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ARE THE FRENCH LAZY? - By Charles Payne

'They get one hour for breaks and lunch, talk for three hours and work for three. I told the French union workers this to their faces. They told me that's the French way!'

-Maurice Taylor
CEO Titan International

Socialism is a losing policy as it stops economies from growing. It also makes people lazy. The (2013) front cover of Le Point magazine translated to English reads in part, "Are the French Lazy?"

Yesterday, French President François Hollande dissolved his government as the nation continues to fall apart. This is the natural consequence of socialism- running out of other people's money. How can the people of France ever get their economy to thrive when they work (by far) the least amount of hours of any industrialized nation?

  • France 1,479 hours
  • US 1,790 hours
  • Mexico 2,226 hours

In addition, government spending, as percentage of GDP, is out of control, pushing out private sector funds and resulting in a sense of entitlement.

  • France 56.2%
  • Germany 44.9%
  • US 40.7%

This week, François Hollande came under fire from his finance minister for not spending enough money, rather than engaging in austerity. Yesterday, a new minister was announced, Emmanuel Macron, 36 years-old; not even old enough to remember the last budget surplus of 1974. In 2008, the Organization for Economic Co-Operation and Development (OECD) ranked France as the fifth largest economy, however, in six years; the country will be on the cusp of slipping out of the top ten based on purchasing power parity.

Richest Nations in 2020 GDP
#1 China $28.1
#2 USA $22.6
#3 India $10.2
#4 Japan $6.2
#5 Russia $4.3
#6 Germany $4.0
#7 Brazil $3.9
#8 UK $3.4
#9 France $3.2
#10 Mexico $2.8

The central tenet of socialism is the paternal state that ostensibly gives away things essential to life in a shared-scenario that limits excessive wealth and somehow creates a fair Utopia. In fact, the more any government gives away stuff, the less people will have the impetus to get those things for themselves. Such is the case in America where the longer someone is on welfare and food stamps, the more they become long-term welfare and food stamps recipients.

In France, Hollande's popularity is down to 17%, and his government is in disarray. I think it is a great way for us to segue into the ills of big government. Also, to understand why America is on the wrong track by focusing on human nature. The real deal is that any discussion regarding having fewer government programs, like welfare, is always clouded by race, and the fear of being called racist. Moreover, we need to get the economy in gear, and there is no way that can happen with so many people waiting for government to meet their needs.

Today's Session

The major indices are poised to open higher today, as the rally continues. There will not be too much economic data released today to move the market. However, there are many retailers trading higher in the premarket hours due to promising earnings results (chart below).

Company Ticker EPS (Actual) EPS (EST) EPS 1-Year Ago Rev (Actual $M) Rev (Est $M) Rev Y/Y %
Smith & Wesson SWHC 0.26 0.25 0.45 $ 131.90 $ 134.37 -22.9%
TiVo TIVO 0.08 0.07 1.96 $ 86.60 $ 87.69 12.5%
Chico's FAS CHS 0.20 0.26 0.27 $ 671.10 $ 678.43 3.3%
Express EXPR 0.08 0.00 0.20 $ 481.40 $ 457.65 -1.8%
Tiffany & Co TIF 0.96 0.85 0.83 $ 992.93 $ 988.94 7.2%
Yingli Green Energy YGE -0.25 -0.12 -0.33 $ 549.50 $ 580.22 -