It appears that the French, having thrown out Sarkozy in May, are rapidly losing faith in his replacement as well. This in and of itself is hardly newsworthy but what caught my attention was this:
The French government announced a €2.3bn programme to create jobs for 150,000 young people without skills [...]
By my maths that makes works out at about 15,333 (plus shrapnel) EUR per job. Which, given that the dead hand of government is involved, seems far too cheap. I assume, therefore, that that figure is what will be paid to the recipients of the non-jobs which they intend to create in an attempt to massage their unemployment figures and that the administration costs haven’t been taken into account.
Translating this into a slightly less worthless fiat currency, it works out at approximately 12,140 GBP or fractionally under the our minimum wage (assuming a 40hr week).
Although labelled “jobs for the future”, critics dismissed the scheme as an old-fashioned “make-work” programme. The state will pay 75 per cent of wages for youngsters hired by councils or voluntary organisations to take part in environmental, social, cultural or sports projects.
[Labour Minister Michel] Sapin said the scheme – which will create 100,000 jobs in the public sector and 50,000 in the private sector by 2014 [...].
And the critics would be right. 150,000 people taking more money from the French taxpayer than they would be if they were on benefits is not really the way to run a railroad.
Still, if Hollande wants to wreck his economy by being foolish, who am I to argue? If only it weren’t also happening over here…