There is a lot of economic ignorance in Geneva, Switzerland.
Voters in the canton have agreed to introduce a minimum wage in their sector that is the equivalent of $25 an hour, reports CNN.
"This new minimum wage will apply to about 6% of the canton's workers as of November 1st," Geneva State Counselor Mauro Poggia told CNN in a statement.
In other words, nearly 6% of the workers will be subject to becoming unemployed because their marginal productivity per hour may be less than $25 per hour. This is economics 101.
Not surprisingly, the measure was backed by Swiss unions who faced the problem of low-wage competition. They packaged the job-killing legislation as ""fighting poverty, favoring social integration, and contributing to the respect of human dignity." And apparently, the voters got sucked into believing that was the truth.
The decision was also praised by Michel Charrat, president of the Groupement transfrontalier européen, an association of workers commuting between Geneva and nearby France.
-RW
Too bad Americans are too stupid to recognize the Federal Reserve and government spending is the problem.
ReplyDeleteI'm for abolishing the minimum wage but also for kicking out all the sorry illegal immigrants and reducing legal immigration to about zero. If cheap labor alone was so great, all the turd world/dirt world countries should be economic power houses.
If the min wage laws imposed by politicians, why stop at $25? Raise it to $50!
ReplyDeleteOf course, the problem (devaluation of currencies) will not be solved by nonsensical min wage laws. Good jobs will be lost ... and by those who can least afford to be without employment- the young, less skilled, and/or less experienced.
Despite political intervention, economics always wins.
We don’t have a wage problem, we have a money problem. The political devaluing of our currencies hurts us all.
A return to currencies back by gold is the solution.
If the min wage laws imposed by politicians, why stop at $25? Raise it to $50!
ReplyDeleteOf course, the problem (devaluation of currencies) will not be solved by nonsensical min wage laws. Good jobs will be lost ... and by those who can least afford to be without employment- the young, less skilled, and/or less experienced.
Despite political intervention, economics always wins.
We don’t have a wage problem, we have a money problem. The political devaluing of our currencies hurts us all.
A return to currencies back by gold is the solution.
If the min wage laws imposed by politicians, why stop at $25? Raise it to $50!
ReplyDeleteOf course, the problem (devaluation of currencies) will not be solved by nonsensical min wage laws. Good jobs will be lost ... and by those who can least afford to be without employment- the young, less skilled, and/or less experienced.
Despite political intervention, economics always wins.
We don’t have a wage problem, we have a money problem. The political devaluing of our currencies hurts us all.
A return to currencies back by gold is the solution.
Pre64 US Quarters have a value of $4+. So essentially they're getting $1.25/hr. The Federal Reserve's wonton abuse of the currency for well over 100yrs along with supporting Govt deficits with perpetual borrowing with no intention of ever paying anything back has and is obliterating the purchasing power of the currency. We exchange our time for currency and the central banks along with those politically connected in Govt are stealing all of our time.
ReplyDeletei was hoping to one day get out of this hell and move to switzerland. but the way things are going, i'm starting to second guess...
ReplyDeleteAnd don't worry, when this minimum wage experiment fails, no one will remember.
ReplyDelete