Christopher Caldwell on the decline of France. Quotable:
Today France has the highest youth unemployment in Europe, at 26 percent ... Its employment rate of 58 percent is at the bottom of the developed world ... And this grim employment picture is worsened--some would even say caused--by a political inequity. Over the past decade, public-sector employees have been able to enrich themselves in ways that private-sector ones cannot. Government employees can retire after 37.5 years on the job, versus 40 for private workers; they get 75 percent of their salary as a pension, versus 62 percent in the private sector; and the salary in this calculation is based on the best-paid six months for government workers, versus an average of their last 25 years for workers in private industry. So the latter wind up subsidizing the former ...Posted by Greg Ransom | TrackBack