11 Economic Stats That Tell Venezuela's Story

From FEE.org (Mar. 8):

A tragedy common to human history is unfolding in Venezuela. It’s impossible to predict how it will end or what the human toll will be.

As we watch events and hope for a peaceful resolution that restores liberty in Venezuela, here are some noteworthy facts about the Land of Grace.

1. Venezuela has the largest oil reserves in the world. While the US is the top producer of oil, its total reserves represent a mere fraction—roughly 10 percent—of Venezuela's 300-plus billion barrels of oil. (Source: UPI)
2. In Venezuela today, the median monthly income is $8. (source: FEE)
3. A two-pound bag of onions currently costs about $2 in Venezuela. (source: FEE)
4. In 2016, the price of a gallon of gasoline in Venezuela was less than one cent per gallon. (source: Washington Post)
5. Roughly 90 percent of Venezuelans today live below the poverty line. (source: The Borgen Project)
6. In 1950, Venezuela ranked among the top ten most prosperous nations in the world. (source: Human Progress)
7. In 2018, inflation in Venezuela topped 1 million percent. (source: Reuters)
8. Economic projections show inflation in Venezuela is expected to hit 10 million percent in 2019. (source: Miami Herald)
9. In 1959, the Venezuelan GDP per capita was 10 percent higher than America’s. (source: Human Progress)
10. As of June 2018, about 2.3 million people had emigrated from Venezuela following its economic collapse, or 13 percent of its population. (Source: The Panam Post)
11. When Hugo Chavez came to power in 1999, the Venezuelan GDP per capita was 27 percent higher than the average in Latin America. (source: Human Progress)

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The story of how socialism can screw up a once productive country. Let’s hope it doesn’t happen to America.