Tuesday, February 3, 2009

France Rejects Obama-Style Stimulus Package

The Prime Minister of France has rejected calls by the French left for an "Obama-style stimulus plan." According to the International Herald Tribune, Prime Minister Fran├žois Fillon has stuck by the French Government's $ 33 Billion plan to focus its stimulus package on building infrastructure and stimulating corporate investment in productive capacity.

According to Fillon:

"It would be irresponsible to chose another policy [i.e., the Obama-type stimulus sought by the left], which would increase our country's indebtedness without having more infrastructure and increased competitiveness in the end."

According to the IHT article, the French plan includes money for investments in roadbuilding, new power plants, modernizing France's electrical grid, improving rail facilities, rennovating ports, and improving water and natural gas distribution.

Meanwhile, here in the United States, some are calling President Obama's stimulus package "Socialism in disguise."

Whether or not the Obama/House plan is in fact Socialism, it is somewhat jarring to see a French Prime Minister criticize the US for being fiscally irresponsible ! The French stimulus plan focuses on improving the nation's overall productivity and not simply counter-acting the current slump.