I mean, literally. You and me are going to have to pay for his reelection … out of our own pockets.
Ultimas Noticias reports on numbers from the Ministry of Finance saying that, just the last year, Venezuela’s foreign debt increased from roughly $80 billion to about $100 billion.
That increase, divided by Venezuela’s population, comes out to $800 per person.
In other words, each Venezuelan paid $800 for a spurt in government spending that was pro-cyclical, completely unnecessary and entirely uncalled for.
The economy was growing last year, and basic common sense tells you that you should manage cycles by saving when times are good and borrowing when times are bad.
Last year was good in economic terms, but that didn’t stop the government from borrowing and borrowing some more. I don’t think I need to spell out what they used the money for. It certainly wasn’t spent on public safety.
Think of Doña Petra out in El Pilar, Estado Sucre, with her ten kids, no husband, no job, and living in an adobe hut. Doña Petra’s family, all eleven of them, owe China roughly $9,000 … just because Chávez wanted to be re-elected comfortably.
I wonder how much his sure-to-be-over-the-top funeral is going to cost her.
HT: GEHA.Caracas Chronicles is 100% reader-supported. Support independent Venezuelan journalism by making a donation.