The reason youth unemployment is so high is because there is a minimum wage. If that was eliminated, wages would fall until supply met demand. Falling wages would undoubtedly cause hardship for those already working, but would be offset by a lower cost of living. Other benefits of eliminating the minimum wage - an increase in tax revenue, less crime, and a smaller underground economy. Singapore has no minimum wage. It also has a per capita GDP of $61,000 - far higher than most of the European countries mentioned above.

Spain's unemployment rate for those under 25 is about 50%, yet there is zero interest in lowering or eliminating the minimum wage. What a tragic waste of human resources.