Labor

With (hyper)inflation expected to hit 1,660% this year and 2,880% next, Venezuela's President Maduro hiked the minimum wage another 50% on Sunday, the fifth increase in the past year (for a total annualized increase of 536%), to help shield workers from 'economic war'.

As Reuters reports, the measure puts the minimum monthly salary at 40,683 bolivars - about $60 at the weakest exchange level under the state's currency controls, or $12 at the black market rate.

Submitted by Mike Shedlock via MishTalk.com,

One Word: Corruption

One Idea: Public Unions

One Person: House Speaker Mike Madigan 

On Saturday, union servitude came to an end in Kentucky: State Kills Prevailing Wages, Passes Right-to-Work

No such chance exists in Illinois despite the fact that corruption, prevailing wages, pension disasters, public unions, and the dire fiscal straits of Illinois all go hand in hand.

Many Americans looking forward to Trump's promise of tax cuts from his administration are going to get a rude awakening when they get their first paychecks of 2017.  While Trump has vowed to cut marginal income tax rates for individuals and corporations, the social security tax levied on the nation's top earners is set to soar in 2017 for top earners.

Submitted by Mike Shedlock via MishTalk.com,

In a major setback for organized labor, Kentucky passed right-to-work legislation and repealed the state’s prevailing wage law.

Organized labor suffered its first major legislative setback due to the 2016 elections on Saturday, when Kentucky Republicans gave final approval to right-to-work legislation and repealed the state’s prevailing wage law. Both bills are expected to be signed into law by the governor, and will take effect immediately.

 

Submitted by Brittany Hunter via The Mises Institute,

This week, twenty states began implementing minimum wage increases that were passed during 2016. As the country waits to see how these increased wages this will affect the economy, the U.S. territories have already provided us with a grim example.