As I write this column, just days before New Year’s Eve 2019, we are being bombarded by great news about the U.S. economy under President Donald Trump. It doesn’t get any better than this.
The NASDAQ just hit 9,000 for the first time in history. It’s up a remarkable 11 days in a row. The Dow Jones Industrial Average and the S&P 500 also hit new highs. We just received confirmation from China that the “phase one” trade deal is close to being signed.
We also found out that global stock markets — led almost entirely by U.S. markets — gained $17 trillion in wealth in 2019. The entire world is getting rich because of President Trump and his pro-business, pro-growth, low-tax economic policies.
And I really like this headline at CNBC: “Trump stock market rally is far outpacing past U.S. presidents.”
It’s no surprise, then, that despite impeachment, President Trump is running away with the 2020 election. As James Carville once coined, “It’s the economy, stupid.”
The latest Economist/YouGov poll shows Trump in a landslide. When asked who would probably win the 2020 election, Trump beat Joe Biden by 6 points, Bernie Sanders by 26, Elizabeth Warren by 30 and Pete Buttigieg by 41.
But Venezuela proves it could all change quickly. Venezuela is the canary in a coal mine for the U.S. economy. Venezuela went from being the richest country in Latin America to nightmare, tragedy and mass starvation.
If we’re not careful, the tragic downfall could begin right around this time next year. If we elect a President Sanders or President Warren (or any number of radical, extreme Democrats extolling the virtues of socialism) next year, we could be ushering in an era of socialist suicide. Can you imagine?
Earlier this year, a 20-year-old man named Daniel Di Martino tried to warn us in a USA Today commentary. He was born and raised in Venezuela. He lived his entire life under socialism. But he was blessed to escape to America.
He explained how it happened in Venezuela — with all the same socialist ideas and fantasies being preached by Democrats today: free everything; guaranteed jobs for everyone; welfare galore; minimum wage hikes; massive new taxes and regulations; a government takeover of entire industries, such as health care; price controls; massive money printing.
These were the downfall of Venezuela.
Today, there are few jobs in Venezuela. Most people live in misery. There is rationed electricity; no running water for days on end; rampant inflation, with prices doubling every two weeks. There are nonstop blackouts, shortages of diapers and toilet paper, empty supermarket shelves, four-hour lines to buy toothpaste or flour.
Di Martino’s parents earned thousands of dollars per month as professionals in 1999. By 2016, they earned less than $2 per day.
Do you understand that the socialist regime in Venezuela nationalized electricity and water to make them “free”? Now no one has any.
This is where socialism leads. I haven’t even mentioned the banning of free speech, and the jailing and torturing of opposition politicians and protesters.
Just like in Venezuela, it won’t happen overnight. But a long, tragic nightmare could begin around this time next year.
Keep that in mind as you celebrate Trump’s booming, roaring, rockin’ economy on New Year’s Eve.