France's Economic Nightmare Explained

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Ever wondered how France, Italy and Germany are doing economically? I know you have, because I ran a survey of our Stoic Finance audience recently.

And the results? Well almost everyone routinely hears about how the American, Canadian and British economies are doing, but very rarely do we hear about the EU’s big players.

Perhaps unsurprisingly, France in particular is not doing well, and I just released a full 30-minute breakdown explaining everything wrong with the French economy.

You can watch that right now by clicking here.

But in case you just want a quick 5 minute update instead of a 30-minute long tirade?

Well this email is exactly that.

Typical of a western nation in the 21st century, the political elite of France are well aware that they have a birth rate crisis.

Not enough Frenchmen are having children, and the elderly are living longer every year.

The cost of social services for the elderly, in the form of pensions, health-care, mobility etc is exploding, and that cost has to be borne by the working age population.

But as fewer and fewer Frenchmen are having children, within a couple of decades there will not be a strong or large enough working age population to carry the elderly, and so the French pension state will collapse.

The French political elites solution? Allow in millions of immigrants.

The idea is simple. Let in immigrants, let immigrants get jobs and work, pay tax, have children, and pick up the burden for the aging French natives.

The problem? The immigrants France is letting in are making the problem worse. They either don’t work at all, don’t work enough hours, or don’t earn enough money to pick up the slack.

And worse than that, the average immigrant into France doesn’t even cover their own costs to government, creating an additional deficit of ~€5000 per immigrant per year.

Sure the demographic issue isn’t a complete lost cause though right? All France has to do is grow its economy, promote entrepreneurship, and they should be able to recover from the massive burden of immigration they’ve created for themselves.

Well unfortunately, the French economy is one of the least capitalistic and most inefficient in the developed world.

More than 55% of every Euro spent in France comes straight out of the government’s coffers, which means it’s inefficiently allocated, and stolen from a hardworking Frenchman who would have spent that Euro better.

The tax burden in France is literally obscene, with the 1% paying literally 60% of their income in tax. Earn a fairly mediocre $100,000 per year in France? That’s €85,000 of which about 40% will be taken away by the taxman.

The average pensioner earns more money than the average full time employee. The average entrepreneur who hits it big? Leaves France within less than 24 months.

France is often seen as a breeding ground for socialism, especially considering it’s turbulent history with revolution and left wing politics.

But it’s clear now, in the 21st century that all the dominant left wing ideology in France has managed to achieve, is to completely remove any profit incentive and turn France into a semi-centrally planned economy.

The final hurrah then? It’s not that these problems exist, are getting worse, and threaten to turn France into a pariah state. It’s that France is incapable of fixing these issues because of their awfully structured democratic systems.

France, like many European states, uses a proportionate representation system for it’s elections. If a party gets 50% of the votes? It gets 50% of the seats in the National Assembly.

If a party gets 5% of the vote? It gets 5% of the seats in the National Assembly. What this always leads to is weak governments, which are never able to garner 51% of the votes, which means they’re never really able to govern.

France has failed to pass a single budgetary bill for the last 3 years because the ruling party doesn’t hold a majority, and they’ve had 5 Prime Ministers installed only to have them ousted within months, because of votes of no-confidence.

No matter what a party tries to do, which angle of attack it chooses, or how it tries to curry favour with voters, 99% of the time it will not be enough to get a majority, and so it will not be enough to form a functional government.

No government? No new legislation. No new budget. No new reform. No structural changes.

No saving oneself from an inevitable doom.

If all of that sounded intriguing, but you’d really love to hear about this in more detail, and see some of the data which proves all this to be correct?

Then watch my most recent video uploaded onto Stoic Finance for the full story by clicking here now.

Stay stoic

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