France Elects Socialist President

My condolences to the 48% of French voters who did not want to elect a socialist.

French voters elected François Hollande as president on Sunday, giving France a Socialist leader who has pledged to shift the burden of hardship onto the rich and resolve the protracted euro sovereign-debt crisis by softening the current prescription of austerity.

With his victory over conservative incumbent Nicolas Sarkozy in the second and final round, Mr. Hollande won a mandate to challenge German Chancellor Angela Merkel, who has imposed spending cuts as the main remedy to repair the public finances of heavily indebted European countries. Mr. Hollande, who has never held a national-government position, was planning to speak to Ms. Merkel over the phone later Sunday, an aide said, and could visit Berlin as soon as he takes office, possibly on May 15. Mr. Hollande took 51.8% of the vote, according to pollster CSA.

Mr. Hollande, the first Socialist French president in nearly two decades, has vowed to pursue efforts initiated by Mr. Sarkozy to reduce the government’s budget deficit, but has said he would ask wealthy households to contribute more.  (Read More)

Hollande has called for a whopping 75% tax on the wealthy, and lowering the retirement age. No wonder so many wealthy French citizens are looking to leave the country.

American Power has more on the French election.