“Venezuelan President Hugo Chavez extended his self-declared socialist revolution for six more years by winning yesterday’s presidential election, overcoming a battle with cancer and his most formidable opponent since he took office 14 years ago…
Chavez solidified his support by tapping the world’s biggest oil reserves to subsidize food, provide low-cost housing and expand health care among the poor. Questions about his health following three cancer-related surgeries mean attention will now shift to who would succeed Chavez if he gets too sick to remain in office, said former Brazilian Foreign Minister Luiz Felipe Lampreia.” (Bloomberg)
There was a 30% surge in pre-election spending. Meanwhile, inflation is 18.1% and poverty in Venezuela is 31.6%. This is not the path to prosperity.
FEE Timely Classics
Why Socialism Failed by Mark Perry
Why “Inflation” Is Back by Lawrence Reed