French Socialist President Francois Hollande won his election in 2012 on a platform to soak the rich and protect the generous welfare state. Now his Prime Minister Manuel Valls is warning that such policies could cause the French left to disappear unless Socialist party supporters start backing the government’s business-friendly reforms.
After humiliating losses to the National Front in the recent European parliamentary elections, France’s government is now promising to help companies by cutting taxes and reducing the government’s spending (the highest in Europe).
The problem with these reforms is that the left wing of the Socialist party doesn’t want to accept them. Hollande is deeply unpopular and may not be supported for reelection by his own party.
The change of faith by the upper brass of the Socialist government might be a desperate attempt to save socialism from itself. Time will tell if it can save socialism from the socialists.
(Originally posted at Mises Canada.)