Voici the glass half full.
What Sarkozy trumpeted less loudly were the other INSEE figures showing that
the French public debt continued to grow in 2011, hitting 85.8 per cent of
gross domestic product, more than a percentage point above forecasts.
Britain’s public debt by comparison is 63 per cent of GDP.
The Socialists returned fire, calling Sarkozy “the worst manager (of the
economy) in history”, who is “responsible for the six worst public
deficits in recent budgetary history” with the deficit low point hit
when Sarkozy was budget minister from 1993-1995.
Unemployment, up again this month, had risen by a million since Sarkozy first
took power in 2007, they said (or 730,000 depending on who you include).
This is the glass half empty.
Centrist Modem economist Robert Rochefort accused them both of “anaesthetising”
the nation, calling Sarkozy a would be “superhero” and Hollande “Merlin
the Wizard” who would “have us believe that both that (debt
reduction) is not that important and announce more costly spending measures
every day”.
We now await Sarkozy’s costed programme, due next week, to see how he intends
to further tackle deficit and debt.
Of course, much hinges on whether either candidate can spur growth, currently
forecast at 0.7 per cent this year.
The French now consider tackling debt a major issue in polls. Whether it will
prove a vote winner in France is far more doubtful.
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