Raising the minimum wage is a formula for causing unemployment among the least-skilled members of society. The higher wages are, the higher costs of production are. The higher costs of production are, the higher prices are. The higher prices are, the smaller are the quantities of goods and services demanded and the number of workers employed in producing them. These are all propositions of elementary economics.
Left-wing economic policies cause economic stagnation. Here's a list of the top 5 most and least economically free developed countries.
5 Most economically free
#1 Hong Kong: 3.3% unemployment, 2.9% growth
#2 Singapore: 3.3% unemployment, 4.0% growth
#3 New Zealand: 5.9% unemployment, 2.5% growth
#4 Switzerland: 4.3% unemployment, 1.5% growth
#5 Australia: 6.3% unemployment, 2.7% growth
5 Least economically free
#127 Greece: 24.9% unemployment, -3.8% growth
#79 Italy: 12.1% unemployment, -0.7% growth
#77 Portugal: 12.1% unempolyment, -0.9% growth
#72 France: 10.6% unemployment, 0.8% growth
#69 Spain: 21.9% unemployment, -0.1% growth
Source:
Index of Economic Freedom: Promoting Economic Opportunity and Prosperity by Country
