Venezuela jacks Venezuela's president, Nicolas Maduro, told a packed auditorium on Sunday what sounded like good news: The minimum wage is going up 50%.
But that won't help ordinary Venezuelans. Inflation there could skyrocket 720% this year according to the International Monetary Fund. As inflation goes up the country's currency buys less and less.
The wage hike actually epitomizes Venezuela's spiral into chaos of all kinds.
It's the third time this year Maduro's government has hiked the country's minimum wage to combat extremely high inflation and an increasingly worthless currency Prices for food, medicine and other essentials rise weekly if not daily