Venezuela, a failing socialist state, has gifted its people with the sixth minimum wage hike in one year. The 150% increase last week won’t help too much because inflation is up to 1.7 million percent.
Yes, you read that correctly.
Minimum wage hikes don’t help when your currency isn’t worth the cost of the paper it’s printed on. That’s literally true in Venezuela, which has tried switching to an even more worthless cryptocurrency.
Forget the #Fightfor15, in Venezuela it’s a fight to afford basic food supplies or even a cup of coffee.
The cost of a cup of coffee rose 285614% in a year and doubled in seven days. Under the new currency, you can grab a cup of the good stuff for 400 bolivars. Too bad that the minimum wage is 4,800 bolivars and 90% of the population is impoverished. It isn’t looking to buy a cup of coffee, but is starving because it can’t actually buy food. Alternatives have included eating zoo animals, pets and wild donkeys.........To Read More.....
Minimum wage hikes don’t help when your currency isn’t worth the cost of the paper it’s printed on. That’s literally true in Venezuela, which has tried switching to an even more worthless cryptocurrency.
Forget the #Fightfor15, in Venezuela it’s a fight to afford basic food supplies or even a cup of coffee.
The cost of a cup of coffee rose 285614% in a year and doubled in seven days. Under the new currency, you can grab a cup of the good stuff for 400 bolivars. Too bad that the minimum wage is 4,800 bolivars and 90% of the population is impoverished. It isn’t looking to buy a cup of coffee, but is starving because it can’t actually buy food. Alternatives have included eating zoo animals, pets and wild donkeys.........To Read More.....
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