The side effects of this referendum would include sky-high income taxes on income above $2,500 per month, enormous unemployment as people decide it's not worth trying to earn more than $2,500 per month, massive price inflation and huge numbers of businesses fleeing the country or folding.
My bet? It'll never happen. But it sure would be fun to watch if it did.
Switzerland had a referendum in 2014 to set a minimum wage of 22 francs/hour. (That's about $22/hour right now, since francs and dollars are practically at parity.) It failed with just 25 percent support. However, its failure was probably at least in part due to the fact that most Swiss voters wouldn't have benefited from the referendum. This new referendum is a different story. It might just pass.
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