It’s always useful talking about Venezuela! Why? It gives everyone an accurate depiction of socialism. Whether it is confiscating firearms, the government imposing forced labor, and a devastating shortage of necessities like bread, toilet paper, or sugar, Venezuela continues to demonstrate what happens when leftism takes over one of the most resource-rich nations in the world in the pursuit of social justice.
Now, its capital Caracas has announced it is running out of cash. CNN reports that the country only has $10.5 billion left in its reserves, and owes $7.2 in outstanding debt. Back in 2011, the nation had $30 billion in its reserves. Four years later, it cut its reserves by a third, leaving $20 billion in the bank. If the trend continues, Venezuela will run out of cash entirely.
As Daily Wire‘s Josh Yasmeh wrote last September, Venezuela has been plagued with excessive unemployment, food and medicine shortages, and the tanking of its oil-based economy as a result of corruption and financial mismanagement. Venezuela even needed to buy American oil in order to fuel its failing social programs. CNN also reported today that due to the low price of oil, the nation cannot make enough money in its state-run oil companies to pay off its debts and maintain their social programs.
This is a travesty. The socialist government currently run by Nicolas Maduro cracked down on protests calling for his ouster in October of last year and is figuratively and literally running on fumes. Even self-professed Democratic socialist Bernie Sanders refused to address the current crisis in Venezuela during his presidential campaign, partly because he would have to account for the fact his policy prescriptions are being practiced in the Latin American nation.
Venezuela continues to demonstrate what happens when leftism takes over one of the most resource-rich nations in the world in the pursuit of social justice.
Look how far socialism has gotten them.