/4

Milton Friedman – Health Care Reform (1992) pt 2/4

Milton Friedman – Health Care Reform (1992) pt 3/4

Milton Friedman – Health Care Reform (1992) pt 4/4

The United Kingdom’s Failed Post-War Socialism

I’m in the United Kingdom for the Free Market Road Show and had planned on writing today about the awful economic policies of Boris Johnson, the supposedly Conservative Prime Minister.

Yes, he produced an acceptable Brexit, but otherwise has been a big spender. Sort of the a British version of Trump or Bush.

But I’m going to give Boris a (temporary) pass because I can’t help but vent my spleen about this sign I saw yesterday while touring the Imperial War Museum in London.

As you can imagine, I was irked by this bit of pro-socialist propaganda.

Since when does a government takeover of private industry lead to “a fairer, more caring society”?!?

Maybe that was the intention of the voters who elected Clement Attlee, the Labour Party who became Prime Minister after the 1945 election.

The real-world results, though, were disappointing. Indeed, the sign acknowledges that the post-war recovery was anemic.

But it then put the blame on conscription.

As a sensible Brit would say, this is utter bollocks.

Plenty of other nations drafted men into military service, yet they still managed to enjoy decent growth.

Why did those countries enjoy more prosperity? Because they didn’t copy Clement Attlee’s horrible mistake of nationalizing industry (genuine socialism, by the way).

Indeed, while the United Kingdom was becoming the “sick man of Europe,” West Germany boomed in large part because it went in the other direction,getting rid of dirigiste policies such as price controls.

There is a happy ending to this story.

Margaret Thatcher was elected in 1979 and privatized industries – in addition to other pro-growth reforms such as spending restraint and tax-rate reductions.

As a result, the United Kingdom in a very short period of time managed to overtake Germany in the Fraser Institute’s rankings for economic liberty.

I’ll close with a thoughtful and magnanimous offer.

I’ve corrected the mistaken wording on the sign at the Imperial War Museum. I hereby offer – free of charge – this new version.

P.S. It’s a long program, but I strongly encourage readers to watch Commanding Heights: The Battle of Ideas, which tells the economic history of the 20th century. You’ll learn how Thatcher saved the U.K. economy and how Reagan saved the U.S. economy.

Milton Friedman On Socialized Medicine

Nov 152014

 

A must see!

Nobel Laureate Economist Milton Friedman explores the unsettling dynamics set into motion when government imposes itself into the health care system. (1978)

Everything old is new again

– See more at: http://www.commonsenseevaluation.com/tag/milton-friedman/#sthash.cLJboBo8.dpuf

Milton Friedman on Medical Care (Full Lecture)

Published on Feb 2, 2014

The genius of Milton Friedman is that his economic insights are as powerful as they are timeless. Despite the fact that these comments were made more than thirty years ago in 1978 at the Mayo Clinic, they ring as true today as they did then. Milton Friedman’s six-part video series below on the economics of medical care is especially timely, in light of the fact that the Supreme Court ruled in favor of Obamacare this week and Milton Friedman predicted in this lecture that increased government involvement in health care would lead inevitably to completely socialized medicine. This Mayo Clinic lecture is also a testament to Milton Friedman’s effectiveness at delivering the message of individual liberty and limited government in a convincing and non-threatening way, as Milton explains diplomatically to an audience of physicians how the “power of organized medicine” led to significant restrictions on entry to their profession through the American Medical Association’s control over occupational licensing for physicians, which has contributed to the rising costs of medical care.

Milton Friedman: “I’m going to talk today about the economics of medical care. This in an area, in which we all know there has been a trend toward ever-greater government involvement. One step in this area inevitably leads to another. We have had an expansion of government involvement in the spending of money – Medicare, Medicaid funds, expenditures by the Department of Health, Education and Welfare for other medical purposes have been growing by leaps and bounds. They have gone from a very tiny portion of the total national expenditures on medical care to a substantial portion. If this trend continues, it inevitably leads to completely socialized medicine. I believe that this trend is very much against the interest of patients, physicians, and other health care personnel. And in the brief time I have to today, I want to explain why I believe the trend is so much against their interest, why it has occurred, and what, if anything can be done about it.”

Source…

– See more at: http://www.commonsenseevaluation.com/tag/milton-friedman/#sthash.cLJboBo8.dpuf

________

I have written about Obamacare over and over again on this blog. Dan Mitchell has shared many funny cartoons about Obamacare too. Milton Friedman has spoken out about government healthcare many times in the past and his film series FREE TO CHOOSE is on You Tube and I encourage you to watch it. It is clear that the federal government debt is growing so much that it is endangering us because if things keep going like they are now we will not have any money left for the national defense because we are so far in debt as a nation.

We have been spending so much on our welfare state through food stamps and other programs that I am worrying that many of our citizens are becoming more dependent on government and in many cases they are losing their incentive to work hard because of the welfare trap the government has put in place. Other nations in Europe have gone down this road and we see what mess this has gotten them in. People really are losing their faith in big government and they want more liberty back. It seems to me we have to get back to the founding  principles that made our country great.  We also need to realize that a big government will encourage waste and corruption. Also raising taxes on the job creators is a very bad idea too. The Laffer Curve clearly demonstrates that when the tax rates are raised many individuals will move their investments to places where they will not get taxed as much.

In 1980 I read the book FREE TO CHOOSE by Milton Friedman and it really enlightened me a tremendous amount.  I suggest checking out these episodes and transcripts of Milton Friedman’s film series FREE TO CHOOSE: “The Failure of Socialism” and “The Anatomy of a Crisis” and “What is wrong with our schools?”  and “Created Equal”  and  From Cradle to Grave, and – Power of the Market.

_____________________

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