President François Hollande’s popularity has sunk to a new low of 24%. Rather than blame his own policies for the huge rise in unemployment and the lack of competitiveness in France, Hollande pins hopes of fresh start on cabinet reshuffle.

In an interview with the French magazine Paris Match published on Wednesday, Mr Hollande warned that none of his ministers were indispensable and that all would be judged on their results.

“At some point, choices and adjustments will have to be made,” he said. “No one is protected in the government. No one has immunity,” he stressed, hinting that even his close ally Jean-Marc Ayrault, prime minister, was at risk.

Many people who voted for Mr Hollande a year ago have recently joined protests against his government, complaining that the French president has failed to stand up to Germany’s pro-austerity dictat in Europe.

At a leftwing rally in Bastille in Paris on Sunday protesters repeatedly attacked Mr Hollande’s decision to delay the retirement age, cut child benefits and reduce capital gain taxes to finance the country’s looming €20bn pension system deficit.

“A big lesson from my first year is that the legislative process is too slow for the needs of the French people and the demands of companies,” said Mr Hollande. “We must act more quickly.” 

Judging by Results 

Hollande wants to judge his appointees by their results. How about the big point? Hollande should point a finger at himself.

And just look at the socialist clowns complaining about lengthening of the retirement ages and cuts in untenable pension benefits. 

Supposedly more taxes is the answer, but that has the wealthy fleeing the country. More importantly, French businesses are already burdened with inane work rules that make it nearly impossible to fire anyone.

France Unemployment Rate

France Unemployment Rate Chart

Are Hollande’s ministers responsible for the appearance of the above chart or is Hollande’s socialist agenda?

Mike “Mish” Shedlock