Rush Limbaugh's Morning Update: Misery

When Venezuela's thug-dictator Hugo Chavez moved his country away from market-based capitalism to thug-based socialism, I predicted it was only a matter of time before Venezuela's economy would tank.

Well, I have a Reuters story right here in my formerly nicotine-stained fingers: Food shortages are now a part of life [for Hugo’s subjects]. Workers leave jobs for hours at a time searching for milk, cooking oil -- even beef. The shortages come despite the fact that Venezuela's economy is "overheating" and the country is awash in record oil revenues. (They're being confiscated, by the way, and redistributed.)

Government minions assign blame elsewhere. They say food shortages are the result of eeevil businessmen hoarding food supplies. (And George Bush!) They also blame poor people for rising demand. (And George Bush!) And it's not that bad -- they claim that the media is just exaggerating. (Except about George Bush.)

But despite price controls setting the price of powdered milk at 6 bucks a can, the stuff sells for twice that. The black market's growing, supplying consumers with scarce goods -- even as Hugo's government subsidizes supermarkets. Some stores are rationing food as in Cuba and the old Soviet Union. The government's seizing food from businesses that they say are hoarding supplies.

So a new prediction, folks: This is just the beginning. Things are going to get a lot worse. But that won't stop American liberals running to Venezuela to kiss Hugo's ring. Or, sadly, from demanding that we embrace the same economic model -- tax, confiscate, redistribute, and blame (Bush) -- that causes massive human misery every time it's tried.

By the way... Hugo -- Have you seen him lately? He is not starving!

Read the Background Material on the Morning Update...
• Reuters: Venezuelans Scramble for Food Amid Oil Opulence