Subcommittee on Western Hemisphere Trans

Deepening Political and Economic Crisis in Venezuela Subcommittee on Western Hemisphere Trans

With vast oil reserves, Venezuela is one of the richest countries in Latin America. Venezuela is also the cradle of democracy in South America. It is tragic that Venezuela has turned into a social, political, and economic disaster. The reason for this is simple. The nation is increasingly in the iron grip of corrupt and incompetent leaders. Venezuela is a rich country, yet it is suffering from a massive and growing shortage of food, medicine, and basic goods. Venezuela has an inflation rate of over 60 percent, among the highest in the world. Price controls in Venezuela have led to massive shortages of medicine and medical equipment, has forced hospitals to suspend cancer treatments, and all but emergency surgical procedures. It is the incompetence of Nicolas Maduro and his predecessor, Hugo Chavez, that have left Venezuela in the position that it finds itself in.