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Monday, April 16, 2012

France faces revival of radical left

By all accounts, the French are flocking to socialists and Marxists. The French left is definitely in confiscation mode with one calling for the outright confiscation of all income over $360,000 euros and another calling for a 75% tax on all income over 1 million euros. French socialists are also seeking a 42% increase in the minimum wage.
A powerful revival of France’s radical left, led by Jean-Luc Mélenchon, a former socialist minister, and with a resurgent Communist party at its core, looks poised to be one of the most striking outcomes of next Sunday’s first round of voting in the country’s presidential election. Mr Mélenchon, who has emerged from relative obscurity to become the most dynamic figure in the campaign, reinforced his dramatic rise at the weekend, drawing tens of thousands of red flag waving supporters from across the country...“We are writing a page in the history of the left. We are the renaissance of the left,” he declared... His policies, including rescinding the new EU fiscal discipline treaty, raising the minimum wage from €1,200 to €1,700 a month and confiscating all income above €360,000 a year, go far beyond even Mr Hollande’s proposal to tax income above €1m at 75 per cent.
Read the rest here
Financial Times 

Judy Morris,
Blogger, THL
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