Raising the corporate tax rate and the minimum wage aren’t just hot leftist ideas in America. Forget the “Fight for $15”. Venezuela just raised its minimum wage by 3,000%.
That adds up to $30 a month.
At least if you trust Venezuelan exchange rates. Which no one in the failed socialist state does.
“I want the country to recover and I have the formula. Trust me,” President Maduro, the union boss turned incompetent dictator, declared, touting his “monetary reconversion and integral economic reconversion.”
The formula, meant to save a country whose people are fleeing massive gang violence, hunger, lack of food, water, power, and medicine, includes a higher corporate tax rate and a higher minimum wage. The latest currency devaluation pegs its worthless money (expected to hit 1 million percent inflation) to its dubious cryptocurrency which is pegged to Maduro’s hallucinatory version of revolutionary socialism.
Venezuela’s economic collapse is not an outlier. Nicaragua’s Daniel Ortega, the Marxist terror boss whom every 80s leftist, from John Kerry to Bernie Sanders, had a crush on, touched off another mess.