French Regional Elections

The Sunday before last, France held the first of two rounds of Regional elections, elections which would determine who sits in the Regional governments and so will have considerable influence in France’s national elections in 2017 (French Departments, sections of Regions, have more legislative authority and more influence on national elections and the national government). Marine Le Pen’s National Front led strongly at the end of that first round. The National Front is ultra-rightist, ultra-nationalist, anti-immigration, anti-Semitic, and anti-free market; it’s the quintessential Government is the solution and the Only Option party in France.

Last Sunday, after some…arrangements…between Nicolas Sarkozy’s center right/right Les Republicains and François Hollande’s French Socialist Party wherein the Socialists withdrew their candidates in a number of Regions so as to allow the Republicains’ candidate to collect more votes, the National Front was nearly completely shut out: the Socialists appear to have won five of the Regional elections, the Republicains seven or eight, and the National Front may have won in Corsica.

However.

The following table shows each major party’s performance by region. The bolded candidates received the most votes, and were thus elected president of their respective regions. The Union of the Right is, essentially, Nicolas Sarkozy’s group, the Union of the Left is, essentially, François Hollande’s, the National Front is Marine Le Pen’s, and Regionalists are regional local candidates.

Region Union of the Right Union of the Left National Front Regionalists
Alsace-Champagne-Ardenne-Lorraine Philippe Richert
1,060,029 (48.4%)
Jean-Pierre Masseret
339,749 (15.51%)
Florian Philippot
790,141 (36.08%)
Aquitaine-Limousin-Poitou-Charentes Virginie Calmels
798,142 (34.06%)
Alain Rousset
1,037,330 (44.27%)
Jacques Colombier
507,660 (21.67%)
Auvergne-Rhône-Alpes Laurent Wauquiez
1,201,528 (40.61%)
Jean-Jack Queyranne
1,089,791 (36.84%)
Christophe Boudot
667,084 (22.55%)
Bourgogne-Franche-Comté François Sauvadet
382,177 (32.89%)
Marie-Guite Dufay
402,941 (34.68%)
Sophie Montel
376,902 (32.44%)
Brittany Marc Le Fur
387.836 (29.72%)
Jean-Yves Le Drian
670,754 (51.41%)
Gilles Pennelle
246,177 (18.87%)
Centre-Val de Loire Philippe Vigier
355,475 (34.58%)
François Bonneau
364,211 (35.43%)
Philippe Loiseau
308,422 (30.0%)
Corsica José Rossi
40,480 (27.07%)
Paul Giacobbi
42,607 (28.09%)
Christophe Canioni
13,599 (9.09%)
Gilles Simeoni
52,839 (35.34%)
French Guiana Rodolphe Alexandre
21,163 (54.55%)
Alain Tien-Liong
17,361 (45.45)
Guadeloupe Victorin Lurel
72,721 (42.48)
Ary Chalus[7]
98,464 (57.42%)
Île-de-France Valérie Pécresse
1,629,249 (43.8%)
Claude Bartolone
1,569,093 (42.18%)
Wallerand de Saint-Just
521,383 (14.02%)
Languedoc-Roussillon-Midi-Pyrénées Dominique Reynié
520,011 (21.32%)
Carole Delga
1,092,969 (48.81%)
Louis Aliot
826,023 (33.87%)
La Réunion Didier Robert
173,592 (52.69%)
Huguette Bello
155,896 (47.31%)
Martinique Serge Letchimy
70,776 (45.86%)
Alfred Marie-Jeanne
83,541 (54.14%)
Nord-Pas-de-Calais-Picardy Xavier Bertrand
1,389,316 (57.7%)
Withdrew Marine Le Pen
1,015,649 (42.23%)
Normandy Hervé Morin
495,591 (36.43%)
Nicolas Mayer-Rossignol
490,840 (36.08%)
Nicolas Bay
374,089 (27.5%)
Pays de la Loire Bruno Retailleau
620,245 (42.7%)
Christophe Clergeau
545,637 (37.56%)
Pascal Gannat
286,723 (19.74%)
Provence-Alpes-Côte d’Azur Christian Estrosi
1,073,485 (54.78%)
Withdrew Marion Maréchal-Le Pen
886,147 (45.22%)

France can take a measure of satisfaction at having beaten back the National Front of Marine Le Pen. The French economy, much less its foreign policy, would have been badly damaged by the National Front’s policies.

But it’s only a temporary setback, as those numbers for Regional President indicate. Those nationalist, anti-Semitic, and anti-free market folks didn’t lose very many races by a large margin. They’re still a threat for the 2017 national elections.

Wealth, and Wealth

The Federal Reserve recently estimated total household net worth in the US to be about $80 trillion, including real estate and financial assets. And data from the Fed’s Survey of Consumer Finances imply that the top 10% of households by net worth hold about 75%—or $60 trillion—of this total. The bottom 90% of households therefore have a net worth of about $20 trillion.

A very large fraction of that net worth is phycisal assets, too: the house folks live in, the car(s) they drive, the physical plant a business owner—Mom and Pop, anyone?—owns. These are not liquid assets; they cannot be turned into tonight’s—or even next week’s dinner, or mortgage payment, or….

[T]he true picture is hardly as stark as critics of inequality claim, because it leaves out the large amount of wealth held in the form of future retirement benefits from Social Security and Medicare.

Liquid assets: those checks are cash that can be spent immediately on anything of need or wish—the Social Security check—or that goes immediately toward health care costs—the Medicare check. Disproportionately, that money goes to the bottom 90% rather than the top 10%.

Separately from the actual misconception about wealth inequality, but an important factor in perpetuating the inequality in opportunity that does exist, is this:

[T]he public’s traditional financial wealth is depressed because the current entitlement programs lower people’s real incomes and deny them the higher returns available through investment-based retirement savings like IRAs or 401(k)s.

That’s the welfare cliff about which so much has been written—and ignored by the Left.

Hmm….