Wednesday, May 6, 2015

Venezuela Raises Minimum Wage 30 Percent

In the mad land that Venezuela has become, President Nicolas Maduro has raised Venezuela's minimum wage by 30 percent. Maduro previously instituted price controls in the country preventing merchants from raising prices.

So as things stand at this point:

1. Businesses are not allowed to raise prices


2. They will be required to pay minimum wage workers 30% more.

This should work out real well.

The masses. though, love the mad economic policies of their leader. Below, supporters of Maduro cheer and one holds a picture of Venezuela's late President Hugo Chavez during a May Day rally in Caracas, Venezuela.

Obviously, not much understanding  from the group above about the ruinous results of price controls and minimum wage laws, as detailed by many economists including Henry Hazlitt in Economics in One Lesson.

-- RW


  1. The leaders have to know what will happen to unemployment. They have to know what will happen to businesses. If you want a proletariat revolution, this is the way to get it.

  2. Coming to a neighborhood near you!!

  3. "If a spoonful of prussic acid will kill you, a bottleful is just what you need to do you a great deal of good." - Albert Jay Nock

  4. The trick is to keep just enough business around as the boogieman to have a scapegoat.Thats a fine line to walk. Ultimately they will dig their own grave but it takes a while. I'm always amazed how long these workers paradises stay together. Sometimes its decades before they have to face reality.

  5. The idiots will get what they deserve. Hard and fast.

  6. That's great! You don't have a job and there are no prospects on the horizon, but if you did have a job - which you don't and you won't - as your potential employers are out of business- you'd be doing quite well. Does that about sum it up?

  7. The lesson here is that citizens, no matter how much government is failing, will sheepishly accept the results, and let the politicians get away with it, and continue to allow them so. No matter how much their currency is will be grudgingly tolerated. No matter how much the policies cause food, and toilet paper shortages (as had been reported), the sheep will vote for the same false government promise. Most are not economic savvy, and will blame it on the capitalists, businesses and employers. The few that do know why this is economically and politically happening, will complain but comply. ODDS ARE, THIS IS EXACTLY WHAT WILL HAPPEN IN THE USA.