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Venezuela Burning
High Wages, But No Food, in Venezuela

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?

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  • Breif2

    “American politicians know better than to attempt a similar gesture, don’t they?”


  • Jacksonian_Libertarian

    This is what happens when the Government Monopoly has too much control of the economy. Just look at Cuba, North Korea, or China and the Soviet Union before they allowed markets to operate, they couldn’t do anything efficiently. Only Free Markets have the “Feedback of Competition” which forces continuous improvements in Quality, Service, and Price. This is why Obamacare is doomed to fail miserably.

  • Jim__L

    “In the Carboniferous Epoch we were promised abundance for all,
    By robbing selected Peter to pay for collective Paul;
    But, though we had plenty of money, there was nothing our money could buy,
    And the Gods of the Copybook Headings said: ‘If you don’t work you die.’ ”

    Thank you once again, Mr. Kipling.

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