French economist Gabriel Zucman has come to California bearing a familiar French solution to a fiscal problem: another tax.

Once based at the University of California, Berkeley, Zucman is back and campaigning for Proposition 40, which would impose an allegedly one-time 5 percent tax on the net worth of Californians worth more than $1 billion. Zucman, who coauthored the proposition, estimates that the tax could raise about $100 billion and claims that 90 percent of the proceeds would go to health care.

The California Legislative Analyst's office is far more cautious, saying it would raise only "tens of billions" and could cause a long-term loss of income-tax revenue as wealthy people leave the state with the companies they created.

I've written plenty about why wealth taxes are economically destructive, administratively nightmarish, and unlikely to achieve anything close to what their advocates promise. But Zucman's prescription is wrong for a more fundamental reason, as his (and my) native country shows: Raising taxes to fuel ever-larger demands for government spending is a recipe for disaster.

Unless you've been living in a remote cave recently, you've likely seen all the protests and destruction in France. But do you know why it's happening?

As another economist, Paul Krugman, rightly noted back in 2017, "France offers a social safety net beyond the wildest dreams of U.S. progressives: guaranteed high-quality health care for all, generous paid leave for new parents, universal pre-K, and much more."

For decades, France has answered any perceived desire with government spending, then responded to the resulting fiscal problem by seeking new revenue sources. Today, French government spending consumes roughly 58 percent of gross domestic product (GDP).

Krugman gloated that France wasn't suffering social collapse and speculated that it was due to all the spending. He certainly can't say that anymore. In fact, he is now worried that France may be on the precipice of a debt crisis. The truth is that France hasn't done well for some time, even when Krugman cheered its spending.

One of the groups in the street today, young people, has faced widespread unemployment for a long time. The youth unemployment rate in France (ages 15-24) has hovered between 17 percent and 27 percent since 2000. In the second quarter of 2026, it was 21.6 percent, against 14.8 percent in the Eurozone and 9.9 percent in the U.S.

French people also pay some of the highest taxes in the developed world, and they're not happy with the return. The government already takes more than 52 percent of the country's output in revenue, runs deficits exceeding 5 percent of GDP, and has accumulated debt approaching 120 percent of GDP. Nonetheless, French students complain that the government is shortchanging schools, while everyone sees that it is shortchanging its army and police.

The students aren't wrong to feel left out. At The Two Cents Substack, Hoover Institution scholar Hanno Lustig calculates that, between 1995 and 2024, spending on social protection and health (most of which benefits older people) rose from 53.1 percent to 58.7 percent of all French government spending. The share devoted to education, defense, and public order fell from 15.2 percent to 13.7 percent. Transportation fell from 5.3 percent to 3.8 percent.

In other words, France has built an enormous welfare state, much of it devoted to older citizens, while letting other state capacities and basic services fall apart. As transfers of wealth swallow a larger share of the budget, everything else gets squeezed.

That is the fiscal ratchet Californians should worry about when Zucman tells them Proposition 40 is necessary to "save" health care. Proponents claim Washington "cut" Medicaid, but that language is misleading. California's deficit started long before any Washington spending reductions. Besides, federal Medicaid spending isn't falling—not even close. The Congressional Budget Office estimates it will reach $708 billion in 2026, 8 percent more than in 2025. What Washington did in the 2025 budget reconciliation law was reduce Medicaid's future growth relative to previous projections, partly by changing eligibility and enrollment rules and financing arrangements.

This is how the ratchet works. Once the government projects a spending increase, anything less becomes a cut. And once Washington fails to finance the entire projected increase, Californians are told that Sacramento must backfill the missing money. And how should it do that? Conveniently, by creating an entirely new tax.

France has run this experiment for decades. It has an incredibly generous welfare state paid for with very high taxes; it's even tried a wealth tax and has a value-added tax, yet somehow it's never enough. Its welfare state has not eliminated scarcity. It has merely transferred the job of rationing scarce resources to politicians.

Zucman looks at California and sees hundreds of billions of dollars of private wealth waiting to solve a public finance problem. Californians should look across the Atlantic and ask a different question: What happens after politicians decide that every spending adjustment can be delayed until tomorrow by finding another pot of private wealth?

France should not be sending California tax advice. It should be sending a warning.

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The post France Is a Warning to California's Tax-the-Rich Crowd appeared first on Reason Magazine.

The Ortiz family slept fully dressed in case their building caught fire that night. The Ortizs, or the Brennans, or the Washingtons — it didn’t matter, it could be any surname, it could be a surname just like yours, exactly like yours. They lived in the South Bronx, in nearly century-old brick buildings of four, five or six stories with no elevators, and they went to bed in the clothes they would wear the next day, with their shoes on — especially the children — because going down three flights of stairs in socks on a burning stairwell could mean the difference between living and dying. Mothers left a bag by the door with documents, a family photo, and whatever cash they had, always the same ready bag, like people who live near a war front. Because, in a way, New York’s decade of fire was a war front.

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The world’s richest man cites the “AI singularity” behind the move. Shareholder concerns and China remain major hurdles

The EU’s border force Frontex is getting overhauled next Tuesday (27 October) by a European Commission determined to give the Warsaw-based agency a larger role in deportations, more resources, and more agility to deploy.

The Brussels-executive has already proposed increasing the agency’s budget to €12bn, spread out over seven years. The money is being discussed as part of a larger drawn out EU budget fight among EU states.

Budget tussles aside, the commission has already dropped clues into what it wants from the new agency, following demands from its political masters at the centre-right European People’s Party (EPP).

The EPP had wanted to expand the border force to 30,000 from the proposed 10,000. But it is unlikely the 30,000 will be met given the difficulty of finding recruits.

Frontex currently has around 1,250 officers, who are directly employed by the agency. Its standing corps also includes officers provided by member states on long- and short-term assignments. That means they are not all on the Frontex payroll.

European Commission president Ursula von der Leyen, ahead of this month’s EU summit, instead spoke of a “substantial increase” of the Frontex standing corps, without committing to a number.

She also called for European Border and Return Reserve, a Quick Reaction Force for crisis deployment, a Return Coordination Centre to accelerate and improve returns including from foreign states, and social media snooping to gauge any possible Ceuta-like mass arrivals.

The agency is also likely to get more personal data sharing powers with the EU police force Europol.

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Russian tech giant Yandex's data center in Sasovo burned out from the inside, a Ukrainian OSINT analyst wrote on 22 October. On cloud-free satellite images, he saw almost no significant holes in its roof. Ukrainian drones hit the site overnight on 8 October.

Sasovo was the first strike on a data center in Russia. It came two weeks after Russia destroyed data centers in Kyiv. Drones then hit Yandex sites in Vladimir and Kaluga, a Sber data center, and a VK data center near St. Petersburg, which VK acknowledged. In occupied Donbas, monitoring channels reported hits on buildings housing telecom operators.

What the analyst sees

The analyst, who goes by Harbuz, runs the Ukrainian OSINT channel Dnipro Osint. His roof reading comes from the images. His interior claim comes from what he called available information: he wrote that a fire broke out inside and put part of the equipment out of action.

In an earlier post, Harbuz wrote that a third of the data center had burned out. In the new one, he writes that the building burned out from the inside. He does not say whether he revised the earlier figure.

Russian outlet Agentstvo studied Airbus images from 12 October. It found damage on about a third of the building. Unlike Harbuz, though, Agentstvo described a blackened western roof with damage resembling holes.

What Yandex says

On 8 October, Yandex stated that the attack caused a fire and forced it to suspend operations at the site, which hosts tens of thousands of servers, Reuters reported. Yandex Cloud and the Disk and Documents services that run on it ran with major disruptions that morning, Russian outlet The Bell reported.

Later that day, the company stated: "The scale of the damage to the infrastructure is still being assessed. For the moment, we cannot confirm whether it is possible to restore the data centre equipment in Sasovo." Two of Yandex's three supercomputers, used to develop its AI model, are housed there.

The same day, journalists asked Ukrainian President Volodymyr Zelenskyy whether Ukraine was targeting Russian data centers. He did not refer specifically to the Yandex strike, Reuters noted, but said: "We always respond in mirror-like fashion."

The explosion of a bag with drugs on Wednesday that injured two police officers and two civilians was “not a terrorist act, but one of the common criminal code,” Citizen Protection Minister Michalis Chrisochoidis said on Thursday. Speaking to ANT1 TV. the Minister said the police were investigating the scene and that those responsible will […]

The post Bomb explosion in Athens “wasn’t a terrorist act”, says Minister appeared first on Keep Talking Greece.

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Aposta na crise habitacional para se manter no poder. Como tantas vezes acontece na história, esta crise ficou condensada num caso, o despejo de Maricarmen, de 87 anos, que morreu duas semanas depois, no hospital, sem chegar a voltar a casa. Tinha sido alcançado um acordo para regressar, pendente apenas da alta médica.

A crise habitacional é para a direita o que a imigração é para a esquerda, o calcanhar de Aquiles que, por razões identitárias e ideológicas específicas, nenhuma das duas consegue fundamentalmente resolver. Apesar de tudo, o desgaste de Sánchez e dos seus aliados é tal que dificilmente algo os poderá salvar, e o PP, aliado ao Vox, vai ficar com o poder. Mas até ao lavar dos cestos é vindima.

Importa, por isso, expor as linhas vermelhas que Santiago Abascal, o espúrio líder do Vox, impõe ao PP (o provável vencedor das eleições) para realizar a coligação que permitirá a sua chegada ao poder. São três: a desregulação da economia, a famosa remigração e a prioridade nacional. Vou dizer-lhes o que penso de cada uma.

A desregulação económica é uma bajulação ao poder económico. Hoje, como no passado, o que se pretende é aliciá-lo para depois o subordinar. Prometem-se cortes de impostos, privatizações e o fim de regulações para depois impor a sua lei. Assim faz Trump, com as tarifas, a golden share na US Steel, a participação no capital da Intel, a pressão sobre escritórios de advogados e universidades ou o uso das empresas de IA como instrumento para dominar e subordinar o resto do mundo.

A remigração é o termo que se apoderou do imaginário de muitos europeus nesta vaga de regeneração identitária, e cuja versão máxima inclui a expulsão de cidadãos de origem estrangeira para, por milagre, tudo resolver. Sobre a prioridade nacional, o que dizer? O nativismo é para a direita radical europeia o que o nacionalismo foi para o fascismo, a sublimação de todos os problemas com uma esmola que preenche a alma. Quem pertence a uma nação histórica e heroica é maior do que ele próprio. Mesmo pobre e em dificuldades, pode sentir-se superior. É a troca do humanismo universal pela pertença à nação. É o salário psicológico da “europitude”.

A crise material entrou na nova política europeia pela via da identidade. Em Espanha, ainda não será o Vox a ganhar, mas sim o PP de Feijóo, um partido da direita tradicional em desconstrução. Na Extremadura e em Aragão já assinou com o Vox a prioridade nacional, ainda que a tente disfarçar de “arraigo”. Em Portugal, segundo as sondagens, a direita radical já disputa o primeiro lugar com o PS. Estamos todos a observar Espanha, porque em breve também nós teremos de decidir. E se o Partido Socialista quer voltar a governar, terá de mudar muito, a começar pela forma como escolhe os seus candidatos à Assembleia da República. Primárias abertas, que entreguem aos eleitores a escolha e voltem a galvanizar quem há muito deixou de se sentir representado.

The post Não vos dão casa. Dão-vos uma pátria appeared first on A Voz de Trás-os-Montes.

According to reports, Elon Musk ordered the slowdown of Ukraine's Starshield defense systems. Nick Schifrin reports, and Amna Nawaz discusses how the world's richest man gained such power over U.S. security interests with Charles Galbreath, a retired Air Force colonel who focused on space operations during his 30-year military career and is now at the Air Force Association's Mitchell Institute.