An economic emergency has been declared this week in France, as the country continues to face a worsening economic crisis. Currently the country is plagued with an unemployment rate of roughly 10.6% as opposed to the average unemployment rate within the European Union which rests at roughly 9.8% total. President Francois Hollande is launching a job creation plan in an attempt to help the problem and within that plan is an option for firms to acquire new subsidies if they look to hire a young or unemployed person.
As central banks around the world continue to print many future generations into debt, we see that from France to Venezuela and Japan to the United States, a great number of countries are faced with too much debt and too much intervention within the market. Hollande has said that this growing uncertainty over the market has prompted “persistent unemployment” and that the problem has now morphed into “an economic and social emergency,” he said.
Currently, France is trillions of dollars in debt and their debt amount as a percentage of GDP for the nation is roughly 96.74 percent. Likewise, the United States is facing trillions of dollars in debt itself and their debt as a percentage of GDP accounts for roughly 104.40 percent. Hollande says that he wants to re-define the french economic model in an attempt to bring about a coherent change and solution.
Currently, France has one of the highest minimum wages around the world and if they wanted to open up the gates for more employment opportunity, then they should consider allowing their citizens to exchange in a peaceful and voluntary manner. If a gas station could afford to hire a young unemployed teen right now in France, for half the cost of the current minimum wage, then whose fault is it really for preventing that individual from obtaining a job? If the state wants things to get better, then they should get out of the way and not prevent individuals from being hired; by stipulating at which rate they should be hired.
The unemployment rate in France is at an 18-year high and some have suggested that this move by Hollande could just be an attempt to “artificially” reduce joblessness ahead of the vote. Under his leadership since he came into power back in 2012, the jobless total for the nation has risen by more than 600,000 and climbing.
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