How Bernie Sanders's minimum wage hike idea works in Venezuela

American Thinker ^ | 6 Jan, 2018 | Monica Showalter

[MtnClimber]

Bernie Sanders has opined for years on the necessity of raising the minimum wage to $15 an hour, explaining that:

By phasing in a pay raise for tens of millions of workers, we can improve living standards, lift families out of poverty, and provide a much-needed boost to our economy. Our bill will raise the wages of 41 million workers — an extra $3,500 a year in pay for full-time workers.

The socialist Senator this past year introduced legislation in the Senate for the wage hike and while that didn't succeed (so far) has made the $15 wage call a standard platform item for most Democrats on the campaign trail. After all, if a $10 minimum wage hike is great, why not a $15 raise?.......

Going Bernie one better, Venezuela's Nicolas Maduro has raised the minimum wage 60% in his socialist country, using the exact same logic as Sanders. It's something like his 15th minimum wage rise since he took the reins of the presidency after the untimely demise of strongman Hugo Chavez in 2013, and definitely his fifth rise of 2017.......

That and a Maduro wage hike will buy you a cup of coffee.

Maduro's results are so meager because an inordinately large percent of the public with jobs has government jobs, financed by money-printing now that the oil industry is in default. The wage rise will require the printing of more money since Venezuela produces almost nothing otherwise of value and from there, the 3,000% or so inflation rate will go even higher - and the purchasing power of the workers will go even lower.

[MarkL]

And this includes Sanders. He was a hippie bum for most of his useless life.

As I recall, for a short time he lived on a "hippie commune," where he was despised, because he didn't want to work. I believe he left before he was kicked out.

Mark

[bitt]

see #15

[Pontiac]

it will be only natural to encourage more inflation since cryptocurrency inflates as demand grows.

Who is going to demand Venezuelan currency?

I would think that deflation more likely in this case.

At least this currency would be tied to a real commodity, oil. If it was actually operated in that fashion it would be real money. A volatile currency however and so not a very good one.

It would be like taking a bunch of oil futures to the store. I don’t see it catching on because who would accept it in trade?

[null and void]

it will be only natural to encourage more inflation since cryptocurrency inflates as demand grows.

It can be made to, but the whole point of most cryptocurrencies IS A FIXED AND LIMITED SUPPLY.

[Ruy Dias de Bivar]

***raising the minimum wage***

If this solved all problems we should still be working for 25 cents an hour, in real silver coin.

[bigbob]

Yet in the US, where “more government” mandates have failed, Trumps “less government” tax” plan has allowed voluntary wage increases to $15/hr.

So which approach is the winner, class?

[chuckee]

When price controlled socialist states like Venezuela start crumbling, the haves and have nots are defined by who has toilet paper.

[Keyhopper]

We start by using unemployment and welfare to gauge how many immigrants we really need.