Nicolas Peeters

My dear American friends, in my last post I gave you a snapshot of where France stands today. Now let me show you how we got here. I want you to see the whole movie before you buy the ticket. After the war, France was a machine. We called it the Trente Glorieuses, thirty glorious years. We built Concorde, the most beautiful aircraft ever made. We built a fleet of nuclear reactors in about fifteen years and gave ourselves some of the cleanest, cheapest electricity in the world. We built Ariane and put Europe in space. We built the TGV, the fastest train on earth. We invented the Minitel, an online network in millions of homes before most of you had heard of the internet. We were not a museum. We were builders. Then came 1981. François Mitterrand. Think of him as our Bernie Sanders, except he actually won. At his side, in the office next to his at the Élysée, sat a 37-year-old prodigy named Jacques Attali, his special adviser for the next ten years. The brightest minds of the left, convinced they could run an economy from a ministry. Here's what they did. They governed with Communist ministers. In 1982 they nationalized dozens of banks and the biggest industrial groups in the country: Paribas, Suez, Saint-Gobain, Thomson, Pechiney, Rhône-Poulenc. They lowered the retirement age to 60. They cut the work week to 39 hours and added a fifth week of paid vacation. They created a wealth tax. They hired massively into the public sector. Reality hit in less than two years. Capital fled, inflation ran wild, and the franc was devalued three times. In March 1983 Mitterrand had to slam on the brakes and impose austerity just to stay in the European monetary system. But here's the trick: the brakes never reversed anything. They just slowed the ratchet. The so-called right came back with Jacques Chirac, and nothing was undone. Under Chirac's presidency, France passed the 35-hour work week. Left or right, every government added one more program, one more rule, one more tax, and nobody ever took one away. At the same time, the political class did something even more destructive than bad economics. It turned the youth into a political instrument. Instead of teaching young people, including millions of children of immigrants, to love the country they lived in, it taught them a story of guilt and grievance: France as the oppressor, France as the thing to resent. You cannot integrate people into a country you've taught them to despise. We are living with the consequences of that narrative today, in our schools, our suburbs, our streets. Then forty years of slow decline, all the way to Macron. And the story has a perfect ending. In 2007, Jacques Attali chaired a commission on how to unleash French growth. Its deputy rapporteur was a young civil servant named Emmanuel Macron. The commission proposed more than 300 reforms to free the economy. Almost none were ever implemented. Even the men who built the system knew it wasn't working, and even they couldn't undo it. No balanced budget since 1974. Public spending around 57% of GDP. Debt above 3,300 billion euros. Growth stuck under 1%. Now the number that should keep you up at night. In 1995, GDP per person in France was about $27,000. In America, about $29,000. We were neck and neck. Today France is around $49,000. America is around $90,000. You are now nearly twice as rich per person as we are. What changed? Not our talent. Not our engineers. Not our schools of mathematics. The only thing that changed is that we went all in on socialism. The 35 hours, the endless regulation, the taxes that chase out anyone who builds, the belief that the state should do everything and the individual should ask permission for everything. There's a line people love to attribute to Einstein: insanity is doing the same thing over and over and expecting different results. We tried. For forty years, we tried. Every government promised that one more program, one more tax, one more regulation would finally fix things. You just saw where it got us. So if you choose the Democratic Party, which is literally turning socialist in front of your eyes, you will deserve what comes next. Let me tell you exactly what will happen if you go down that road. Nobody will vote for decline. Every single measure will sound generous, compassionate, reasonable. Your builders will slowly leave or stop building. Your state will grow every year and never shrink. Your debt will compound. And in thirty years, your kids will look at a chart like the one I just described and wonder when it all went wrong. You still have something we lost. You have Elon Musk sending rockets to orbit and landing them on their tail. You have Palmer Luckey building the defense industry of the future. You have Jeff Bezos, Jensen Huang, and thousands of founders nobody has heard of yet, building in garages right now. Trust your entrepreneurs. Don't trust your politicians. I come from your future. Don't make it yours.