France is Burning...Again

Over the past week or so, young unemployed would-be workers in France have been protesting and rioting...again. This time, the unions are joining them, so there are more than 1 million people marching in the streets of Paris.

For some reason, they believe that if they march long enough, burn enough cars, and gain enough media exposure, they will get their way. Unfortunately, this time, they are wrong. France cannot afford to cave in on the most recent expected changes to their labor laws, which will loosen restricitons on firing employees within their first two years of employment. The French aren't having anything to do with that. What they don't realize is that if an employer can more easily fire an employee, they are more likely to hire workers, which they are not currently doing.

The unemployment rate among those aged 25-54 has averaged 10% per year over the past 10 years. If you look at the unemployment rate among 15-24 year olds (keep in mind, unemployed means that someone is actively seeking employment but can't find a job) is nearly 25%.

For years, we in America have heard how sophisticated the French employment situation is; they work less, have more benefits, and are generally happier. If that was in fact true, it is entirely more ominous now.