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Venezuela raises minimum wage in fourth year of hyperinflation
Posted on 5/3/21 at 12:37 pm
Posted on 5/3/21 at 12:37 pm
The Venezuelan government increased the monthly minimum wage by 289%, an official said on Saturday, moving from the equivalent of 64 U.S. cents to about $2.40 at the exchange rate estimated by the country’s central bank.
Venezuela's economy is in its fourth year of hyperinflation, its seventh year of recession, and has been slowly and disorderly undergoing a dollarization since 2019.
Labor Minister Eduardo Pinate said the minimum salary would increase from 1.8 million bolivars to 7 million bolivars as of this month.
Pinate made the announcement at a Labor Day event broadcast on state television, adding that the food bonus state workers are slated to receive would also increase.
The new base income of $2.40 plus the food bonus now represents $3.50, with which Venezuelans can buy a kilogram of cheese and a liter of milk.
President Nicolas Maduro's government has raised the minimum wage twice this year, with the country facing the coronavirus pandemic, a severe recession and hyperinflation. LINK
Venezuela's economy is in its fourth year of hyperinflation, its seventh year of recession, and has been slowly and disorderly undergoing a dollarization since 2019.
Labor Minister Eduardo Pinate said the minimum salary would increase from 1.8 million bolivars to 7 million bolivars as of this month.
Pinate made the announcement at a Labor Day event broadcast on state television, adding that the food bonus state workers are slated to receive would also increase.
The new base income of $2.40 plus the food bonus now represents $3.50, with which Venezuelans can buy a kilogram of cheese and a liter of milk.
President Nicolas Maduro's government has raised the minimum wage twice this year, with the country facing the coronavirus pandemic, a severe recession and hyperinflation. LINK
6
Posted on 5/3/21 at 12:38 pm to Jbird
quote:
plus the food bonus
A bonus of food! Wow! Thank you lord and savior government and king Maduro.
Posted on 5/3/21 at 12:41 pm to Jbird
And people wonder why central and south americans are desperate to come here. The GOP needs to wake up or we are going to end up in the same spot in 20 years.
Posted on 5/3/21 at 12:43 pm to Big Gorilla
U.S. Treasury Secretary Janet Yellen on Sunday tamped down concerns that President Joe Biden's plans for infrastructure, jobs and families will cause inflation, saying the spending will be phased in over a decade.
"It's spread out quite evenly over eight to 10 years," Yellen, former Federal Reserve chair, said in an interview with NBC's "Meet the Press."
She said the Federal Reserve will monitor inflation carefully and has the tools to address it if necessary.
"I don't believe that inflation will be an issue but if it becomes an issue, we have tools to address it. These are historic investments that we need to make our economy productive and fair."
"But for the time being, we expect at most transitory inflation, that is what we expect coming out of a big recession."
Some Democratic lawmakers have expressed concerns that the tax increases would slow economic growth.
Yellen would not speculate on whether Biden would accept a bill from Congress that does not include a way to pay for the spending increases in his plans.
"He has made clear that he believes that permanent increase in spending should be paid for and I agree," she said.
LINK
"It's spread out quite evenly over eight to 10 years," Yellen, former Federal Reserve chair, said in an interview with NBC's "Meet the Press."
She said the Federal Reserve will monitor inflation carefully and has the tools to address it if necessary.
"I don't believe that inflation will be an issue but if it becomes an issue, we have tools to address it. These are historic investments that we need to make our economy productive and fair."
"But for the time being, we expect at most transitory inflation, that is what we expect coming out of a big recession."
Some Democratic lawmakers have expressed concerns that the tax increases would slow economic growth.
Yellen would not speculate on whether Biden would accept a bill from Congress that does not include a way to pay for the spending increases in his plans.
"He has made clear that he believes that permanent increase in spending should be paid for and I agree," she said.
LINK
Posted on 5/3/21 at 12:44 pm to Big Gorilla
Don't worry the GOP will convert dollars to another currency and bail out on the USA and leave tge country. They will abandon the rest of us who don't have that option. They will always put themselves first and screw the rest of us.
Posted on 5/3/21 at 12:44 pm to Jbird
Liberals want that here. They love to create and live in shite-holes.
Posted on 5/3/21 at 12:47 pm to Jbird
quote:
These are historic investments that we need to make our economy productive and fair."
This is all anything is about now...the perception of "fairness."
Posted on 5/3/21 at 12:51 pm to Jbird
quote:
Venezuela raises minimum wage in fourth year of hyperinflation
Let's raise the floor on the price of the Labor used to make everything in order to combat the rising costs of everything.
fricking brilliant.
Posted on 5/3/21 at 12:52 pm to Jbird
The benevolent government will provide.
Posted on 5/3/21 at 12:54 pm to Jbird
quote:
kilogram of cheese
Gubment cheese!
Posted on 5/3/21 at 12:54 pm to Jbird
quote:
These are historic investments that we need to make our economy productive and fair."
Coming from a woman who gets paid $500k for a speech. I'm deeply afraid of her sense of "fair".
Posted on 5/3/21 at 1:49 pm to Jbird
quote:That ranks up there with’ “sure I will still respect you in the morning “.
"But for the time being, we expect at most transitory inflation, that is what we expect coming out of a big recession."
Posted on 5/3/21 at 1:50 pm to Big Gorilla
There’s been a massive influx of Venezuelans
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