Germans Can Be Fools
Not only has the influence of labor unions on wages in Germany been extremely outsized since 1945.
For several years or so Germany’s government and parliament introduced minimum wages first only for specific professions or industries.
Now, minimum wages of Euro 8.50 are to be introduced nationwide at the same level.
Once this Gini is out of the bottle (in this case minimum wages), it can only get worse from here on!
Expected Consequences
One of the most powerful labor union in Germany, i.e. Verdi, is already announcing they want to raise the current minimum wage as fast as they can to Euro 10.00. See e.g. here.
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