Venezuela is a Prime Example of Big Government Gone Wrong
(Washington D.C.) – Recent reports have shown the people of Venezuela are suffering through food shortages, power outages, a collapsed health care system, one of the world’s worst crime rates, and an increasing inflation rate that will reach nearly 500 percent this year. Despite the fact that thousands of Venezuelans are crossing into Colombia to buy food and medicine, Venezuelan officials deny that there is a crisis. Venezuela’s economy is estimated to be shrinking by about ten percent this year alone while consumer prices rise more than 700 percent. Venezuela is also on the brink of a default, with the worst-performing bonds in the world for over two years.
Daniel Garza, Executive Director of The LIBRE Initiative, released the following statement:
“Venezuela went from one socialist regime to another, and the results are only getting worse. Starting with Hugo Chavez’s destructive policies of collectivism, government control, and the expropriation of private property, Venezuelans now face Nicolás Maduro’s forced labor laws and unsustainable wage mandates. Growing government and socialist policies have led to the current disaster in Venezuela, and instead of scaling back, Maduro’s government is interfering more and more with people’s private lives and dreams. This is the third time the minimum wage has been hiked in 2016, but the situation continues to grow worse. The Venezuelan disaster shows clearly that without free markets, private sector growth is nearly impossible. Government mandates do far more harm than good.
Venezuela is a clear example of what happens when government grows too big and tries to do too much. It’s clear that the result is to crush economic opportunity and impose even greater scarcity on the poorest in society. The people of Venezuela deserve economic opportunity and a path to prosperity. That requires a restoration of private property, respect for workers and entrepreneurs, and economic freedom in the lives of all Venezuelans.”
For Interviews with a representative from The LIBRE Initiative, please contact Brian Faughnan, 703-678-4581