Unemployment in Germany hit 5.04 million in January, a number that — if anything — understates the problem because of all the hidden unemployment generated by German labor market regulations. For an excellent explanation of how and why the Germans have ended up in that sorry position, read Cowboy Capitalism: European Myths, American Reality, by Olaf Gersemann, American correspondent for Wirtschaftswoche.
It’s unfortunate that most economic arguments go against conventional wisdom. “What do you mean increased job security means decreased job security?” “What do you mean raising the minimum wage means lowering some people’s income?” etc.
It makes it so hard to argue since most people won’t even give you the time of day.