May 1, 6:53 PM EDT
Venezuela raises minimum wage 30 pct amid raging inflation
By JOSHUA GOODMAN
CARACAS, Venezuela (AP) -- President Nicolas Maduro raised Venezuela's minimum wage Friday to help workers being battered by the world's highest inflation.
Speaking at a May Day rally, the socialist leader said he is boosting the minimum wage and pensions for retirees by 30 percent, with two-thirds of the increase coming this month and the rest on July 1. He also said he would raise salaries for government employees and military personnel.
The wage increase, while a welcome relief for many workers, fell short of expectations that the embattled Maduro might use Friday's celebrations to expand state control of the slumping economy.
In recent days, Maduro has stepped up attacks on the country's business elite, prompting the head of the nation's biggest food maker, Empresas Polar, to publish a rare public letter to the president calling for dialogue.
"Sometimes we don't see the face of the monster that wants to destroy the economy and irritate the people," Maduro told supporters at Friday's rally.
He promised more measures in the coming days that he said would wrest control of the economy from the "oligarchs" and "big wigs" who he accuses of trying to topple the government.
The pay increase follows a 15 percent hike in January and will take Venezuela's minimum wage to 7,324 bolivars a month. That is about $1,162 at the country's official exchange rate but less than $30 at the black market rate widely used to set many prices.
Economists say the wage increases are only likely to feed the inflationary spiral that coupled with widespread shortages of goods is wreaking havoc on Venezuelans as the oil-dependent economy struggles.
Inflation last year totaled 69 percent, the highest in the world. And with oil prices down by a third from a year ago, the amount of dollars available to pay for importing goods ranging from car parts to toilet paper has fallen sharply, leaving reserves of international currencies at their lowest level in nearly 12 years.
Watch what happens when Marxists set wages
Watch what happens when Marxists set wages
"Seth is Grandmaster Zen Troll who trains his victims to troll themselves every time they think of him" Robert_S
"All that is required for the triumph of evil is that good men do nothing." Edmund Burke
"Those who support denying anyone the right to keep and bear arms for personal defense are fully complicit in every crime that might have been prevented had the victim been effectively armed." Seth
© 2013/2014/2015/2016 Seth, all rights reserved. No reuse, republication, duplication, or derivative work is authorized.
"All that is required for the triumph of evil is that good men do nothing." Edmund Burke
"Those who support denying anyone the right to keep and bear arms for personal defense are fully complicit in every crime that might have been prevented had the victim been effectively armed." Seth
© 2013/2014/2015/2016 Seth, all rights reserved. No reuse, republication, duplication, or derivative work is authorized.
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Re: Watch what happens when Marxists set wages
Seems to be working fine in China. 

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Re: Watch what happens when Marxists set wages
A predict a riot, or at least a Mongolian cluster fuck of epic proportion.
Yeah well that's just, like, your opinion, man.
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Re: Watch what happens when Marxists set wages
Increasing salaries by thirty per cent when inflation is more than double that is just economic suicide. For the way to reduce it is to
keep rises below it. But this can happen with any government so is not exclusive to left wing ones as the title of the thread suggests
Over here we have a General Election and so some political parties are promising to raise the national minimum wage. While that is
a good thing in principle it must not done where the money to finance it has to be borrowed or where employers cannot afford it so
would have to make some of their employees redundant just to avoid being prosecuted for not paying them what is legally required
keep rises below it. But this can happen with any government so is not exclusive to left wing ones as the title of the thread suggests
Over here we have a General Election and so some political parties are promising to raise the national minimum wage. While that is
a good thing in principle it must not done where the money to finance it has to be borrowed or where employers cannot afford it so
would have to make some of their employees redundant just to avoid being prosecuted for not paying them what is legally required
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Re: Watch what happens when Marxists set wages
Yes, an example of left-wing stupidity, because it represents a triumph of ideology and populist cant over pragmatic economic reality.
Nurse, where the fuck's my cardigan?
And my gin!
And my gin!
Re: Watch what happens when Marxists set wages
Over here, a pizza shop just shut down because the owner could not afford to raise all her employee's pay. Now they have ZERO pay. Good work Minimum Wage Guy!surreptitious57 wrote:Increasing salaries by thirty per cent when inflation is more than double that is just economic suicide. For the way to reduce it is to
keep rises below it. But this can happen with any government so is not exclusive to left wing ones as the title of the thread suggests
Over here we have a General Election and so some political parties are promising to raise the national minimum wage. While that is
a good thing in principle it must not done where the money to finance it has to be borrowed or where employers cannot afford it so
would have to make some of their employees redundant just to avoid being prosecuted for not paying them what is legally required
"Seth is Grandmaster Zen Troll who trains his victims to troll themselves every time they think of him" Robert_S
"All that is required for the triumph of evil is that good men do nothing." Edmund Burke
"Those who support denying anyone the right to keep and bear arms for personal defense are fully complicit in every crime that might have been prevented had the victim been effectively armed." Seth
© 2013/2014/2015/2016 Seth, all rights reserved. No reuse, republication, duplication, or derivative work is authorized.
"All that is required for the triumph of evil is that good men do nothing." Edmund Burke
"Those who support denying anyone the right to keep and bear arms for personal defense are fully complicit in every crime that might have been prevented had the victim been effectively armed." Seth
© 2013/2014/2015/2016 Seth, all rights reserved. No reuse, republication, duplication, or derivative work is authorized.
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Re: Watch what happens when Marxists set wages
Maybe the minimum wage should be raised? I'm tired of providing corporate welfare in the form of subsidizing their employee wages through various welfare benefits.Seth wrote: Over here, a pizza shop just shut down because the owner could not afford to raise all her employee's pay. Now they have ZERO pay. Good work Minimum Wage Guy!
We Tax employers to pay for unemployment insurance.
Tax them for welfare insuranceIn most states, that money comes from a tax on employers. Businesses pay a certain amount of money into an unemployment insurance trust fund, based on the number of employees they have, their history of laying people off, and the current tax rate. That trust fund then provides the money needed for benefits

In most states, that money comes from a tax on employers. Businesses pay a certain amount of money into a welfare insurance trust fund, based on the number of employees they have, their history of employees collecting welfare, and the current tax rate. That trust fund then provides the money needed for benefits
A rational skeptic should be able to discuss and debate anything, no matter how much they may personally disagree with that point of view. Discussing a subject is not agreeing with it, but understanding it.
Re: Watch what happens when Marxists set wages
Well, now the taxpayers get to FULLY support those previously employed persons rather than, perhaps, choosing to subsidize part of their needs.Tyrannical wrote:Maybe the minimum wage should be raised? I'm tired of providing corporate welfare in the form of subsidizing their employee wages through various welfare benefits.Seth wrote: Over here, a pizza shop just shut down because the owner could not afford to raise all her employee's pay. Now they have ZERO pay. Good work Minimum Wage Guy!
You can't tax an employer who is not employing anyone because the business went out of business because of a minimum wage increase. *Derp*We Tax employers to pay for unemployment insurance.
In most states, that money comes from a tax on employers. Businesses pay a certain amount of money into an unemployment insurance trust fund, based on the number of employees they have, their history of laying people off, and the current tax rate. That trust fund then provides the money needed for benefits
Tax them for welfare insurance![]()
Ibid.In most states, that money comes from a tax on employers. Businesses pay a certain amount of money into a welfare insurance trust fund, based on the number of employees they have, their history of employees collecting welfare, and the current tax rate. That trust fund then provides the money needed for benefits
"Seth is Grandmaster Zen Troll who trains his victims to troll themselves every time they think of him" Robert_S
"All that is required for the triumph of evil is that good men do nothing." Edmund Burke
"Those who support denying anyone the right to keep and bear arms for personal defense are fully complicit in every crime that might have been prevented had the victim been effectively armed." Seth
© 2013/2014/2015/2016 Seth, all rights reserved. No reuse, republication, duplication, or derivative work is authorized.
"All that is required for the triumph of evil is that good men do nothing." Edmund Burke
"Those who support denying anyone the right to keep and bear arms for personal defense are fully complicit in every crime that might have been prevented had the victim been effectively armed." Seth
© 2013/2014/2015/2016 Seth, all rights reserved. No reuse, republication, duplication, or derivative work is authorized.
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Re: Watch what happens when Marxists set wages
About that pizza shop.
Any business that cannot raise wages enough to compensate for inflation is not a viable business and is gonna go belly up regardless.
I am sure the pizza shop owner is taking the opportunity to blame everyone else for his own shortcomings as a business manager, but the fault lies squarely with him and his own incompetence.
Or maybe the fact that his business became non viable is just bad luck. But it is not the result of being required to pay a fair wage.
Any business that cannot raise wages enough to compensate for inflation is not a viable business and is gonna go belly up regardless.
I am sure the pizza shop owner is taking the opportunity to blame everyone else for his own shortcomings as a business manager, but the fault lies squarely with him and his own incompetence.
Or maybe the fact that his business became non viable is just bad luck. But it is not the result of being required to pay a fair wage.
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Re: Watch what happens when Marxists set wages
If businesses must always pay their employees above the rate of inflation even if they can not afford it then it
means they would have to make at least some of them redundant. So if all wage rises were above the rate of
inflation that has the cumulative effect of increasing it even more so and makes those pay rises meaningless
in real terms as the way to reduce inflation is to keep pay rises below not above it which is basic economics
Now many businesses unofficially take on employees from the black economy. So pay below minimum wage
so do not have to pay any tax or insurance and the employees do not pay tax either and so it is win win for
both sides. But because some businesses use the black economy however does not mean that they can not
afford to pay the minimum wage. That might be true for private individuals but not for large corporations
who do it to save money that they can afford to pay anyway and so they have absolutely no reason not to
means they would have to make at least some of them redundant. So if all wage rises were above the rate of
inflation that has the cumulative effect of increasing it even more so and makes those pay rises meaningless
in real terms as the way to reduce inflation is to keep pay rises below not above it which is basic economics
Now many businesses unofficially take on employees from the black economy. So pay below minimum wage
so do not have to pay any tax or insurance and the employees do not pay tax either and so it is win win for
both sides. But because some businesses use the black economy however does not mean that they can not
afford to pay the minimum wage. That might be true for private individuals but not for large corporations
who do it to save money that they can afford to pay anyway and so they have absolutely no reason not to
A MIND IS LIKE A PARACHUTE : IT DOES NOT WORK UNLESS IT IS OPEN
Re: Watch what happens when Marxists set wages
Perhaps, but inflation is not the issue here, a giant bump in the minimum wage, which more than double the existing minimum wage is something entirely different. Besides, inflation is a slow process that can be adjusted for, unless it's Venezuela.Blind groper wrote:About that pizza shop.
Any business that cannot raise wages enough to compensate for inflation is not a viable business and is gonna go belly up regardless.
Horseshit. The gal's running a marginal business that keeps her and her kids fed and a few people employed. Now none of them have a job and all of them will become welfare dependents.I am sure the pizza shop owner is taking the opportunity to blame everyone else for his own shortcomings as a business manager, but the fault lies squarely with him and his own incompetence.
"Fair" is an awfully subjective word. And if $15/hr is "fair" today, then why isn't $50/hr "fair" tomorrow? Who gets to decide what "fair" is? And if you don't think your wage is "fair," why don't you go get a better job?Or maybe the fact that his business became non viable is just bad luck. But it is not the result of being required to pay a fair wage.
"Seth is Grandmaster Zen Troll who trains his victims to troll themselves every time they think of him" Robert_S
"All that is required for the triumph of evil is that good men do nothing." Edmund Burke
"Those who support denying anyone the right to keep and bear arms for personal defense are fully complicit in every crime that might have been prevented had the victim been effectively armed." Seth
© 2013/2014/2015/2016 Seth, all rights reserved. No reuse, republication, duplication, or derivative work is authorized.
"All that is required for the triumph of evil is that good men do nothing." Edmund Burke
"Those who support denying anyone the right to keep and bear arms for personal defense are fully complicit in every crime that might have been prevented had the victim been effectively armed." Seth
© 2013/2014/2015/2016 Seth, all rights reserved. No reuse, republication, duplication, or derivative work is authorized.
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Re: Watch what happens when Marxists set wages
The word 'fair' is definitely subjective, but it is also relative. A wage of $5 per hour might be generous in Indonesia but unacceptably stingey in any western nation. Fairness is generally determined by what is paid close by, in similar occupations. If the common wage in pizza shops pays $20 per hour, and another one pays $15, then the second one will be determined to be unfair.
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Re: Watch what happens when Marxists set wages
Getting away from ideologically blinkered rants for just a moment, read about what happens in the real world when minimum wages are raised here, here and here. And there are plenty more links to stories like these.
I am, somehow, less interested in the weight and convolutions of Einstein’s brain than in the near certainty that people of equal talent have lived and died in cotton fields and sweatshops. - Stephen J. Gould
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Re: Watch what happens when Marxists set wages
This isn't about facts, Hermit. What a silly hermit.
This is about ideology and "the vibe", bro. 


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"The Western world is fucking awesome because of mostly white men" - DaveDodo007.
"Socialized medicine is just exactly as morally defensible as gassing and cooking Jews" - Seth. Yes, he really did say that..
"Seth you are a boon to this community" - Cunt.
"I am seriously thinking of going on a spree killing" - Svartalf.
"The Western world is fucking awesome because of mostly white men" - DaveDodo007.
"Socialized medicine is just exactly as morally defensible as gassing and cooking Jews" - Seth. Yes, he really did say that..
"Seth you are a boon to this community" - Cunt.
"I am seriously thinking of going on a spree killing" - Svartalf.
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Re: Watch what happens when Marxists set wages
Regarding the pizza shop, there will be individual winners and losers in any economic paradigm. But the net effect to the economy will be more jobs as more money is funnelled into local markets. Funny how conservatives are happy to ship jobs off overseas for the ideology of "free" trade, but when it concerns the rich getting a little less in their pay packets they are all of a sudden champions of the worker. 

Sent from my penis using wankertalk.
"The Western world is fucking awesome because of mostly white men" - DaveDodo007.
"Socialized medicine is just exactly as morally defensible as gassing and cooking Jews" - Seth. Yes, he really did say that..
"Seth you are a boon to this community" - Cunt.
"I am seriously thinking of going on a spree killing" - Svartalf.
"The Western world is fucking awesome because of mostly white men" - DaveDodo007.
"Socialized medicine is just exactly as morally defensible as gassing and cooking Jews" - Seth. Yes, he really did say that..
"Seth you are a boon to this community" - Cunt.
"I am seriously thinking of going on a spree killing" - Svartalf.
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