Subcommittee on the Western Hemisphere O

Venezuela's Tragic Meltdown Subcommittee on the Western Hemisphere O

Venezuela is at a critical point in its history. Severe widespread shortages in food, electricity, medicine, and the basic goods within Venezuela, which was once the richest country in Latin America, have led to starvation, the highest infant mortality rate in the world, and horrific conditions in the hospitals. Today, Venezuela is on the edge of a complete collapse. The country has the highest inflation rate in the world, with a falling GDP, its oil company PDVSA, is not generating enough revenue, and the Venezuelan currency is worthless. Gross economic mismanagement, widespread corruption throughout the government, and an erosion of democracy, rule of law, and human rights in the country have led Venezuela to its sad state today. Americans should take note, Venezuela is a case study for the failures of socialism. Venezuela has the largest oil and second-largest gold reserves in the world. Incredibly, under President Maduro's tenure-and dating back to President Chavez's-the country has become practically a failed state. Those who can afford to leave are fleeing the country in droves. Thousands have gone to Chile, Colombia, and Brazil, seeking food and medicine. Venezuelans make up the largest percentage of asylum requests to the United States, with those numbers growing by 150 percent since 2015.