Venezuela hikes minimum wage 30 percent amid economic crunch

[inanna]

Source: Associated Press

By Associated Press May 1 at 12:04 AM

CARACAS, Venezuela — Venezuela’s president is ordering a 30 percent increase in the minimum wage, the latest move by the socialist government to grapple with high inflation and economic stagnation.

The boost announced Saturday night by President Nicolas Maduro comes after a 25 percent increase on March 1.

The new increase is effective Sunday, which is International Labor Day, and will push the minimum wage to 15,051 bolivars a month. That is about $1,500 at the official exchange rate, but is around $50 at the current black market rate, which largely sets prices of goods for Venezuelans.

Venezuela’s oil export-dependent economy shrank 5.7 percent last year, shortages of basic goods multiplied and prices soared. The government has instituted rolling blackouts and state employees are working only two days a week to conserve electricity.


Read more: https://www.washingtonpost.com/world/the_americas/venezuela-hikes-minimum-wage-30-percent-amid-economic-crunch/2016/04/30/4b197492-0f48-11e6-bc53-db634ca94a2a_story.html

[COLGATE4]

1. That's really going to help.

Zimbabwe, anybody?

[Adrahil]

2. Those guys really have no idea what they are doing.....

they can't figure out why people just can't produce good at mandated low prices while paying mandates wages. Does anyone in that government use a calculator once in a while?

[Marksman_91]

3. They do, but to calculate how much wealth they can keep accumulating before shit hits the fan.

It's what's been going for pretty much the entire Chavista regime. The big heads use their positions of power to siphon the millions of $$$ entering the country into their own pockets while everybody else can go screw themselves. I just hope that when Chavismo loses power, Maduro and the rest of that gang of thieves is properly tried and all their massive wealth is uncovered and given back to the Venezuelan people.

[ag_dude]

5. *Billions

Hugo's daughter is a billionaire.

[Archae]

4. Yeah, more near-worthless money...

To buy more and stuff they can't find.

But the "Revolution" is just SOOOOO successful, donchu know?

[roamer65]

6. Venezuela has even run out of money to print money.

I was reading an article that currency printing companies want US dollars up front from them,which of course they don't have. Highest denomination presently is 100 bolivars.
Time for Venezuela to start printing hyperinflation notes, just like Zimbabwe.

[reACTIONary]

7. One thing you can saay for them.....

..... they ain't neoliberals!