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Letter From Paris
Sarkozy Rated Dead
We have his word for it.
The French, who do things differently, believe that Friday the 13th is a lucky day. Key rings and other amulets often sport a 13, sales of lottery tickets soar on that day — newspapers have already published the happy information that there will be no less than four of them this year. But Friday, January 13, brought a nasty omen for President Nicolas Sarkozy. France, to his considerable annoyance, saw its credit rating downgraded from AAA to AA+ by Standard & Poor’s.
No matter that the U.S. showed last year there is life after a ratings downgrade. Few Americans noticed, the Cardinals won the World Series, and the holiday season rolled merrily on. Not in France. The triple A was, Sarkozy’s minions had declared repeatedly, a “national treasure” to be preserved at all costs. That was the stated reason for two back-to-back austerity programs — including raising the retirement age and paying higher value added taxes on basic consumer items like food and beverages — to reduce France’s budget deficit and cut its unsustainable national debt. Those hurt, but it was the price the French had to pay to keep that iconic rating, their president explained.
For Sarkozy personally, it was a badge of honor, gilt-edged proof that he could successfully steer the good ship France through Europe’s economic storm and deal as an equal with Germany’s Chancellor Angela Merkel. In terms of sheer politics, a downgrade risked being seen by voters in the April presidential election as a thumbs down on his whole five-year term. So much was at stake, he told his cabinet last summer, that “if we lose our triple A, I’m dead.”
He lost it, and only 100 days before the ballot. Thus the visible consternation at the Elysée Palace, with scrambling cabinet ministers and advisors going into full damage control mode. Some vented their anger at this American ratings agency that was obviously playing anti-French politics. After all, another rating agency, Fitch, had assured French authorities that it wouldn’t touch the triple A in 2012. (It’s surely just a coincidence that Fitch belongs to a French owner, Marc Ladreit de Lacharrière.) “We should have hit them hard over their mistakes during the subprime crisis two years ago,” clamored one. Sarkozy himself appeared in denial, insisting at a press conference that “it changes nothing.” Asked whether the downgrade was a sign of failure that might reduce his influence in Europe, he testily replied that he did not understand the question. “Ask me a question I can understand,” he snarled.
Sarkozy’s opponents jumped on the downgrade as a godsend and painted it as an unmitigated disaster. “It’s Sarkozy’s policies that have been downgraded, not France itself,” said Socialist Party candidate François Hollande. “It’s the first time since rating agencies exist that France has been rated lower than Germany. We don’t play in the first division anymore.” The right-wing National Front candidate Marine Le Pen called it “the end of the myth of the president who protects us,” adding “France is now on the same down staircase as Italy and Greece.”
What no politician had the courage to say was that the French are witnessing, in slow motion, the end of their welfare state, known locally as the French Social Model. For the last 30 years it has been sustained through political sleight of hand and financed on credit. The French were assured they were entitled to work only 35 hours a week, take five weeks vacation, have single payer health care, pocket generous unemployment benefits, and enjoy a cornucopia of handout programs. As a result, they work on average six fewer weeks a year than the Germans, fewer hours even than the laidback Greeks. Let the good times roll was the implicit program of politicians both left and right. Now the inevitable bill is coming due right at election time. There’s no way Sarkozy can avoid paying the political price.
(This column is excerpted from a longer piece that will appear in the print edition of The American Spectator.)
About the Author
Joseph A. Harriss is The American Spectator’s Paris correspondent. His latest book, An American Spectator in Paris, was released this fall.
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Lee Ghume| 1.19.12 @ 6:54AM
Frogs are merely catching us up on the credit rating downgrade, and le grande' Barry is determined to stay ahead on the race to oblivion. Adieu.
c. j. acworth| 1.19.12 @ 6:57AM
Is it too much to hope that Obama will be unable to escape paying the political price? While I try my best to remain optimistic, the fact that 45% or so of Americans still approve of this rabble-rouser (I'm sorry, community organiser) is hard to overlook. Combined with a boot-licking media and a field of weak potential opponents, I am holding my breath 'till November. We have got to send him back to Chicago, or Hawaii, or Kenya or wherever he really comes from. 4 more years will ruin us beyond repair.
One Way Ticket| 1.19.12 @ 3:57PM
I'd say: Indonesia. (No return to sender)
Pete| 1.19.12 @ 5:06PM
Valenzuela works for me.
POST American| 1.19.12 @ 8:42AM
----Globalism's continental operative.
BEHOLD
--------------'Nick-O-las Tsar---COZY'.
A 'CALM---is Tsar' shepherd as the 'age-enda'
finishes off -----Europe.
Derek Leaberry| 1.19.12 @ 9:50AM
It is easy to say that the welfare state model is winding down due to it's failure to pay for itself. There are super-majorities throughout the industrial world, including in the United States, that depend on the welfare state for their standard of living. The tension between the economic necessity of trimming the welfare state and the desire of welfare state clients to retain benefits is likely to be powerful. Look out for a bumpy ride.
cvrgrl| 1.19.12 @ 10:18AM
what? this article is mere wishful thinking....
"Let the good times roll was the implicit program of politicians both left and right. Now the inevitable bill is coming due right at election time. There's no way Sarkozy can avoid paying the political price."
Hardly "no way" as barry, babbling idiot failure and puppet betrayer of america, is going to garner tax cheat timmy geitner and bendover ben bernanke
oh baby, it will rain dollars in france (europe) soon...
Occam's Tool| 1.19.12 @ 2:05PM
While I worked night and day (literally) to pay the taxes necessary to support the US military power that kept those antisemitic cheese eating surrender monkeys safe.
Screw the Frenchies and other Cheeseheads. Lose Packers!
Audace| 1.19.12 @ 4:09PM
The problem is that as bad as Sarkozy has turned out to be, the candidate(s) to his left will not do a thing to avert great disaster in France.
I certainly don't understand any hand-wringing by anyone over Greece's fate. Their follies are their own; they should reap what they've sown. Bailouts for them have been politicians stealing directly from all citizens.
However, it starts getting to be serious fromage when France will buckle under. Greece only has 10 million legal inhabitants (yes, many illegals there, too). France has over 6 times as many as Greece.
No, there should still not be one penny of a loan or bailout. Not to Portugal, Spain, Ireland, Italy or France.
Post April: Don't look for a warmer, brighter, friendlier, better ally France after the new regime takes charge in May of this year in France.
Their arrogant disdain for so many things Yanquee will continue. And they won't start a new resoundingly strong French work ethic either.
France really has to be one of the most bizarre countries on the planet. No, not the land or landscape which are marvelous. The people are - so bizarre.
Pete| 1.19.12 @ 5:04PM
The French model to be replaced by feudalism.
rhortus| 1.19.12 @ 6:24PM
The French have to pay a "net worth" tax.
POST American| 1.19.12 @ 9:18PM
----------------------FINAL WORD-------------------------
"Notice, the Tavistock directed
ME--dia insists on the term 'Tsars'
for our unelected government directors.
Yet the telling and far, far, far more
accurate term 'CALM---IS---Tsar' is NEVER
ever brought in---"
We have noticed.
They call it 'linguistic programming'
a nice term for what is simply EUGENICS
applied to language.
BTW---like the Tavistock Institute and
experiments on orphans Pavlov, all deeply,
lavishly funded and promoted by the our
ultra-rich, USURY feuled, tax free 'benny
violent' NGOs and foundations.
------Never mentioned, much less examined,
even now in this, the 11th hour of the RED China
sellout op.
SO------Keep a goin' kiddies!
-------------Playoffs, porn n' RED China wampum
------------------Just keep right on goin'!
POST American| 1.23.12 @ 11:10PM
----or is it 'Commie-czar'?
"Remember folks, communism is
nothing more than 'cap--IT--ALL--ism'
without competition.'
FREE ENTERPRISE and LIBERTY
---------is where it's at!
-----------------HUAC/ Nuremberg 2012--------------