At The American Spectator, Acton Research Director Samuel Gregg looks at France’s embattled Socialist president, François Hollande, as the first anniversary of his term in office approaches. As Hollande’s approval ratings hit new lows, “Mr. Normal,” Gregg writes, is starting to look like “Mr. Irrelevant.” What’s more, he adds, “two of the biggest problems that have corroded Hollande’s credibility: his apparent inability to address France’s economic difficulties; and a growing awareness throughout France that la grande nation is slipping into the minor league when it comes to countries that wield influence in the EU.” More from Gregg:
So why such a rapid fall from grace? Some of it is of Hollande’s own making, such as his effort to impose a 75 percent tax on personal incomes over €1 million. Though the measure was eventually ruled unconstitutional, it managed to alienate a business community already suspicious of someone who once publicly proclaimed, “I dislike the rich.” The fact that Hollande is now trying to levy the same tax-rate on businesses that pay salaries over €1 million isn’t helping matters.
Nor did it help that the minister charged by Hollande with cracking down on tax-fraud, Jerome Cahuzac, was forced to resign after admitting he had maintained a Swiss bank account for over 20 years. Cahuzac is now under investigation for tax-fraud. The situation worsened when Hollande ordered his ministers to fully disclose all their personal holdings. Everyone in France has thus been reminded that most of the Socialist ministers who regularly rail against les riches are themselves quite wealthy. Caviar-Limousine-Champagne Socialism, anyone?
Read Samuel Gregg’s “The Incredible Shrinking Monsieur Hollande” at The American Spectator.