Skip to comments.Maduro announced 30 % wage increase
Posted on 05/02/2014 6:35:22 AM PDT by Oldeconomybuyer
The president of Venezuela, Nicolas Maduro, announced a 30% increase in the minimum wage and pensions to protect Venezuelan people from an inflation that reaches an annual rate of almost 60 %.
Now, on the occasion of May First, I have decided to increase the national minimum wage and pensions of 30 % to bring the salary and pension levels for a proper life demand of our people, said the president in a meeting with union leaders in Caracas.
Maduro blames for the rising prices of consumer products to an economic war of enemies of the socialist government, and often lashes out against employers for alleged practices of price hikes , hoarding and speculation.
However, his critics say the endemic problem of inflation in Venezuela is proof of the failure of 15 years of socialist economic measures applied under the command of Maduro and before by his deceased predecessor Hugo Chavez.
(Excerpt) Read more at ecuadortimes.net ...
He has a pen and a phone!
30% ? It should be 100%!
Obama and Maduro should have a summit. They have so many good ideas they could share; perhaps the meeting could be on Devil’s Island.
Let me get this straight. With the stroke of a pen, Obama’s brother is going to raise wages and pensions by 30% to offset inflation, huh? So, by fiat, creating more money to chase fewer goods will help, right?
Did Mundo and Obama go to the same boarding school together? And people keep saying how very smart Liberals are.
When the collapse comes, it will be ugly. The last 15 years under the communists have seen an expanding underclass. When there is no more money to pay for welfare, it will turn very violent.
Maduro should move to Seattle and run for mayor. The current idiot just proposed $15 hour minimum wage for the same Marxist reasons.
And when that time comes the public sector, including law enforcement, will fight just as hard to maintain their positions of privilege.
And why do you have inflation?
I love Seattle’s idea. That means more jobs will be moving out of Seattle.
Ceausescu did the very same thing....right before he was overthrown.
A 30% wage increase to protect people from inflation?
Hilarious! This is the way leftists think here in America though.
“When the collapse comes”:- countries that have seen the underverse:
And others- we are near the tipping point- oh and by the
Way — good luck to the 800,00 WORKERS who have NOW
“Disappeared from the U.S. work force!!
Looking at our underclass, they excel in numbers (many) and size (very hefty). If they can roll themselves out of bed, they will have no problem outliving us when the starvation sets in.
The minimum wage spiral is a dragon that feeds on its own tail. Supposedly put in place to “mitigate” the ravages of inflation, the minimum wage itself exacerbates the very worst effects of inflation. By pricing itself out of the market, the cost of labor vastly diminishes the demand for the same. Those entrepreneurs that attempt to function in such an environment do not hire replacement workers, but keep on the old experienced workers, thus blocking the young and inexperienced from ever entering the competition for jobs. Or they place ever greater workloads upon the remaining workers, thus keeping productivity up to provide for their continued future existence.
For this, the greater productivity can be rewarded with much fatter paychecks to the remaining workers, but the problem remains of what to do with the young and restless unemployed low-skilled youth, placing ever greater burdens on the social “safety net”, which is soon overloaded and fails.
Then who gets blamed? Certainly not the government, which “compassionately” promised the minimum wage standard.
A promise which cannot be kept. By anybody.
We have a Venezuelan living with us right now. She says it’s pretty bad there. And a lot of endemic corruption and incompetence, so getting things done is pretty frustrating. Also, she says Maduro is not even a “native-born” Venezuelan. He was born in Colombia, so under their Constitution he is not eligible to be President of Venezuela.
Pray for Venezuela, I guess, along with so many other countries on the list.
Wow! Sounds like a plan. But why not free cars, food, houses and health care? Oh yeah, and cell phones.
I was looking for the “Humor” keyword but alas, our world has become one big joke.
A view of our future.
” If they can roll themselves out of bed, they will have no problem outliving us when the starvation sets in.”
They will make delicious dinners for my dogs.
My son is engaged to a Venezuelan. They took a vacation there several months ago. She felt it would be the last time she could ever return. All the smart relatives have left years ago. The ones who remain blame the US for their problems. There was no butter or toilet paper in the stores. Foreign goods are outrageously priced. They hired a a guy with a boat. An 8 hour tour cost $100, including tip.
Evil capitalists that charge too much for the goods and services they provide, obviously. We need price controls too! Or better yet, nationalize all business to level the playing field. It works every time.
30% increase + 60% inflation = still falling 30% behind.
Or don’t they do math in Venezuela?
“Or dont they do math in Venezuela?”
If leftists were good at math, they wouldn’t need Womyn’s studies and other liberal arts majors to help retards graduate college.
Hey! It worked for prewar Germany./sarc off
Ya but for those of us who travel there, it means an 8$ caramel macchiato at Starbucks! The HORROR!
with a 60& inflation rate that should fix it right up
This fool is yet another socialist idiot without a clue.
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