“Switzerland is one of the few modern nations without a minimum wage law. In 2003, ‘The Economist’ magazine reported: ‘Switzerland’s unemployment neared a five-year high of 3.9 percent in February.’ In February of this year, Switzerland’s unemployment rate was 3.1 percent. A recent issue of ‘The Economist’ showed Switzerland’s unemployment rate as 2.1 percent. Most Americans today have never seen unemployment rates that low. However, there was a time when there was no federal minimum wage law in the United States. The last time was during the Coolidge administration, when the annual unemployment rate got as low as 1.8 percent.”
http://www.lewrockwell.com/2013/09/thomas-sowell/minimum-wage-madness/
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