Venezuela: Socialism’s House of Horrors – New American
Written by Michael Tennant
Socialism destroys countries’ economies: Under low doses of it, countries succumb slowly to its ravages, and high doses of socialism can cause a quick demise.
Proponents of socialism such as Senator Bernie Sanders (I-Vt.) often point to the Scandinavian welfare states as alleged success stories that the United States should emulate. They are, however, notably reluctant to address the many other countries around the world that have tried socialism to one degree or another with considerably less success.
Case in point: Venezuela. The nation with the world’s largest proven oil reserves is also its most miserable. For three years running, it has ranked number one on the world misery index, which is based on each country’s unemployment, inflation, and interest rates. It suffers from triple-digit inflation, shortages of basic necessities, poverty, crime, and corruption. Is it any wonder that Sanders refused to comment on this glittering jewel of socialism during a Univision interview last year?
From Wealth to Welfare
Why should a country sitting on one of the world’s most valuable commodities be unable to manage a welfare state when other countries are able to get by or even prosper while doing so? Socialism in any form is, of course, a bad idea, but a nation can — at least for a time — withstand moderate doses of it, particularly if it starts from a position of economic strength.
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