Venezuela with 700 percent inflation raises minimum wage 30 percent
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.Socialist who back Bernie Sanders should take notice at the failure of their favored economic system. Venezuela is the modern test cases for the failure of socialism and price controls. They have suffered a harsh lesson in the inability of a country to repeal the laws of supply and demand.
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.