France cuts growth targets, unveils austerity plan

[ruger17hmr]

France cuts growth targets, unveils austerity plan

I guess we will find out soon enough if the austerity measures do indeed work. EU is volunteering to be a guinea pig while US is observing and debating from afar. Will US follow the suit?

France cuts growth targets, unveils austerity plan - Yahoo! Finance=

 

[Plinker]

Sarkozy's austerity package consists largely of closing tax loopholes and scraping deductions for the country's largest companies. But it also includes a euro200 million tax hike on the country's wealthiest taxpayers via a 3 percent "exceptional contribution" on incomes over euro500,000.

Ummm, this is 'austerity'??? It's a freakin' tax hike! Definitely won't see any riots/violence on the streets from this!