France: Hollande's New Economic Policies Will Kill Growth

France’s new socialist government has announced it is moving forward with plans to raise taxes on corporations and on the rich, which is almost certain to hurt job creation and plunge France into crisis. The announcement of the tax increase follows France's move to lower the retirement age to 60, which will saddle the government with billions in new commitments. Expanding the social welfare program and raising taxes on those who create jobs is likely to kill economic growth in France. In a worst-case scenario, these new policies will throw the country into a debt crisis from which it will need to be rescued.

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