Structurally high youth unemployment was the consequence. The French system is fantastic once you are over the hurdle of actually getting a permanent contract, but the barrier to entry is much higher than in comparable economies such as the UK. It just depends which segment of the population you are optimising for.
I experienced the total opposite of your comment.
I've seen the road in the US. I've seen the health care in the UK. I've seen the internet in Spain. I've seen the cost of life in Switzerland. Heck, I've worked in Asia and Africa.
There are not a lot of countries where life felt as good as in France: germany, sweden, etc.
There are also not a lot of countries where people complain more than the French. It's a national sport.
Sounds like it's working
We complain about the US politics. We complain about the weather. We complain about how much we complain.
I'm pretty sure the gov cancels your citizenship if you don't reach your weekly complain quota. It's a matter of national identity.