Socialism fails again: Venezuela raises minimum wage 50%, resulting in a net 17% decrease

[AsianTrumpSupporter]

Venezuela hikes minimum wage 50 percent, effectively down 17 percent

Venezuela's President Nicolas Maduro raised the country's minimum wage by half on Sunday to just over $12.50 per month at the black market exchange rate.

But given the currency's fall, the new minimum monthly wage of 97,532 bolivars is effectively down 17 percent in dollar terms since the last increase in May.

The currency's fall -- of 99.7 percent since Maduro was elected president in April 2013 -- has exacerbated a brutal economic crisis that has millions struggling to find or afford food.

A thousand dollars bought in local currency when Maduro was elected would be worth just $3 today...

...The monthly salary is accompanied by a food ticket, the value of which also went up to 153,000 bolivars per month --bringing the total to just over $30 a month at the black market rate.

Maduro often describes the salary increases as a "world record," while critics see it as a stark indicator of economic mismanagement.

Street unrest across the country has left more than 80 people dead in three months.

Bernie Sanders would probably say this is a good thing if it happened here in America.

 

[Norman]

12.50$ a month...

But hey, at least everything is "free"!

 

[AsianTrumpSupporter]

12.50$ a month...

But hey, at least everything is free!

Socialism: 1 step forward, 1,000 steps backwards.

 

[washamericom]

obama brought us to the brink of socialism, thank god that's over.

 

[waltky]

Maduro huffin' anna puffin'...

Venezuela congress going ahead despite 'imperial' threat: Maduro
July 23, 2017 - Defying pressure from abroad and at home, Venezuela's President Nicolas Maduro said on Sunday that a controversial election would go ahead next weekend for a new congress his foes fear will institutionalize dictatorship.

Defying pressure from abroad and at home, Venezuela's President Nicolas Maduro said on Sunday that a controversial election would go ahead next weekend for a new congress his foes fear will institutionalize dictatorship.[ "The imperial right wing believes it can give orders to Venezuela, the only ones who give orders here are the people," Maduro said in reference to a threat from U.S. President Donald Trump to impose economic sanctions if the vote is not aborted. "This time next week Venezuelans will vote for a Constituent Assembly," the leftist leader added in his weekly TV program.

Venezuela's opposition has been protesting in the streets since April against the unpopular Maduro whom they accuse of wrecking the OPEC nation's economy and crushing democracy. Opponents are boycotting the Constituent Assembly vote, which they see as a farce designed to ensure a majority for a government with minority popular support, and demanding instead conventional free elections including for a new president.

The European Union and major Latin American nations have also stated their opposition to the constituent body, which will have power to rewrite Venezuela's 1999 constitution and override other institutions. "We need the support of other democracies to avoid turning into another Cuba," said Julio Borges, who leads the opposition-led National Assembly legislature that officials say will be replaced by Maduro's new constituent body. Opposition leaders are planning a week of protests, including a two-day national strike on Wednesday and Thursday, to try to force Maduro's hand. He says they are "terrorists" working for Washington to try to control Venezuela's oil.

"They Won't Topple Me"