Posted on 01/09/2017 3:19:18 PM PST by NormsRevenge
Caracas (AFP) - Embattled President Nicolas Maduro on Sunday raised the minimum wage by 50 percent in Venezuela, a country with astronomical inflation.
Maduro said he was raising the minimum wage to 40 bolivars, about 60 dollars at the highest official exchange rate, or $12 on the black market.
"To get the year started, I have decided to raise the minimum wage," the president sad on his weekly show on state television.
...
Venezuela has been rocked by low prices for its key export, oil.
Now in its third year of a deep recession, it is facing severe shortages of food, medicine and basic household goods.
Maduro blames the crisis on a "capitalist conspiracy" backed by the United States.
(Excerpt) Read more at yahoo.com ...
I was wondering that too but it’s not clear in the article.
Lets hope Obungo doesn’t come off the golf course and hear of this.
If he does - OUR idiot in chief may follow Venezuela’s idiot in chief and try the same crap.
Isn’t this what the Communist Bernie Sanders wanted to do ?
I don’t think people appreciate how close the Republic was to this. If it hadn’t been for the Palin led fightback in 2010 we’d be in this position by now
This will be another excellent example for why jacking up the minimum wage is a really $tty idea...an example which will be ignored by those who need to learn the lesson the most.
That Settles it, Mr Trump please Appoint Bernie Sanders as Financial Ambassador to Venezuela, so he can show them how socialism really works.
Hey I got an idea!
Why don’t they raise the minimum wage to $1 million a month?
That way everyone could have serfs,, I mean servants and yachts, and mansions and everyone would love their economic system????
I am sure a lot of “occupy wallstreet” fans would agree, especially the Bernie fans... As a matter of fact, why not just make the government give us all a hundred million dollars each? Or a Billion??? We could all be BILLIONAIRS!!!! (extreme lemon sucking sarcasm here folks)
He already is!
He’s trying to buy time before the full-on revolution comes.....
Scary stuff.
OF COURSE!!! Cure the health uninsured “crisis” by mandating everyone buys health insurance. Cure the housing “crisis” by mandating everyone buys houses. Cure the food “crisis” by mandating everyone buy food. Cure the runaway infaltion in a socialist failure by mandating everyone gets paid more.
Geesh. Socialism has all the answers.
Sounds like Maduro has "a pen and a phone" just like Obama.
I... I... I...
The Venezuelan sminimum wage has been increased to 5,600 bolivars PER MONTH, equivalent to about $20.o0 dollars/month based upon what it can actually buy.
At this rate of inflation, a 50% wage increase will be wiped out in less than a month.
)I don’t think people appreciate how close the Republic was to this. If it hadn’t been for the Palin led fightback in 2010 we’d be in this position by now
I agree I don’t think Palin is given the credit to much for what has happened as of today.
She was from the beginning with the Tea Party and that was the beginning that led to now.
The Venezuelan sminimum wage has been increased to 5,600 bolivars PER MONTH, equivalent to about $20.o0 dollars/month based upon what it can actually buy.
I don’t doubt your facts.
The free market has to be dictated from what people will work for, not what the government dictates.
Whenever the government forces the market, the people suffer, and have to work for a fraction of what they are worth.
JMHO (and Adam Smith)
And BTW, Bitcoin (the ultimate free market currency) has benefited greatly from the hyper inflation in Venezuela..
I don’t think the Revolution will only involve just Venezuela, south of our border. Which means we have got to build that wall faster with much more border security. The EU we will not be.
50% of nothing is still nothing.
I didn’t know that. Ouch!
I wouldn’t be at all surprised if this guy is on the way out too.
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