Friday, August 12, 2011

They'd Better Contract Their Way To Prosperity, Too

And we'll all go down together.

PARIS—Data released Friday showed the French economy failed to grow in the second quarter from the first as consumers sharply cut spending, complicating government plans to reduce its deficit as financial markets question its prized triple-A credit rating.

Gross domestic product in the euro zone's second-largest economy was flat in the second quarter after a 0.9% expansion in the first quarter from the end of 2010, national statistics agency Insee said. The figure dashed expectations of a 0.3% expansion, fueling concerns the government may not have the breathing space to meet its deficit targets.

Nobody cares about the jobs targets, the income targets, or the general human welfare targets. Just the deficit.