Ecuador: Redistribution of Poverty (Opinion)

Leonard Quinde Allieri “Opinion”/PANAMPOST

Correa’s administration is very proud to say that over the last 10 years, it has managed to double Ecuador’s GDP. What they do not say is how they have generated this increase — irresponsible spending that has damaged the economy. Correa mismanaged the highest oil revenues in Ecuadorian history. And what is worse, oil was not Ecuador’s highest income; taxes were.

Correa’s adminstration has imposed so many taxes that Ecuadorians now have to pay about 30 different fees.Ordinary citizens have less money in their pockets to invest in projects that could have met the needs of others in a more beneficial way. As public spending increased, private investment declined and drove private enterprises out of the country.

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All of this originates in one of the fundamental principles of Correa’s management — redistribution of wealth — that many socialists love but which is really only a “redistribution of poverty” in disguise. Even if the government did redistribute the wealth of the richest people in Ecaudor, the rest of the population would receive less than US $5 each. Not much of a difference-maker. Read Full Opinion