As France’s socialist government struggles to recover from the COVID-19 lockdowns and economic turmoil, they’ve devised a recovery plan that fits in perfectly with their radical progressive ideology. They’re going to spend huge amounts of money—equivalent to 4% of their entire annual economic output—on jumpstarting the nation’s economy with the majority of the money going to “green” initiatives.
You never let a serious crisis go to waste, I suppose.
Their plan is to pump tens of billions of Euros into environmental projects in an effort to convert the nation into one dependent on a green economy. According to the BBC:
Unveiling the plan, whose €100bn price tag is the equivalent of 4% of France’s annual economic output, Prime Minister Jean Castex said it was almost four times bigger than the rescue strategy implemented after the financial crisis of 2008.
Its goal is to move away from the emergency funding of the coronavirus crisis and to make long-term investments in employment and training, as well as in France’s transformation to a green economy. About €40bn of the funding will come from the new European Union recovery fund.
About €35bn has been earmarked for projects to make the economy more competitive, and €30bn will be used on greener energy policies. About €6bn is slated for making public buildings and homes better insulated. The hydrogen industry, a sector which is receiving huge investment in Germany, will get €2bn. The rest of the investment package will go on supporting jobs, training and broader social initiatives with the aim of creating at least 160,000 jobs next year.
Leftists in the United States will be monitoring this closely as it’s a microcosm of the Green New Deal. The similarities are striking, though the investment relative to the size of France’s economy is still much lower than what radical progressives in America envision for their project. With the far-left winning primary elections across America, including Green New Deal co-sponsoring Senator Ed Markey defeating Joe Kennedy III this week, it is conceivable that they can garner enough support to start implementing components if Joe Biden and Kamala Harris are elected in November.
The perceived success of France’s recovery will be used to promote it here in the United States. But just as socialism in Venezuela was once touted by radical leftists in America, so too will any benefits from the French plan be short lived. Striving for a green economy is an incremental process, but radical leftists use it as the predicate to create revolutionary economic changes. They know if their plan is implemented piecemeal, it has no chance of succeeding long enough to make it viable.
Modern Monetary Theory, which is one of their end goals for the U.S. and world economies, is reliant on rapid implementation. It must be done as a whole or it can never be done at all. This is why climate change alarmists have been co-opted as the vehicle through which to promote their plans. If seen as a counter to an existential threat, the chances of it being made operational increase dramatically.
In the short term, France’s plan will likely succeed. But it’s ironic that driving an economic plan based on environmental sustainability makes it nearly impossible for it to sustain fiscal viability in the long term.
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