How great is socialism? So great, that the minimum wage in the Workers Paradise of Venezuela was nearly doubled, but the same worker is now only pulling in a measly one and one-fourth penny (00.0125¢) per hour.
That’s right… the nation defended by a spectrum ranging from the airheaded to the completely useless (Sean Penn, Jamie Foxx, Oliver Stone, Naomi Campbell, Michael Moore, Jeremy Corbin, Bernie Sanders, Danny Glover, etc.) is now paying those in the government controlled workforce a whopping Bs. F 797,510 (bolívares fuertes), worth roughly $2.02 a month according to the Spanish language currency converter website DolarToday.com.
Despite both Left and Right leaning news services agreeing on the specific amount of money going to the Venezuelan people, both liberals and conservatives agree that things in the South American nation pretty much suck.
As reported by Reuters;
Venezuelan President Nicolas Maduro announced a 40 percent increase to the minimum wage as of January, a move that will foment what many economists already consider hyperinflation in the oil-rich but crisis-stricken nation.
In his televised year-end address, leftist Maduro said the new wage level would protect workers against what he calls Washington’s “economic war” to sabotage socialism.
“Good news!” said the former bus driver and union leader, speaking next to a Venezuelan flag in a midday address.
Venezuelans will now earn some 797,510 bolivars a month, factoring in food tickets, or just over $7 on the widely used black market index. Millions will still be unable to afford three meals a day, while the increase is likely to stoke inflation further. Prices went up 1,369 percent between January and November, according to figures released earlier this month by the opposition-led Congress, which estimated the 2017 rate would top 2,000 percent. The Venezuelan government no longer publishes inflation data on a regular basis.
On the flip-side, Breitbart.com notes;
Venezuela’s socialist dictator Nicolás Maduro has raised his country’s minimum wage by a further 40 percent, meaning public sector employees will now earn around two dollars a month in his seventh and final major hike of 2017.
“We have good news regarding the protection and stability of all the workers,” said Maduro in a televised address. “I am announcing the rise of the national minimum wage by 40 percent for all our doctors and public sector workers.”
The move means that working Venezuelans will now receive a basic salary of 248,510 bolivares, equivalent to $2.02 a month. On top of that, they are also handed an increased food ticket worth 549,000 bolivares worth $4.46, meaning their total income amounts to around $6.48.
As part of his socialist “Bolivarian revolution,” Maduro’s late predecessor Hugo Chávez would boast of Venezuela having the highest minimum wage in Latin America, equivalent to $372 a month.
However, inflation began to soar as early as 2007 and accelerated further after oil prices crashed in 2012. In recent years, Venezuelans have been seen carrying thousands of banknotes to buy the simplest of products, in scenes similar to Germany’s Weimar Republic or Zimbabwe’s hyperinflation crisis.
The government has responded by introducing higher denomination bank notes, although even the maximum note of 100,000 bolivares is still worth under one dollar.
Since the below video was first posted to Youtube in November 2017, to 100,000 bolivar note was worth $2.42. It has since shrunk in value to roughly 78¢.