Maduro Hikes Minimum Wage as Inflation Continues to Soar

Maduro orders a 30 per cent increase in the minimum wage, in an effort to keep pace with inflation. It amounts to around $1,500 at the official exchange rate and just $13.50 at the black market rate, a much more realistic figure. In a defiant May Day address, Maduro says “I shall insist: a united working class (is what we need) to fight the oligarchy,” and “We faced many kinds of plots, from coup d'etat to imperialist harassment, dirty campaigns, economic sabotage.”

Tim Worstall in Forbes writes, “the Venezuelan economy [is run] so badly that there simply isn’t enough electricity to power the bureaucracy for more than two days a week” and “The country is running out of everything because its economic management has been so appalling these past 15 years or so.” 

 

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