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Aug 09

Venezuelan minimum wage was raised 108,000 % in 20 years, yet today, “Anyone in Venezuela would be happy to eat out of American trashcans”

Venezuelan economist Raefael Acevedo recently addressed the Mises Institute. See here.

Between 1999 and 2017, said Acevedo, the Venezuelan minimum wage was raised 38 times: a 108,000 % increase.

Yet “[a]nyone in Venezuela would be happy to eat out of American trashcans.”