France greeted its new president Nicholas Sarkozy with some great news:
Unemployment in France has reached a 25-year low - dropping 0.9% in May to 2.2 million, the government said.
Uhm, that's great news for France that is because
The decline takes the jobless rate to 8.1%, still giving France one of the worst unemployment records in Europe.
And there you have it--a major difference between America and France. Can you imagine the United States tolerating 25 years of unemployment over 8%? But for France, with its government mandated 35 hour work week--tops--, inability to fire which causes hiring restraint, major riots if a government leader proposes changes in these rigid laws, major riots if government leaders don't propose loosening these laws and voila! paralysis.