Conservative French President Nicolas Sarkozy has now become the 11th European leader swept from office due to the continuing problems with the global recession. With unemployment still in the near 10% range, Sarkozy ramped up some anti-immigrant language in the final days of the campaign, but most voters saw that as a weak substitute for better economic polices during his term in office to deal with unemployment and the economy. Sarkozy made one of first acts coming into office a huge pay increase from 101,000 Euros to 240,000 Euros, but then sought to cut government spending in many other areas, in contrast to any government stimulus created jobs projects in the country that other rival politicians proposed.
France is the fifth largest economic power in the world. And, the French president gained a lot of celebrity attention for his marriage to Italian supermodel Carla Bruni. But, the public lost faith in the conservative leader after his economic policies failed to improve economic conditions in the country.
The dissatisfaction with the economic leadership of Europe doesn’t really seem to be following any ideological pattern either. If a conservative is in office, they’re voted out for a liberal, and if a liberal is in office, they’re voted out for a conservative. Even in countries outside of Europe like Iran, the controversial President Ahmadinejad recently suffered parliamentary losses largely because of the poor economy of Iran, partly due to so many economic sanctions due to their ongoing nuclear efforts. There was also a political shakeup in Greece as well, as the economic problems there cast a large shadow on the world economy. World stock markets tended downward on Monday as a result of investor nervousness over public dissatisfaction in the government of France and Greece.
Strangely, at this point, world economic problems appear to be so complicated that neither conservative polices of cutting spending or liberal policies of increasing government spending on public stimulus efforts seem to be working well enough to restore major economies to stability. World economic problems are so complicated that nothing really seems to work at this point, only creating much public anxiety right now as well as investor nerves.
For his part, Nicolas Sarkozy announced his intents to quit politics for good today after his loss of the French presidency. Further, the news for President Obama isn’t really good either, only proving that he really needs to improve economic conditions by election day in order to secure his re-election hopes, which is mostly a tossup now.