The Swiss have a VASTLY different economy than we do, to the point where there is no comparison. We can’t sustain that kind of minimum wage. It’s entirely possible that Switzerland can.
I’ve been to Switzerland. Things are expensive there. They should make it $100 per hour. The EVERYBODY will be rich. Or maybe not. Socialists are a few cards short of a full deck.
Demographics have to match before any two economies can be compared. Nothing else matches the demographics of the US.
So you are saying that economic laws do not apply to the Swiss?
For someone to make $25 an hour, the employer must have a return of $25 plus an hour in benefits from that employee. One of the easiest ways for an employer to earn more profit is to let someone go and work those left harder.
The second way an employer can earn more profit is to charge more for their product or service.
The last thing an employer can do is close the business and take their money and do something else.
So raising minimum wage first increases unemployment, and second increases inflation or third bankrupt the business.
The primary purpose of any (non profit) business is to make a profit. Without it, then there is no point in being in business. Capitalism 101
So just what is the magic the Swiss have that we don’t?
Only if the Swiss are 100% insulated from the world economy.
When they export anything, those products will reflect the cost of labor and must face the competitive reality.
Currently, 50% of the Swiss GDP is because of their healthy exports and the balance of trade is very positive.
The VAST difference between the Swiss economy and the US economy, is that they run cash positive while we run cash negative, in terms of import/export.
The USA could sustain a $25/Hr. minimum wage longer than the Swiss could, but it would destroy either economy.
They are a lot wealthier then us at least individually. They have the ways to do this so have had it. The United States is very different.
Aren’t they taking advantage of their oil? Or is that Scandinavia?