The graph on the left shows Venezuela’s Gross Domestic Product (GDP) from 1960 to 2009. GDP is defined as the total value of all goods and services produced in a country’s economy over a specified period. In other words, it’s like saying the money generated by a business; if that business is Venezuela, it’s all the cash generated in a year. From World Bank figures, we can calculate how much money has come in, with a crucial caveat: the total amount coming in doesn’t indicate how much is left after all outstanding bills are paid. For instance, if the business sold 1 million dollars worth of beer, it must pay Polar for the cost of the beer first, and what remains can then be considered profit. Out of that profit, there are expenses like rent, utilities, employee salaries, taxes, etc., and on top of that, there’s the need to save.
Alright. Between 1960 and 1998, the business received a staggering 1,613,778,000,000.2 dollars. To put it differently, that’s one trillion, six hundred thirteen billion, seven hundred seventy-eight million dollars. During this period, after settling all debts, the managers of the business constructed roads, highways, millions of housing units for Venezuelan families, schools, hospitals, hydroelectric plants, universities, refineries, ports, and airports. They also acquired ships, aircraft, weapons, and technology. Additionally, they paid salaries to millions of public employees, provided free education from primary to university levels for millions of Venezuelans, and ensured free hospital care for millions. They even established another major business called PDVSA, which significantly boosted sales and revenues. It can be stated that the infrastructure of Venezuela was built during those years, from 1960 to 1998.
In 1999, dictator Hugo Chavez came to power. From 1999 to 2009, the business received 1,820,882,000,000.6 dollars. In simpler terms, that’s one trillion, eight hundred twenty billion, eight hundred eighty-two million dollars, and six cents. Over ten years, the business’s administrator, widely known as Commander President Hugo Chavez, received 207,104,000,000.4 dollars more—so, two hundred seven billion, one hundred four million dollars—more than the previous administrators received in the last 38 years. It’s worth repeating: in ten years, Hugo Chavez collected more money than Rómulo Betancourt, Raul Leoni, Rafael Caldera, CAP, Luis Herrera Campins, Jaime Lusinchi, CAP II, Octavio Lepage, Ramon J. Velazquez, and Rafael Caldera II, combined.
Let me put this figure into perspective. Almost all of Europe was rebuilt after World War II with a plan called Marshall, which would be equivalent, adjusted for today’s prices, to 115,000,000,000 dollars (one hundred fifteen billion). The countries that received funds for their reconstruction included Austria, Belgium, Luxembourg, Denmark, France, Germany, Greece, Iceland, Ireland, Italy, the Netherlands, Norway, Portugal, Sweden, Switzerland, Turkey, and the United Kingdom. I won’t insult the intelligence of readers by glossing over comparisons between these countries and Venezuela in terms of development, infrastructure, population size, economy, and so on. Hugo Chavez received over 15 times that amount.
So can someone explain to me what the heck Commander President Hugo Chavez did with all that cash? How can the state of Venezuela be understood after accumulating such a fortune? Did socialism manage to build more houses, schools, roads, hospitals, avenues, ports, airports, refineries, hydroelectric plants, etc., in 10 years compared to what previous governments achieved in 38? And finally, does anyone in Venezuela still doubt that the coup leader Chavez and his accursed communists should be prosecuted and locked up until they die?