I feel bad for the kids, they didn’t ask for this BS. Isn’t Socialism grand? How is that redistribution working out now?
The Hill: The tenuous situation in Venezuela just keeps getting worse. Rock bottom may be within sight but what that means for the Venezuelan people and neighboring countries has yet to be fully digested.
This must change.
It’s time to get beyond complacency with the current situation and wake-up to an impending humanitarian crisis in our hemisphere. Venezuelans today face food and medicine shortages, rampant insecurity, and blatant disregard from the executive for any vestiges of its supposed democracy. With this being the new normal, most US policymakers pay slight attention to the latest shocking news coming out of Caracas. We do so at our own peril.
How Venezuela got here is no secret. Sixteen years of self-inflicted damage from statist economic planning and corruption have saddled Caracas with 275 percent inflation last year, an expected 8 percent GDP contraction this year, exhausted foreign currency reserves, and spiraling debt. To pay the bills, and attempt to head off a potential default, it’s even had to dip into gold stock, selling about 20 percent of reserves to Switzerland this year.
Not surprisingly, President Nicolás Maduro is resorting to increasingly absurd measures. The nearly 3 million state employees were ordered to work four-day weeks in a misguided attempt to save electricity. Last week, in a further sign of the desperate situation, workers were told to temporarily come in only two days a week. Rolling blackouts make life even more miserable, with precious food spoiling in refrigerators. Grasping straws, Maduro will push forward the time zone half an hour in May. More