Nicolas Maduro, the President of Venezuela, sure knows how to take care of the poor in that country, doesn't he? He's just raised the minimum wage for the third time this year, another 50% rise, taking it all the way up to $12.50. No, that's not an hourly wage, to rival that in Seattle, that's the monthly minimum wage. Venezuela's president, Nicolas Maduro, told a packed auditorium on Sunday what sounded like good news: The minimum wage is going up 50%. Economics is about the allocation of real resources so it's the real prices that matter.

Source: Forbes July 05, 2017 11:26 UTC