Many countries have a cycle of turning to Socialist policies during hard times like the USA has with Obama, in France they went to an extreme electing Hollande and his Socialist party.
Since taking office he has raised taxes on the rich, attacked foreign investors, all the things the masses cry out for when economies struggle, and the country is paying the price for the new governments implementation of election promises.
Unemployment in France edged up by 0.1 point to 9.9 percent in the third quarter to hit a 13-year high, the national statistics agency INSEE said.
Calculated in accordance with International Labour Organization standards, INSEE estimated that 2.8 million people were unemployed in mainland France.
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Including France’s overseas territories, the unemployment rate is 10.3 percent.
The unemployment rate among youths aged 15 to 24 jumped by 1.4 points over the quarter to 24.2 percent, while the rate among those over 50 edged up by 0.1 percent to 6.9 percent. The steady rise in joblessness over the past five quarters has taken the unemployment rate to its highest since the third quarter of 1999.
Using another calculation method INSEE found that in the third quarter 3.6 million people in mainland France wanted to work including those who were not actively looking for a job or were temporarily unavailable.
According to labour ministry data some 3.1 million people were registered to receive unemployment benefits in October.
Socialism is never the answer.
Shayne Heffernan Ph.D.
Economist/Hedge Fund Manager
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals. He is also an active consultant working with Corporations around the World.
He is recognized as one of the leading Economists in South East Asia, as well as the preeminent authority on ASEAN. His opinions and forecasts are widely read by decision makers in the region and Internationally.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.
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