Venezuela Increases Minimum Wage Even As Hyperinflation Skyrockets

Venezuela is falling apart. The incompetent Maduro government has been destroying the economy. It’s now so bad that basic items such as toilet paper are now almost impossible to find – and incredibly expensive on the black market.

Inflation is through the roof, up 536% in the last year alone. That’s not sustainable. Venezuela isn’t far from wheelbarrow time.

The minimum wage – which has just been increased – is 40,683 bolivars a month – but that’s equal to only $60 USD.

Even the official data is skewed, the real prices are now found on the black market as you can see in the chart below:

Venezuela USD Exchange Rate

But, in keeping with the Venezuelan government’s total economic failure, the minimum wage hike is expected to make things even worse.

As reported by Fox News, “Venezuela’s biggest employer, Fedecamaras, said that the pay increase was announced “without consultation” by the government and could reduce employment and result in the closure of companies that cannot deal with the hike.”

Maduro has blamed an “economic war” for Venezuela’s problems, but the only war is Maduro fighting against logic as he tries to gain tighter and tighter control over the economic lives of Venezuelans. The more he squeezes his fists, the more the economy slips further into the abyss.

It’s clear now that the only hope for Venezuela’s economy is for Maduro and his regime to lose power.

Spencer Fernando