Posted on 05/03/2015 5:07:59 AM PDT by Oldeconomybuyer
President Nicolás Maduro raised Venezuela's minimum wage Friday for the second time this year to help workers being battered by the world's highest inflation.
Speaking at a May Day rally, the socialist leader said he is boosting the minimum wage and pensions for retirees by 30 percent, with two-thirds of the increase coming this month and the rest on July 1. He also said he would raise salaries for government employees and military personnel.
The wage increase, while a welcome relief for many workers, fell short of expectations that the embattled Maduro might use Friday's celebrations to expand state control of the slumping economy.
The pay increase follows a 15 percent hike in January and will take Venezuela's minimum wage to 7,324 bolivars a month. That is about $1,162 at the country's official exchange rate but less than $30 at the black market rate widely used to set many prices.
(Excerpt) Read more at latino.foxnews.com ...
Yeah, now they can boast of a minimum wage of $100 per hour and 100% unemployment...
30% raise = $1 a day in effective buying power - coming soon to a neighborhood near you....
30 % raise.
65% inflation...
Yep - I get visions of folks bringing their wheelbarrows of cash to the store and finding out the wheelbarrow is worth more than the cash it can hold.
coming to America....
wage inflation is mandatory to pay for Obamacare and reduce the national debt
only after wages are inflated can the general inflation really take off
By whatever percentage he raises the minimum wage, their inflation will increase by at least that amount.
Once the government takes control of the value of the money, they will disconnect it from reality and make foreign trade a thing of the past.
Venezuela will become Cuba.
We’re next.
Following Marie Harf’s advice?
Exactly. Reality trumps socialism every time.
I think this is Maduro’s solution to the toilet paper shortage. How clever of him.
When a country elects a failed bus driver as their president it should come as no surprise to find they’ve all been thrown under the bus.
So much delusion, so little time.
This will certainly help.
The hubris and lust for power of the left is astonishing. I would use the word stupidity as well, however, I think this sort of destruction is done out of a deep hatred. How else can you explain these people?
There is another article on FR today about all the billionaires in California. Well move over Silicon Valley, Venezuela is about to have more trillionaires than Zimbabwe.
30% pay raise in the presence of 65% inflation doesn’t keep up. It’s austerity! /S
Maduro is using Obamanomics to simulate...er...ah..stimulate the economy.
Interesting comment...
Reminds me of the exchange rate of EBT money in the underground fraud and thievery gitsmedat underclass...
$.50 cents on the dollar...
That is the plan. When the idiot predecessor invited in 30,000 Cuban operatives, I knew that Castro and company were planning the demise of Venezuela.
Eat less sh## less some demorats here are upset that they didnt come up with this agenda
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