published Monday, February 13th, 2012

Venezuela pays high price for Hugo Chavez's socialism

Some people might assume that a nation rich in natural resources would automatically be prosperous. But free-market principles, not a wealth of natural resources, are a surer path to prosperity for any country.

The South American nation of Venezuela has vast oil reserves. Yet Venezuela is run so badly by socialist strongman Hugo Chavez that it has the highest annual inflation rate, close to 30 percent, of any country in the Western Hemisphere. In fact, it has had the hemisphere's worst inflation for six years. The Venezuelan people suffer great shortages, even when it comes to basics such as milk.

That is tragic but predictable. Chavez has nationalized one industry after another, and he has slapped price controls on lots of goods -- creating the shortages.

Yet to boost his re-election hopes, he has now started new entitlements, such as a monthly cash benefit for low-income families which comes to $100 per child.

He is following bad policies with worse, and greater poverty will be the result.

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nucanuck said...

For all of Chavez's faults, there is less economic inequality now in Venezuela than during the previous administration.

February 13, 2012 at 12:56 a.m.
librul said...

Economic inequality i.e. poverty for the masses, riches for the few; is the vision of Hugo's capitalist detractors (sorta like our 1%, huh?). That's why the masses are so devoted to him that they would stare down a coup and restore him to power and why he has to be constantly vigilant that the US CIA-backed right wing forces on the "dark side" are kept in check. All the elite Venezuelan capitalists with their second homes in Florida, like their well entrenched Cuban counterparts, care less about their country than they do about their wealth (once again, sorta like our 1%) and they should be driven out. We would do well to similarly get our greed-driven elitists in check as a first step toward a more equitable society. They always rant against the "minimum wage" but how about we in the 99% start pushing for a "maximum wage"?

February 13, 2012 at 2:13 a.m.
chet123 said...

WAIT A MINUTES...WAIT A DOG-GONE MINTUES...ISNT VENEZUELA PAYING ABOUT 30 CENTS A GALLON FOR GAS AND THE U.S. 4.00 A GALLONS??????? Hmmmmm? SO HE REMOVED THE BLOOD SUCKERS!......MAYBE THE US NEED TO STOP BEING JEALOUS...AND START TAKING NOTE!!!!!!

CHEVAS ALSO DONT HAVE TO DEAL WITH BLOOD SUCKING , PARASITE, RICH AND GREEDY REPUBLICANS HA HA HA

February 13, 2012 at 10:08 a.m.
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