Maduro’s huge salary increases force 40% percent of Venezuelan stores to close

It is said that Marx was a reasonably good historian but a terrible economist. Marx’s followers have proven this to be correct (at least when it comes to economics) over and over again.

Note that socialism is inherently crony. Socialism always works for the socialists FIRST, then perhaps the people get the scraps. But hey, equity right?

(From FLTimes,com)

Nearly 40 percent of all Venezuelan stores have closed —some of them perhaps permanently —after the government of President Nicolas Maduro increased the minimum salary by nearly 3,500 percent in one fell swoop, according the National Council of Commerce and Services of Venezuela.

Many of the companies, which had been barely surviving the gradual collapse of the economy, saw the salary increase and other changes announced last month as the fatal blow in a series of policies that have been gradually strangling their businesses.

Click here for the article.