Chávez should get credit for economic miracle

[naaman fletcher]

I’m not kidding. What Chávez has done in Venezuela over the past 12 years is nothing short of an economic miracle: despite benefitting from the biggest oil boom in Venezuela’s history, he has somehow managed to turn the country into shambles.

Venezuela has one of the highest inflation rates in Latin America, one of the lowest economic growth rates in the region, daily electricity blackouts, food shortages, and unprecedented crime rates. What’s even more amazing for one of the world’s biggest oil producers, Electric Energy Minister Ali Rodriguez announced June 15 that Venezuela has started importing electricity from Colombia to restore power to various parts of the country.

It’s an amazing feat if you consider that oil prices have skyrocketed from $9 a barrel when Chávez took office in 1999 to $100 a barrel nowadays. While Venezuela has enjoyed two-year-long oil booms in 1974 and 1979, this has been by far the country’s longest and biggest oil bonanza.

According to Venezuelan Central Bank figures, Venezuela’s oil income has reached $700 billion since Chávez took office. “Venezuela’s oil income over the past 12 years exceeds what it had received in the previous 25 years,” says Jose Guerra, head of the Economy Department of the state-run Central University of Venezuela.


http://www.miamiherald.com/2011/06/29/2291809/chavez-should-get-credit-for-economic.html

I normally wouldn't post from Miamihurled, but they are so biased, this should be a good, and easy, exercise in pointing out all the obvious mistakes.

[Bacchus39]

1. unrivaled corruption and that judicial system too, lets give full credit

other than his constant US bashing, what's not to like????

[naaman fletcher]

2. I've noticed

that there has not been much interest and sharing information and ideas recently. Everyone must be on vacations. Surely it's not because of the steady stream of bad economic news coming out of venezuela.

[Bacchus39]

3. some just live vicariously through Hugo

I've noticed very little difference in attitudes here from the Bush adminstration to the Obama administration. just the same anti-Americanism.