This made me chuckle a bit. So the saying goes if you shoot for the stars and miss you may land on the moon, or some such. “Aim high!” was a slogan used by the USAF at one time. Well, France seems to have inverted the thoughts.
PARIS (Reuters) – French Finance Minister Pierre Moscovici on Sunday said the government believed it could reach its 2013 economic growth target of 0.8 percent. ……
Moscovici also said that although the euro has stabilised, it may have become too strong. “The euro is stable, it is strong, perhaps too strong in some respects,” he said. …..
Hmm, I’d hold off on the stabilized Euro thinking. While the Eurozone can do some things to hold the value relative to other countries, it’s limited in it’s ability to react as quickly as nations like the US, Japan, and China, who are all printing money like crazy mad.
Moscovici said the government would disclose “within two to three weeks” a redrafted version of its proposal to tax the wealthy, which he said it would be imposed on households rather than individuals.
We should note that the rich people’s exodus from France has already commenced even before the new tax is instituted.
The council said the tax was unfair as it would hit married couples where only one partner earned above a million euros but would not affect couples where each earned just under a million.
Ahh, we’ll at least they will be confiscating earnings in a fair fashion.
I’m not sure what to make of the 0.8% target. Is it possible to finely tune your targets to a percent of a percentage point? To clarify, or to put in other words, the French are saying, “We’re confident our economy will grow by 8/1000.” —– What?
And, for the record, unless they’re playing with their records, they won’t. Their auto industry is in a free fall, the wealthy people are running from the country, and they’re going to increase taxes on the ones that stay. What is gives them reasons to believe their economy will grow at all? (Not that 0.8% is what many would consider growth.) So, while I laugh at their aim for 8/1000 growth, as if that’s something to shoot for, I think its still optimistic.