True, its just another disaster in the making. I however get this strange vibe when he says "The initial proposal includes a raise of the minimum wage to 400 baht per day and monthly salaries for university graduates to 25,000 baht." You cannot legislate people into wealth nor can you legislate Thailand into a upper middle income state.
Sorry but this type of 'commie' thinking I have seen in Africa with disastrous consequences. People will simply disinvest much like China is seeing people leave because of higher salary bills. The idea that "This is part of a broader strategy to generate higher tax revenues and encourage further investment." to me spells disaster. People do not invest where the labour is expensive and the work can be done elsewhere.