"What is true is that Mr. Hollande’s victory means the end of 'Merkozy,' the Franco-German axis that has enforced the austerity regime of the past two years. This would be a 'dangerous' development if that strategy were working, or even had a reasonable chance of working. But it isn’t and doesn’t; it’s time to move on. Europe’s voters, it turns out, are wiser than the Continent’s best and brightest."
But what if spending also can't cure France's economic malaise, i.e. unemployment of some 10%, which is at a 12-year high?
Krugman doesn't mention that unemployment among Muslims in France, who account for approximately 9% of France's population, is estimated as high as 60%. Exactly what type of spending will reduce the number of unemployed French Muslims, who face job discrimination and are thought to comprise some 60% of those incarcerated in French prisons?
It's never as simple as Krugman would have us believe.
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