By Taxpayer Association of Oregon
- Venezuela used to have the 4th highest per capita income in the world.
- Venezuela used to have the world’s fastest economy.
- Venezuela used to be one of the most fortunate regions in the world with their Caribbean coast, tropical islands and the world’s largest oil reserves.
Yet it is all slowly coming apart over the past few decades as the government enacted socialism policy of rent control, product price controls and limits on property rights.
Radical socialism paved the way for dictators who increased government control over every part of life in exchange for giving some of it back in higher entitlements and new expensive social program hand-outs to the masses. Even by spending nearly a TRILLION dollars in oil money over 14 years, the government ran out of money in the end — proving that even if socialism has a magic source of revenue — it always spends itself into debt oblivion.
The end result is that Venezuelans have neither their rights, their democracy or their economy anymore.
Its economy has had one of the biggest collapses and out-migrations of any nation in the past 70 years. Inflation went up by 1.3 million percent causing massive starvation.
Here we have today Oregon Governor Kate Brown signing the nation’s first statewide rent control bill earlier this year. It is modeled after New York rent control which most economist regard as a policy failure. Oregon is officially following the lead of New York which had the biggest decline in population of any state in America in 2018.
Since Gov. Kate Brown signed the bill, I have had heard three different stories of people now trying to get out of the rental market. It is that bad. Although Oregon is far from the levels of corruption and dictatorship of Venezuela, we are however following in the same path of government over-reach that produces more government over-reach which leads to greater problems down the road.
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