Monday, May 01, 2017

Revolutionary Math

In Venezuela, wages hike you:
"I have decided to increase the minimum wage, pensions .... for all workers in the public administration ... by 60 percent," said the president on his weekly broadcast, mandatory on both radio and television.

In the midst of a bruising economic crisis, the leftist government has not published inflation data for more than a year but according to Venezuelan consultancy Ecoanalitica, inflation was 525 percent last year.

New York-based investment bank Torino Capital, using one popular food item as a proxy, put it at 453 percent.

In addition, President Maduro said he had decided to raise the mandatory food subsidy from 108,000 to 135,000 bolivares, "that is, workers will have a minimum legal income of 200,000 bolivares," or about $278 per month.
Economic reality is hard when you're that Red...

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