The Socialist government of France is planning to raise taxes to 75 percent for the rich, while the opposition says that everyone will get hit soon enough.
"'France is headed into the wall," warned Bruno Le Maire of the main opposition UMP party. Former budget minister Valerie Pecresse claimed: "This budget means 100 percent of French workers will be paying higher taxes.'"
The public in France, unlike in the US, apparently understands the connection, and the popularity of the new government is sinking.
Sharp budget cuts will accompany the cuts. So France, where unemployment is now about 10 percent, is now fighting recession with higher taxes and budget cuts. They are going to show us how it is to go over the "fiscal cliff" so we can get ready to do the same.