That’s how to read the budget plan Prime Minister Sébastien Lecornu muscled through the National Assembly. Mr. Lecornu—whose boss, President Emmanuel Macron, was supposed to be an economic reformer—patched together a budget larded up with green projects, subsidized student meals and welfare benefits. Taxes on productive companies will go up, revenue is due to surge to 44% of GDP, and public debt may reach 120% of GDP next year.