Venezuela Minimum Wage Up 3000%... Many Fired!

[Economy 53,076]

https://www.bnnbloomberg.ca/venezuela-raises-minimum-wage-3-000-and-lots-of-workers-get-fired-1.1137775

 

Venezuela increased minimum wage by 3000% to adjust for the hyperinflation which has resulted in a huge amount of workers getting fired after companies that are already struggling to the brink cannot afford even pathetically wages

 

The increase is still under $1/day (measured in US Dollars) but some companies can't even afford that

 

A business owner mentioned in the article is running losses 3 years in a row now and has decided to close saying he now is lucky to get 1 customer a day and has already told his workers to find other jobs

[Fernster7 7,976]

My God this is so sad. The place my dad runs had to fire half of its employees because the owners couldn't pay their salaries. 

[Mr Mirko 743]

Catastrophy. So sad and glad where I stand live and work in my life. Bless them....

[RAMROD 117,957]

That is tragic in the real sense of the words.

 

[TheJoanneJoker 3,866]

what the heck did exactly cause all that madness in Venezuela?

what's going on there?

socialism, isn't it? corrupt politicians, isn't it?

[Melech 9,900]

1 minute ago, Beytwice said:

what the heck did exactly cause all that madness in Venezuela?

what's going on there?

socialism, isn't it? corrupt politicians, isn't it?

Corrupt politicians more than socialism. Socialism works in theory, but fails cause of corrupted politicians. 

[ARTCHAOS 1,687]

2 minutes ago, Beytwice said:

what the heck did exactly cause all that madness in Venezuela?

what's going on there?

socialism, isn't it? corrupt politicians, isn't it?

Your answer is Hugo Chavez

[TheJoanneJoker 3,866]

Just now, Melech said:

Corrupt politicians more than socialism. Socialism works in theory, but fails cause of corrupted politicians. 

The same thing is happening in Romania now.

Well, not THAT bad but we are going down, down, down

corrupt socialist politicians rule the country

the majority is so big in the parliament that they don't need no other party to pass ANYTHING

last year they wanted to literally legalize corruption which led to massive protests and they eventually took that back

but now they literally want to strike an emergency ordonance that could help most of the politicians that are already condemned to jail to dodge jail

 

[enigmaunicorn 626]

I feel so bad for Venezuelans honestly. I have no idea what I would do if I was in their place.

[Guest Adarsh]

I hope it gets better for them 

[NewUsername 11,806]

5 minutes ago, Beytwice said:

The same thing is happening in Romania now.

Well, not THAT bad but we are going down, down, down

corrupt socialist politicians rule the country

the majority is so big in the parliament that they don't need no other party to pass ANYTHING

last year they wanted to literally legalize corruption which led to massive protests and they eventually took that back

but now they literally want to strike an emergency ordonance that could help most of the politicians that are already condemned to jail to dodge jail

 

wtf

[GagaTheExplorer 3,053]

30 minutes ago, enigmaunicorn said:

I feel so bad for Venezuelans honestly. I have no idea what I would do if I was in their place.

suicide is an idea that always crosses my mind 

Spoiler

and I'm not even kidding 

 

[TheJoanneJoker 3,866]

4 minutes ago, NewUsername said:

wtf

yes

 

this happened last month, on 10th August. we got beaten up by riot police, and they used tear gas and tear explosives on civils, on children and women, on everybody

up to this day there is no head of accusations and the corrupt ruling party is trying to "shield" one of the Ministers and cover up any evidence in this case

they are literally mutilating justice laws and nobody can stop them, they change any judiciary that doesn't follow their rule.

it's sad.

[enigmaunicorn 626]

1 minute ago, GagaTheExplorer said:

suicide is an idea that always crosses my mind 

  Hide contents

and I'm not even kidding 

 

Please try to resist these thoughts. We don’t want to lose you!!

stay strong pls 

[Economy 53,076]

17 minutes ago, Beytwice said:

what the heck did exactly cause all that madness in Venezuela?

what's going on there?

socialism, isn't it? corrupt politicians, isn't it?

 

15 minutes ago, Melech said:

Corrupt politicians more than socialism. Socialism works in theory, but fails cause of corrupted politicians. 

My opinion on socialism is simple. Whether it works or not depends on the level of competence the Government has

 

Socialism tends to also have a system with higher taxes and more government spending overall. That means a smaller piece of the economic pie stays in the private sector and more of the Nation's wealth is transferred to the government for them to decide how to spend it

 

If a government makes wise use of the funds and creates great infrastructure, educated productive workforce social investments that pay for themselves (like child care which helps female labor force participation rate) then despite higher taxes (within reason of course) a socialism Nation can flourish like some of the Scandinavian Countries for example

 

When a government is incompetent or corrupt and misuses the tax dollars, then wealth is being sucked away from consumers and companies for nothing, not enough good investment are made and the higher taxes from socialism end up not paying for themselves and became an economic burden. 

 

In these cases the government is better off being more Capitalist and letting private sector do its thing than to take more wealth from them and mismanagement the money

 

In the case of Venezuela, there has been extreme mismanagement.