Why Innumeracy Matters

Last year, your salary was Bs.100. And you could buy a sack of potatoes for Bs.100. This year, a sack of potatoes costs Bs.130. And your salary went up to Bs.125.

So, did you get a pay hike?

In economic terms, not at all. Your salary buys 2.4% fewer potatoes now than it did a year ago. When dinnertime comes, you won’t be in any doubt: you took a pay cut.

So why do Venezuelan journos – even the ones that work for hardcore opposition papers – fail to call bullshit on Chávez’s “minimum wage hike” announcement?

Sigh…at least the rat gets it. 

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