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17 October, 2015

While Western Capitalism exterminates the middle class, guess what Maduro decided to do

Venezuelan President Nicolas Maduro announced a 30 percent increase to the country's minimum wage and food stamps Thursday in Bolivar state.”

The increase will be implemented on Nov. 1. This is the fourth minimum wage increase this year, and the 30th minimum wage increase over the last 15 years. According to Maduro, Venezuela's minimum wage has nearly doubled over the last year, which is higher than the level of inflation.”

Maduro made his announcement from the Sidor steel plant in Bolivar state, Venezuela's largest steel corporation. The company was privatized in 1997 under then President Rafael Caldera, and then renationalized by former President Hugo Chavez in 2008. Venezuelan workers greeted Maduro at the plant.”

During his speech, Maduro criticized the privatizations of past governments and fiscal adjustment policies of the International Monetary Fund. In particular, he commented on the release of a recording of a call between the president of Venezuela's largest beer manufacturer and a Venezuelan Harvard economics professor who are looking to implement a 'fiscal ajustment plan for Venezuela' with loans from the IMF and World Bank.”

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