Socialism in action: Venezuela’s inflation rate increasing to 1.4 million percent

From our Annals of Democratic Socialism Bureau

As many young Americans declare themselves “socialists” without knowing what socialism is, the Cuban colony of Venenozuela offers them — and the whole world — concrete proof of the inevitable failure of socialism.

Aaaah, but the lesson is ignored.

Of course, the failure of Venezuela isn’t due to socialism, or its extreme submission to colonial masters in Havana, but rather to “aggression” from its enemies, most notably the United States.

From Breitbart:

Inflation in the crisis-stricken country of Venezuela is on track to hit 1.4 million percent by the end of 2018, according to the latest report from the International Monetary Fund.

The report, entitled “Outlook on the World Economy,” predicts that inflation will reach 1.4 million by December 31, 400,000 percent higher than what they forecast in June this year and over a hundred times faster than the estimate of 13,000 percent in January.

Looking forward, the organization also believes that consumer prices will “increase by 10 million percent over the course of 2019,” explaining that “years of misguided policies coupled with a decline in production in the country’s vital oil industry to seventy-year lows have crashed the economy.”

In 2018, the Venezuelan economy shrunk by a staggering 18 percent, indicating a third consecutive year of double-digit decline that has led to the worst economic and humanitarian crisis in the entire region. The IMF is predicting a 20-percent decline in 2019, meaning the country will have lost half of GDP since 2015.

Widespread poverty and mass shortages of food, medicine, and other basic resources have caused a worsening migration crisis as Venezuelans seek refuge in neighboring countries. The mass flow of people has also begun to stoke tensions in local communities and increased the financial pressure on foreign governments.

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Wait till socialism gets to the U.S.! I’ll be working hard to make it happen!