Venezuela’s authoritarian leader is not cutting his own power, just the literal power of millions of Venezuelans. The majority who voted for Chavez twice and for his constitutional amendment that suspended term limits are reaping what they have foolishly sown. Socialism is “the road to serfdom” and news from Venezuela brings proof of the axiom every week.

First inflation, the food shortages and now the lights are literally dimming in what was once the richest Latin American nation.

Venezuela has acquired $800 billion in oil revenues during Chevez’s tenure, but much of it has squandered by inefficient welfare meant to buy votes. Few has been invested in infrastructure. Only 25% of the budget meant for power has been spent. The nation’s largest thermal plant has four out of five of its turbines out of operation. On top of all this, Chavez has nationalized the private industry, as if you think the U.S. Post Office is inefficient imagine a state enterprise in a declining developing nation. Venezuela has less power capacity while demand has risen 4.% every year for the last several years.

Thus the nation is suffering recurring blackouts - six since 2007. With the way things are going it will not be long until Chavez demands rationing as part of his demanded sacrifices for “21st Century Socialism.”

Chavez is already hinting at that when it comes to water, which is also failing to meet demand due to poor levels of investment under the reign of Chavez.

In reply to criticism of the falling supple of water, the president scuffed: “Some people sing in the bath for half an hour. What kind of communism is that? Three minutes is more than enough!”

Three minute showers? Is this the utopia Chavez hopes to usher in?

Source: The Economist. Losing power.