Related videos:
The journalist David Asman from Fox Business stated in an interview with Fox & Friends that Cuba and Venezuela are the most evident proof of the "historical failures of socialism" in the hemisphere.
"Asman recalled that capitalism is losing ground in the United States, where only 54% of the population views it positively — a decline of 6% since 2021 — while nearly half of young people hold a favorable view of socialism," the channel pointed out in the introduction to the report.
The communicator, who worked at the Wall Street Journal, claimed to have seen “many socialist experiments in Latin America” and described their outcomes as “an abject failure.”
During the broadcast, Asman revisited the Cuban case starting from 1959, when Fidel Castro denied being a communist to the international press. “That was a lie in a short time”, remarked the journalist, recalling how the island transitioned from having a dynamic business sector to experiencing a massive exodus to Miami.
The report included statements from Francis Suárez, the Cuban-American mayor of Miami, who stated: “Castro implemented equality in misery, equality in repression, and equality in poverty.”
Data cited in the program indicated that in 2023 extreme poverty in Cuba reached 88%, a figure that —according to Asman— is likely even worse today, given the lack of transparency in official statistics.
Venezuela: From Oil to Hyperinflation
The analysis also focused on Venezuela, “a nation that was once prosperous and immensely wealthy in oil,” but which, under Chavismo, fell into one of the deepest economic crises in the region.
The Venezuelan immigrant and activist Daniel Dimartino stated that the government “destroyed the industry with price controls, high taxes, and expropriations, turning one of the richest countries into one of the poorest in the world”.
The report noted that Venezuelan inflation reached 63,000% in 2018, and although it descended to 225% in recent years, it remains one of the highest in the world.
“Socialism doesn’t work.”
Asman insisted that the young Americans who today express sympathies for socialism “have not been educated with real examples” and that they have never witnessed the consequences of it up close in countries like Cuba, Nicaragua, Bolivia, or Venezuela.
He even emphasized that the Cuban system survived for decades thanks to Soviet funding, which represented as much as 60% of the GDP, but after the collapse of the USSR, "88% of Cubans ended up in extreme poverty."
For the journalist, socialism —whether "hard" or "soft"— "does not work," and he stated that next week Fox will tackle the "socialist experiments in Europe," which are also deemed failures.
Frequently Asked Questions about the Collapse of Socialism in Cuba and Venezuela
Why is socialism considered to have failed in Cuba and Venezuela?
Socialism is considered a failure in Cuba and Venezuela due to corruption, poor economic management, and authoritarian policies that have led to severe economic crises in both countries. In Cuba, the collapse was exacerbated after the fall of the Soviet Union, which supported a large part of its economy. In Venezuela, the economy plummeted due to price control policies, expropriations, and poor management of oil wealth.
What is the current economic situation in Cuba?
The economic situation in Cuba is critical, with 88% of the population living in extreme poverty, according to estimates. There is a shortage of medicines, food, and fuel, and inflation has exceeded 500% in recent years. Investment in essential sectors such as health and education is minimal, while large sums are allocated to tourism controlled by military conglomerates.
How has chavismo affected the economy of Venezuela?
Chavismo has led Venezuela into a profound economic crisis by implementing price controls, high taxes, and massive expropriations, destroying the oil industry and pushing the country into hyperinflation. Inflation reached 63,000% in 2018 and, although it has decreased, it remains one of the highest in the world.
What impact does the crisis have on the daily lives of Cubans?
The crisis has severely deteriorated the quality of life for Cubans. The lack of access to basic services such as electricity, drinking water, and gas has led thousands to cook with firewood, harming the environment. The scarcity of food and medicine has resulted in food insecurity and an increase in diseases related to malnutrition.
Filed under: