Chavez Extends Socialist Rule
“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
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2012-10-08 10:46:10
Source: http://www.thefreemanonline.org/in-brief/chavez-extends-socialist-rule/
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When Chavez kicked off his Bolivarian movement back in 1997 roughly 61% of the population lived below the poverty line. Now if he’s managed to cut that number in half while in office, it would seem he deserves praise instead of condemnation. It’s also worth noting that before Chavez took office the inflation rate hit roughly 120% per year. The man has made a lot of mistakes and is far from perfect, however he’s hardly the Arch Villain / Inept Dictator depicted in western media.