Recently, and much to the chagrin of union leadership in Switzerland, Swiss workers turned a deaf ear to the siren calls for a facially appealing, yet ultimately unsustainable $25 minimum wage. Against the backdrop of global protests for higher wages, Swiss voters overwhelmingly rejected a national referendum that would have created the world's highest minimum wage. Switzerland's rejection of a wage floor was not an act of greed, it was a conscious and economically responsible decision by the Swiss populace to protect their financial interests and economy.
The Swiss vote marks a pivotal moment in the global discussion over economic inequality, and may prove detrimental to President Obama's attempt to increase the minimum wage across the United States. It may also wake up American workers who are foolishly being pushed by their union leaders to the arbitrary and capricious sum of $10.10 selected by President Obama.