President Hollande’s Latest Bold Move: Raises Taxes on Workers then Lowers Retirement by 2 Years?

President Hollande has reduced the retirement age to 60 (from 62) for those who started work at age 18. This will be paid for by an increase in worker and employer taxes.

Even John Maynard Keynes explicitly said that employer taxes were the worst taxes of all because they directly cost so many jobs.

The recipients of this new government largess in France, which is gripped by recession and high unemployment, especially among the young, should enjoy their government retirement checks while they can. Those checks may not last. Or if they do, the Euros in them may not be worth much.

Hollande seems to have as his model French king Louis XV who famously said: “Apres moi le deluge.”

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