Dear subscriber,
Just a few years ago, Venezuela was the richest country in Latin America. I am not exaggerating.
Latin America covers 7 million square miles: an entire continent and then some. It consists of 20 sovereign nations. And the wealthiest nation of them used to be Venezuela—as recently as 2001.
But beginning in 1999, socialist strongman Hugo Chávez revolutionized the country by having the government take over much of the economy, promoting communal ownership and the slogan “Motherland, socialism or death.” Chávez seized the country’s crucial oil industry, then used the revenues to finance social programs and his regime.
Venezuela was praised as a “socialist paradise.” When Chávez died in office in 2013, liberals in America applauded his socialist legacy. Liberal American filmmaker Michael Moore tweeted at the time, “Hugo Chavez declared that oil belonged 2 the ppl. He used the oil $ 2 eliminate 75% of extreme poverty, provide free health & education 4 all.”
That sunny view of socialism was hard for many to swallow in 2013, but in 2018, holding up Venezuela as an example is too tragic to even be a joke. In less than a generation, the wealthiest country in the region has become economic ground zero.
The government-run oil company with the world’s largest proven oil reserves is faltering, the nation’s GDP is shrinking by 12 percent per year, and inflation will reach 1 million percent by the end of 2018. Wild hyperinflation is causing prices of food and everything else to double in a matter of weeks—sometimes hours. About 90 percent of Venezuelans now live in poverty, the average citizen lost 24 pounds last year due to malnourishment.
Real-world socialist policies are causing shortages, poverty, malnourishment, desperation, deaths and a mass exodus from Venezuela.
And ironically—at the exact same time in America, socialist ideals are becoming more and more fashionable.
I wish every American who is pushing for more government control over health care, education, minimum-wage increases, price controls and other such measures would read this article and seriously consider the lessons playing out before our eyes in Venezuela.
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