Dear friend of the FMF
In this week’s feature article, Chris Hattingh examines the recent plan by the President of Venezuela to increase that country’s minimum wage once again. Instead of learning from the mistakes his socialist policies caused, the president is attempting to evade the true causes of the economic and social disaster in Venezuela. Raising the minimum wage does nothing to make it easier for people to find work and it will not help Venezuelans, just as it will not help poor South Africans once the National Minimum Wage is implemented.
The minimum wage magic wand – CHRIS HATTINGH
Would an accountant worth his salt advocate that the best way to keep a business running is to spend money which you do not have, and when the time comes to balance your books, you simply look the other way? This is the approach adopted by socialist leader of Venezuela, Nicolas Maduro, throughout his tenure and in which he persists with the announcement of a forty percent increase in the country’s minimum wage as of January.
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Publish date: 17 January 2018
The views expressed in the article are the author’s and are not necessarily shared by the members of the Foundation.