An official US Congressional Research Service report issued April 28, Venezuela: Background and US Relations, suggests the Venezuelan government has valid arguments that the USA contributed to its decline.
“It is difficult to attribute precisely the extent of Venezuela’s economic collapse that is due to US sanctions versus broad economic mismanagement. A February 2021 Government Accountability Office report asserted that “sanctions, particularly on the state oil company in 2019, likely contributed to the steeper decline of the Venezuelan economy.” The Maduro government has defaulted on all its bonds, and US sanctions prohibit debt restructuring with creditors.”
The report admits: “The trigger for Venezuela’s economic crisis was the crash in world oil prices in 2014.”
“…The Bolivarian project inspired optimism across the international left. Chavez enjoyed mass support and his commitment to a Bolivarian alliance across Latin America promised new possibilities in the context of the “pink tide.” But the reality is that Chavismo’s original supporters are now in exile or living a continuing economic crisis inside the country. There is no definition of socialism that can justify the coexistence of extravagant wealth and extreme poverty. The promise of Chavismo was betrayed. It now exists only in the words of a corrupt and repressive new ruling order, and in the memory of the left.”