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What does French election mean for Europe, US?

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    Socialist Francois Hollande wins presidency

  • Duration 4:18
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Over the weekend and enormous political shake up in Europe and it could have drastic implications here in the United States.

A wave of voter anger over spending cuts or austerity measures as they call them.

Has left France -- its first socialist president in more than a decade.

His name is Francis walked -- -- -- and he defeated the current president Nicholas Sarkozy with more than 51% of the vote.

His supporters partied in the streets of Paris to celebrate the victory.

The French president elect has some big changes in store if he can make it happen he says he'll pull French troops from Afghanistan this year.

And he says he'll make economic changes that could include taxing the rich at 75%.

Of their income.

And hiring tens of thousands of government workers many teachers.

His election also sets the stage for a potential showdown with the rest of Europe but he says he does not agree with the bailouts and cost cutting measures.

And it comes as Greek voters pushed out some of their mainstream politicians in favor of lawmakers on the extreme right and extreme left.

Both of Communist Party -- neo Nazi party won significant number of seats.

That carries quite serious implications for the future of Europe's bailout package that Greece already agreed to accept.

The fox sports chief correspondent -- how does this Dallas to the French first this could be a major split between the French and the Germans the Germans want austerity the French wanna spend.

Yeah and Europe of course remember in all this is our biggest trading partners C get the two major players of the European.

You -- disagreeing completely over economic policy.

Major implications of the United States the French people it may be clear they don't want cuts they have voted in favor of greatest spending and the greater tax increases.

That Francois -- billion -- new incoming president.

Has proposed remember that as a tax rate of 75%.

On anybody earning -- one million euros -- The French I'm not entirely in command of their own economic destiny they have to look with the Germans the most powerful nation in Europe right now.

Promising it -- election is one thing putting into practice ship another.

And Angela Merkel and the rest in Germany say look we're continuing with austerity France simmered down just a -- -- a lot of talking you know I'm sure and then there's this and they're about to have a little summit of sorts and then there's this matter of Greece.

-- accepted all these austerity -- to try to get their economy back together it affects the whole world and now looks like they're changes there.

Yeah I remember that Greeks will promised a huge bailout by the Europe's would Germany again by the Europeans would.

Germany again in the lead in that instance.

And that but that had to be put forward by the political parties in Greece.

Now the parties that agreed to those cuts those deep deep cuts have been voted out of office by the -- people.

Who according to Harvard economist Richard pocket a sending a very similar message to the voters in -- listen.

What this is is not so much a pitchfork populism.

As it is a broad middle class house.

Going wait a minute we did not sign on for this economic meltdown that came roaring out of Wall Street and hit the Europe like a tsunami.

And we've paid enough for it.

Now not even great economist like Richard pocket will even try to predict what is going to happen next in Europe but -- we've seen.

So often biffle the ripples of Fiat and instability can become a pretty big wave of the from the -- it.

And the children they really can't Jonathan thank you had the election in France and the new president's economic policies -- have a very big impact of the American economy.

Team fox river continues Gerri Willis from FB and explain how these policies could affect.

All of us in our 401 -- and our government while I expected our markets to trade lower today and that really didn't happen they did for awhile but they bounced back they ended up next.

There could be a decoupling going on here but let me tell you -- investor.

And your putting money in France right now you may be regretting it we may see some money come out.

Could help the dollar visa be the -- and it could fuel these sort of austerity anti austerity voices in this country as well.

Austerity didn't work there period it had worked yet anyway it's gone it's -- -- -- like -- working there perfect it really does.

-- thank you my -- and a lawyer for the air.

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