The Advocates Liberator Online 10/11/18
Nearly Half Of Venezuela’s Businesses Shut Down After Minimum Wage Hike
If you would like to see concrete, real-world evidence that government’s wage control policies are a bad idea, Venezuela just produced the perfect example.
As the South American country enters yet another dark period of its long battle against liberty, President Nicolas Maduro’s minimum wage rules, which increased the salary by nearly 3,500 percent at once, has wiped out 40 percent of the country’s stores.
Firms that had been struggling to stay afloat thanks to Maduro’s ongoing war on business finally succumbed, claiming that the outrageous wage increase finally put them out of business. Others that managed to remain open are only doing so to liquidate their merchandise so they can then close completely once all is gone.