In 1992, Venezuela was the 3rd richest country in the Western Hemisphere, powered by oil and a growing middle class. The aerial photo above was taken in 1980.
In 1998, Hugo Chávez was elected, promising to “redistribute wealth” and fix inequality. In 2001, the country voted again for socialism, framed it as “compassion and fairness.”
In 2003, the government imposed price controls and currency controls. Shortages began and black markets appeared. In 2004, private healthcare ended, as the entire medical system was put under the control of the government.
In 2006, inflation rose sharply as massive welfare programs expanded without real economic backing. In 2007, all higher education became “free.” In 2008, key industries were nationalized. Production dropped almost immediately.
In 2009, private gun ownership was banned. In 2010, the currency was devalued by 50%, crushing savings and accelerating inflation. In 2011, oil production began a steady decline due to mismanagement and lack of investment.
In 2013, Chávez died and Nicolás Maduro took power. In 2014, opposition leaders were arrested or silenced. In 2015, the nation’s GDP collapsed; hyperinflation began. In 2016, severe food and medical shortages spread nationwide.
In 2017, Maduro suspended the constitution. Elections were no longer meaningful. In 2018, iInflation exceeds 1,000,000%. Maduro “won” re-election. In 2019, unarmed civilians were killed by their own government. Millions flee the country.
In 2026, thanks to Donald Trump, Maduro was removed by force, liberating Venezuela after decades of hunger, fear, and mass graves.
- FYI: I saw most of this on a Facebook post for which I forgot to copy the link.
- https://en.wikipedia.org/wiki/Hugo_Ch%C3%A1vez
- https://www.statista.com/chart/35625/oil-production-venezuela/
- https://en.wikipedia.org/wiki/Nicol%C3%A1s_Maduro
- https://www.bbc.com/news/world-latin-america-46999668
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