François Hollande's Socialist France

Duncan Cameron, Rabble:

In his election campaign, Hollande pledged to be a "normal" president. By promising to fulfill the role chief of state with dignity, and eschew partisanship, Hollande implicitly asked the electorate to compare him favourably to the outgoing hyperactive Sarkozy, whose presidency was marked by displays of personal excess, and his dissing of political opponents.

More importantly, the Socialist party candidate challenged the dominant European austerity insanity. Hollande rightly named "financial interests" to be the main adversary for the French Socialist Party. Setting policies according to bond market expectations, as is being urged on governments everywhere, means buying the proposition that reducing wages reduces unemployment, even though economic science asserts the contrary. Macroeconomics teaches lowering wages reduces employment, because it reduces incomes, and therefore overall spending.

Austerity throws people out of work. Yet financial interests want to see minimum wages cut, unemployment benefits limited, retirement made more difficult and public sector layoffs -- measures that reduce incomes -- all in the name of deficit reduction, when the reality is these measures are slowing European economies, making deficits -- and human lives -- worse.

Hollande wants to put economic expansion on the European agenda. As voters across Europe reject incumbents, he is likely to be heard in other capitals.

On election night, Hollande said he had two priorities: justice and youth. Treating people fairly means more than ending privileges enjoyed by the wealthy. It also means dealing justly with illegal immigrants. Hollande has promised to bring back retirement at age 60, lopping off the two additional years added by his conservative opponent, and introduce a 75 per cent tax bracket on high incomes.

Hollande is likeable, and approachable. His sunny approach appealed to a French public buffeted by economic crisis. His skills will be tested soon, and often. Whatever happens to his presidency, no one who saw it will soon forget the joy of the Socialist victory party May 6, and what it represents: France rejecting the right.

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