For a few brief months in 2004, Nicolas Sarkozy served as French finance minister. His tenure was as unremarkable as it was brief. Its highlight was probably the 30 August visit, to Sarkozy and his spouse Cécila, by actor Tom Cruise, in Paris to promote “Collateral”, the Michael Mann picture in which he starred.

No one seems to have briefed Sarkozy on “Collateral”. It’s a movie about a hit man (the role played by Cruise), on an all-night murderous rampage through Los Angeles.

Likewise, no one seems to have briefed Sarkozy today on how public opinion is likely to react when the French president talks of increasing taxes.

Sarkozy has been talking a lot about taxes lately. He wants to “find” 100 billion euros in the next three years. He wants to close loopholes (which, in France, are adorably named “niches fiscales“). He wants to increase the duration of retirement contributions, pushing back the retirement age. (This led to a call to strike tomorrow.)

Public opinion got the message, loud and clear. Most French people –a recent poll pegged the percentage at over 70%– think taxes will increase. Most French people –the same poll points to an ever greater share, above 80%– would prefer that any new taxes target “the rich” or banks.

What ever happened to economic growth?

Early in presidency, Sarkozy was known for inciting people “to work more to earn more” (travailler plus pour gagner plus). His slogan may have been demagogic and ambiguous, but it pointed towards growth at the possibility of growth.

Today, the main economic issue seems to be confidence, particularly a perceived lack of confidence. Financial markets, investors, consumers: all are said to lack confidence. Sarkozy and his finance minister multiply trips and talks, but markets and opinion don’t budge: confidence is still lacking.

Memo to Sarkozy: Show some constancy. When you abandon one policy (work more to earn more), you erode credibility on any policy. Talk of increasing taxes –big jumps, all sorts of taxes– only reinforces impressions of disorder in public finances and dark days ahead for the economy generally.

(photo uncredited, probably by French finance ministry staff)