Salaries in Cuba place entire population below poverty line

Our house is a very, very, very fine house

From our Bureau of Socialist Voodoo Economics with some help from our Bureau of Socialist Equity, Diversity and Inclusion

Shocking! What a surprise! Castro, Inc.’s salaries guarantee that all its employees will never climb out of poverty. Of course, since Castro, Inc. employs everyone on the island, — including the phony so-called “self-employed”– this means that poverty is inescapable.

In fact, Since June of 2020 at least 64% of the population (7.2 million people), have been living on about one dollar a day, a figure well below the 1.90 dollars that the World Bank (WB) considers the limit of extreme poverty. This places Cuba among the poorest countries in the world, since the percentage of extremely poor people globally is 31%.

And those shocking figures have only worsened over the past two years as a result of the Covid plague, the collapse of the tourism industry, and rampant inflation.

Now, that’s what you can rightly call equity, diversity and inclusion. Whether you’re male or female, white, mixed race, or black, gay, lesbian, transgender, non-binary or straight, young or old, you are GUARANTEED a life of poverty from cradle to grave. That is, unless you belong to the oligarchy, naturally. But, hey, some humans are more equal than others, right?

Thanks for reminding me of my good fortune

Loosely translated from Diario de Cuba:

Economist Pedro Monreal warned that the average salary in Cuba is currently very close to what is considered the “poverty line,” in a message in which he referred to official data and the questioned “reference basket of goods and services.”

“In October 2021, it was reported that the average salary (3,838 pesos) was just 18% higher than the estimated value of the basic food basket in Havana (3,250 pesos). From then until February 2022, the retail price index grew 12.2%, so the average wage —for which no increase has been reported— would have lost approximately 6% of additional purchasing power in less than six months,” Monreal said in a message on his account at Twitter.

“According to official data, it would be an average salary very close to what could be considered the equivalent of a” poverty line “(reference basket of goods and services),” he concluded.

The economist’s publications always generate comments and Rafael Planas lamented: “And the hard currencies, Freely Convertible Currency (MLC), the USD, EURO have almost doubled their value against the CUP. Anyway.”

The Cuban peso suffered another significant devaluation this April on the island, which is why, on exchange and sale sites, portals such as Revolico, or in the exchange rate itself published daily by the independent media outlet El Toque, both the dollar, such as the euro and the MLC have increased their value notably with respect to the national currency.

Continue reading HERE in Spanish

Thanks, Revolution, for making my retirement so enjoyable!