Take that all you conservatives who ridiculed The Life of Julia! You all made fun of her as a fictional fraud. Ha! It turns out that she is not only real, but she's French! She, her sisters, and her brothers just picked the next President of France.
Francois Hollande is a life-long, committed Socialist who has bought that hack Paul Krugman's admonition that governments need to spend more, not less. Krugman has criticized Obama and Sarkozy for not piling on enough debt and not raising taxes even higher on the "rich." Hollande has been elected by the voters who defeated the taxpayers. The voters decided that they did not want to give up all the fabulous benefits provided by the rapidly shrinking base of French taxpayers. Hollande demagogued his way into the Presidential Palace by telling the voters that they can continue to take; that there is no need to cut back; in fact, not only can they continue to take, they can even increase what they take. The "rich" will pay.
I see two possible lessons for the US: one, the optimistic, the voters are throwing out incumbents, and two, the pessimistic, the voters don't believe the crisis is real and if it is, it is the fault of "the rich."
France, already heading for the cliff, has just stepped on the accelerator. What will we do next November?