French high schoolers have blockaded schools for three weeks over chronic teacher shortages, overcrowded classrooms, and buildings literally falling apart. Students in Seine-Saint-Denis document broken chairs, mould, leaking ceilings, and months without key teachers. The protests drew 160,000 to the streets on Tuesday. But read the slogans — "Graduates today, insecure tomorrow," "Our schools, like our hopes, are falling into ruin" — and the material grievances clearly sit atop something structural: a generation that no longer believes the republic's promise of upward mobility. The government's response has been characteristically heavy-handed. Riot police deployed teargas, baton charges, and stun grenades against minors. More than 250 pupils injured. One teen lost a hand, another lost sight in one eye, a third lost teeth. Over 6,000 people — almost all minors — detained. The interior minister eventually suspended stun grenades after public outcry, but the damage to institutional legitimacy was already done. Public opinion has broken against the government. A poll this week showed 57% of the public backing the protests versus 33% opposed. Teachers' unions, parents, and university students have joined the marches. The political establishment faces this at the worst possible moment: presidential elections to replace Macron are due next spring, and his government lacks a parliamentary majority, stuck in legislative deadlock. Marine Le Pen's National Rally and Mélenchon's La France Insoumise are both weaponising the crisis — the far right attacking an "out-of-control youth," the radical left attacking out-of-control police, both blaming centrist incompetence. The protests are becoming a proxy battlefield for the 2027 presidential campaign before it has formally begun. The fiscal trap is the real story. France's debt-to-GDP ratio and budget deficit are among the highest in the EU. As economist Paul Krugman has observed, France "may have crossed from too big to fail to too big to save." Cost-cutting provokes more unrest; the absence of it could trigger a bond market revolt or even a default scenario. The government has essentially no financial room to address the material demands driving these protests. The comparison with May 1968 is instructive but inverted. Those slogans — "Beneath the cobblestones, the beach" — were born from a generation that never doubted its material survival and fought to open a rigid society. Today's slogans are defensive: students fighting to stop the doors from slamming shut. This is not revolution born of abundance and boredom but revolt born of scarcity and fear. The pattern mirrors Spain's mass housing protests, where young adults face rents consuming entire median salaries. France will likely have to make the same painful fiscal adjustments Italy, Spain, and Greece made a decade ago. The question is whether a country whose republic was "born of insurrection" — where protest is taught as civic responsibility — can absorb that austerity without something far larger than student blockades.