Venezuela: More Proof Socialism Doesn't Work

When it rains, it pours. And it is pouring on Venezuela’s economy right now. Even though the country boasts of huge oil reserves, the government can barely pay its bills. Oil prices have plummeted from their all-time highs, which contribute to the government’s lack of funds. Of course, the main problem in Venezuela is not relatively low oil prices. The problem is political. The problem is an out-of-control socialist government that panders to the poor while making the poor poorer. The problem is that the government will not allow any semblance of the free market to work. More…