Communism Takes Another Victim

Chávez wins Venezuela’s Presidential race. The Economist (Paid Subscription) reports,

Furthermore, the president has remained popular among Venezuela’s poorest, despite the way his policies have impoverished the country. Since he was first elected six years ago, Venezuelans’ average income has fallen by around a quarter. The recent surge in oil prices has showered the government in oil revenues, allowing Mr Chávez to introduce some populist social programmes that may have swung him the vote. But these handouts are unlikely to compensate fully for years of steep economic decline, nor for roaring inflation (around 30% last year).

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