[Congressional Record (Bound Edition), Volume 162 (2016), Part 3]
[House]
[Pages 3217-3218]
[From the U.S. Government Publishing Office, www.gpo.gov]




                   AMERICA MUST LEARN FROM VENEZUELA

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Alabama (Mr. Brooks) for 5 minutes.
  Mr. BROOKS of Alabama. Mr. Speaker, America has led the world 
culturally, scientifically, militarily, in freedom, and in many other 
ways, but if America does not stop its overspending and binge 
borrowing, then we are doomed to follow the footsteps of countries that 
chose to be financially irresponsible and are condemned to suffer the 
same dire consequences.
  America need not speculate on our fate. Rather, America must learn 
from bad example countries, such as Venezuela, a socialist country that 
has already walked the financially irresponsible path America, 
unfortunately, is on.
  Venezuela suffered the world's highest inflation rate, at 275 
percent, in 2015. According to the International Monetary Fund, 
Venezuela's 2016 inflation rate will be 720 percent. Compare that to 
America, where 3 to 5 percent inflation causes concern.
  To put Venezuela's inflation rate in everyday terms, let's apply it 
to things we buy. If a gallon of milk costs you $3 today, it will cost 
you $21 a year from now. If a pound of ground beef costs you $4 today, 
it will cost you $28 a year from now. A new car that costs you $25,000 
today will cost you $175,000 a year from now.
  But the damage and danger does not end with hyperinflation. The 
International Monetary Fund reports Venezuela is experiencing 
``widespread shortages of essential goods, including food, exacting a 
tragic toll.'' Grocery stores have rows and rows of empty shelves. 
Venezuelans can't find food to feed their families and form long lines 
outside of stores, hoping to buy whatever is in stock, from sugar to 
shampoo.
  In response, Socialist President Maduro has ordered police to limit 
consumers to two shopping days per week at government-owned food 
stores. One frustrated Venezuelan shopper noted: ``It is exasperating, 
but it is the only way to get food in Venezuela.''
  Inflation and food shortages are only the tip of the iceberg. When 
supplies run out, when jobs can't be found, violence erupts. In just 1 
month in 2014, violent street riots killed 43 Venezuelans, blocking 
citizens from accessing food, transportation, and medical services. 
Occupied buildings were torched, injuring hundreds.
  Venezuela is now one of the most violent countries in the world, with 
a chilling 82 homicides per 100,000 population, roughly 20 times worse 
than America's homicide rate. Caracas, Venezuela's capital, is the 
world's most violent city, with a war-zone-like 120 murders per 100,000 
citizens.
  Venezuela's insolvency has forced it to slash defense spending by 34 
percent, putting Venezuelan citizens at even more heightened risk of 
loss of life.
  Venezuela's tragedy is not because it is a resource-poor country. To 
the contrary, Venezuela has more proven oil reserves than any country 
on Earth, even more than the entire oil-rich North American continent.

[[Page 3218]]

  Venezuela's collapse is because of two things. First, Venezuela 
decided to experiment with socialism, an economic model that has failed 
every country that has tried it. Second, Venezuela's politicians were 
seduced by the lure of out-of-control spending financed by more 
borrowing and higher debt, the same temptation Washington politicians 
have succumbed to for decades.
  America must learn from Venezuela and every other country that has 
been financially irresponsible. Mr. Speaker, time is running out. 
Washington must balance the budget before America's debt burden spirals 
out of control. America cannot wait until our financial crisis is lost 
and it is too late to prevent the debilitating insolvency and 
bankruptcy that awaits us.
  I pray the American people will be good stewards of our Republic in 
2016 and elect Washington officials who both understand the threat 
posed by deficits and debt and have the backbone to fix it. Mr. 
Speaker, America's future depends on it.

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