Policies Have Consequences

This week, France set itself on fire; the stock market tumbled; and news broke that low-wage employment tumbled in the city of Seattle. What do these three headlines have in common? That policies aren't wish lists -- they have real-world consequences.

Begin in France, where the so-called "yellow vests" -- a group of anti-tax protesters dressed in safety vests -- tore up Paris. Rioters defaced the Arc de Triomphe, burned cars and attacked police with stones. They were protesting the exorbitant fuel taxes pursued by French President Emmanuel Macron, taxes designed to curb climate change. The fuel tax rates in France are already estimated to be a whopping 64 percent on unleaded fuel and 59 percent on diesel fuel. The riots resulted in the French government backing down, with French Prime Minister Edouard Philippe announcing, "No tax is worth putting in danger the unity of the nation." By polling data, more than 70 percent of French voters support the yellow vests, and Macron's approval rating has dropped to an anemic 23 percent.

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