minimum wage in Venezuela now is $1/day

[Bacchus4.0]

dollar is trading at Bs 174 today.

http://www.maduradas.com/hecho-en-revolucion-salario-minimo-en-el-pais-pasa-a-1-dolar-al-dia-tras-devaluacion-del-bcv/

[SheilaT]

1. Gosh. I bet there are many 1 percenters in this

country who can hardly wait until our minimum wage gets to that amount.

[Fred Sanders]

2. Since no one is paid in dollars...

[forest444]

3. Exactly.

While there's no denying the situation in Venezuela is dire (thanks as much to CIA-financed stockpiling and sabotage, as it is to government ham-handedness), the "dollar-a-day" post is misleading.

According to the IMF (hardly a friend of Maduro's), the implied purchasing power conversion rate in Venezuela is currently 9 bolívares per dollar - that is, that all in all it takes 9000 bolívares to afford for what 1000 dollars might in the U.S.

Using that metric, Venezuela's daily minimum wage buys a much as $20 does in the U.S. - hardly suitable, but certainly far from the penury suggested by a 'dollar a day' (a minimum wage full-timer earns $60, pre-tax, in the U.S.).

Whoever succeeds the embattled Maduro, I hope that improves for them. Above all, may Maduro leave office by way of elections.

[Fred Sanders]

4. This is like at least the third attempt to pretend dollars are bolivars....