As the poor get poorer in the socialist paradise of Venezuela, President Nicolas Maduro is enjoying himself with $275 steaks even as he imposed a minimum salary increase of 3,500%, reports El Nuevo Herald based on findings from the National Council of Commerce and Services of Venezuela.
The salary increase has caused nearly 40% of all Venezuela stores to close. Store owners say Maduro’s salary increase is just one of many cuts that have contributed to their demise. Not only are the businesses selling items below cost, but they are also paying people unaffordable wages.
“These decisions are leading many business people to say, ‘No, I can’t do it any more,'” said Maria Carolina Uzcategui, president of the council.
Four in ten stores have been unable to open since the salary increase. Others that have opened are liquidating their merchandise or plan to close definitively.
Furthermore, the Maduro regime has banned stores from increasing prices to cover his salary hike. The owners face prison time if they disobey. – READ MORE
[divider][/divider]The single state of North Dakota is now producing as much oil as Venezuela, a member of the Organization of the Petroleum Exporting Countries.
While Venezuela continues to falter under its socialist regime, North Dakota continues its historic rise in crude oil production. The sparsely populated midwestern state churned out 1.27 million barrels a day in July, according to data reported by Bloomberg. This is approximately the same level of production seen in Venezuela during the same month.
The numbers provide a snapshot of how much the industry landscape has evolved in the two places.
Much like other regions in the United States, North Dakota has experienced a shale oil boom in recent years. The advent of hydraulic fracturing has allowed North Dakota — home of the Bakken shale play — to produce oil at rates four times greater than its previous peak set in the 1980s. The state is now second only to Texas in oil production and enjoys the lowest unemployment rate in the country. – READ MORE
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