Why stop at raising the federal minimum wage to $10.10? Let’s follow Venezuela’s lead, and raise it by a whopping 30 percent. The BBC reports:
[President Nicolas Maduro] said that on May Day, the minimum wage would go up from 3,270 bolivars ($520; £310) to 4,252 bolivars.Critics say that while the new minimum salary amounts to $675 at the government-set exchange rate, it adds up to little over $67 at the black market rate.They say strict currency controls have only increased the shortage of dollars available in the country and driven up their price further. […]The increase comes just months after the government raised the minimum wage by 10%.
Hundreds of thousands of Venezuelans have taken to the streets to protest Maduro’s dismal handling of the economy. The demonstrations have turned bloody: 41 people have died, and hundreds more have been hurt.We hardly need to say that this move is largely symbolic, and won’t do much to reassure Venezuela’s citizens. It certainly won’t reduce the shortages of food and other necessities, including staples such as flour and rice.American politicians know better than to attempt a similar gesture, don’t they?