Bribery...but not enough: Venezuela to raise minimum wage by 30%, Maduro says

[MADem]

http://www.bbc.com/news/world-latin-america-27219014

Venezuela will raise the minimum wage by 30% on 1 May, President Nicolas Maduro has announced.

He said he would also raise pensions by the same amount.

The increase is below the level of annual inflation, which official figures put at 56.2% for 2013.

The announcement comes after almost three months of mass protests against Mr Maduro's government triggered by rising inflation, shortages of some basic goods and a high crime rate.

They are getting to the point where the money really is worthless--it will be cheaper to use the money instead of buying toilet paper...not that you can find toilet paper on the shelves in abundant supply, anyway.

[Bacchus4.0]

1. yep, they should simply switch the currency to real toilet paper

and its value would increase. While purely political, the 30% increase is probably somewhat necessary given that you need 4 minimum wage salaries in Ven to cover the monthly food basket. Its likely to increase the inflation spiral of course. Highest inflation in the world.

[MADem]

2. It's not even close to the rate of inflation, either.

Already the poor in their red shirts are starting to grumble. How long before they just say "To hell with this."

Anyone who says they can get a handle on inflation, curb shortages, increase public safety, and stock the shelves is a hero....and Mister Power of Decree hasn't managed it.

Diosdado watches....and waits. I'll bet the Cubans have eyes on HIM, too--because he's not their best friend, not by a long shot.