Nutella

4153 days ago

France & the Nutella Tax – Crackpot Socialism at its best as bankruptcy looms ever closer

Under its super crackpot socialist loon of a New President Frances Hollande France is going bust even more quickly than bankrupt Britain. As such, nothing the Froggies do should surprise you. In France government spending is already 56% of GDP (OECD average 46%) The debt to GDP ratio at the end of 2011 was 85.8% and with a whopping budget deficit it is rising fast. 90% is the point at which debt stifles growth – a point of no return. Pretty soon you get to 120% and you are Greece.

So faced with a country going bust and spending too much what does a Socialist do? Yes, of course. He spends more. And he pays for it by a) borrowing, while he can and b) by imposing new taxes. And this brings us to the great Nutella tax. According to France 24, the latest wheeze from the loons comes in the form of an attempt to hike taxes by 300 percent% on a key ingredient in Nutella. A bill to push through the tax was adopted by a Senate commission and heads to the National Assembly this week for review.

The key ingredient is palm oil which comprises about 20% of Nutella. So how do the Froggies justify this tax hike?

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