Beware! Venezuela is the future of the USA if the Democrats get their way and impose amnesty and open borders.
AXIOS: Venezuela’s economic collapse, by the numbers.
• Venezuelans are forced to contend with completely arbitrary daily withdrawal allowances. Pozzebano’s report details his attempt to get cash in the Venezuelan capital, ultimately getting 10,000 bolivars — that day’s allowance — after visiting four banks over four hours. That day, 10,000 bolivars equaled six U.S. cents.
•The country’s government assistance program gives citizens bags of essential goods at subsidized prices. Those goods have been shrinking in both size and quality as foreign investment in Venezuela collapses, but even they cost 30,000 bolivars each.
•Bloomberg notes that, according to its Cafe con Leche Index, the price of a cup of coffee in Caracas has risen from 5,500 bolivars to 45,000 bolivars in just 12 weeks. That pace, should it continue unabated, indicates an eye-watering annualized inflation rate of 448,025%.
•Venezuela’s GDP contracted by 40% in per capita terms from 2013 to 2017 — and that’s based off estimates as Maduro stopped reporting economic data in 2015. A recent filing with the SEC by the Venezuelan government indicated that its economy had contracted by 16.5% in 2016 alone.
•To make things worse, the decline in Venezuela’s oil production and decreased global demand of Venezuela’s chief export — which greatly subsidizes its socialist regime — resulted in a 51% drop in national income from 2013 to 2017.
•The minimum wage declined by 88% from 2012 to 2017 when compared against the black market exchange rate.
•Venezuelans making that minimum wage cannot afford to feed a family of five, even when their entire income is devoted to purchasing the cheapest available calories.
Income poverty jumped to 82% in 2016 — a shocking increase from 48% in 2014.
Shocking — to whom? Certainly not to anyone who has been paying attention to Venezuela since it turned socialist.
RELATED: Corporate America’s nightmare in Venezuela is getting worse. “Venezuela has more crude oil than any other nation. But the crisis there is so bad that even oil companies are losing big money. The world’s largest oil service provider, Schlumberger, announced Friday that it wrote down $938 million of its holdings in Venezuela. It already took a $460 million loss last year because of unpaid bills from the Venezuelan government and its state-run oil company.”