As U.S. President Donald Trump promises a sweeping economic revival for Venezuela backed by American intervention and investment, many Venezuelans say those pledges feel distant from the harsh realities they face each day.
At a crowded street market in Caracas, utility worker Ana Calderón scans prices she can no longer afford. Basic food staples have surged in recent weeks, with meat costing more than $10 per kilogram — roughly 25 times the country’s monthly minimum wage. “Food is incredibly expensive,” she says. “Everything is so expensive.”
While Trump has vowed that U.S. involvement would rebuild infrastructure, revive the oil sector and usher in prosperity, residents are grappling with inflation, currency collapse and deepening poverty. Many work multiple jobs yet still struggle to feed their families. Children go to bed early to escape hunger, and parents are forced to choose between buying food and filling prescriptions. An estimated eight in 10 Venezuelans live in poverty, driving millions to flee the country in recent years.
The contrast between political rhetoric and daily hardship has only sharpened following the dramatic capture of former president Nicolás Maduro. While the news has sparked hope that change may finally be coming, economists caution that meaningful improvements will take time.
Luisa Palacios, a Venezuelan-born economist at Columbia University’s Center on Global Energy Policy, says people sense a shift in outlook but see little improvement on the ground. “They’re hopeful,” she said, “but that doesn’t mean things will change immediately.”
In Caracas neighbourhoods like Catia and Petare, once-bustling markets have grown quieter as prices climb and customers stay away. Vendors adjust prices daily to keep pace with currency fluctuations, as the bolivar continues to slide against the U.S. dollar. “Inflation and more inflation,” said Neila Roa, a street vendor selling cigarettes while holding her infant. “It’s out of control.”
Trump has said proceeds from Venezuelan oil sales would eventually benefit the population, though much of the administration’s focus so far has been on restoring oil output, expanding U.S. investment and stabilizing the electricity grid. The White House is set to meet with American oil executives to discuss Venezuela’s vast but struggling energy sector. Trump has acknowledged that reviving oil production could take years.
Venezuela holds the world’s largest proven oil reserves, but decades of mismanagement, corruption and declining output have devastated the economy. Under Hugo Chávez, oil revenues once funded expansive social programs. Under Maduro, collapsing production, sanctions and policy failures pushed millions into poverty and erased much of the middle class.
According to the International Monetary Fund, Venezuela’s inflation rate stands at an estimated 682 per cent — the highest among countries it tracks. The minimum monthly wage, about $0.40, has not increased since 2022 and sits far below the United Nations’ extreme poverty threshold.
Economists warn that even a revitalized oil industry would not bring immediate relief. “Short term, most Venezuelans will not feel economic improvement,” said Usha Haley of Wichita State University. “One oil sale won’t fix runaway inflation or a collapsing currency.”
For now, many Venezuelans rely on a familiar mantra to survive: resolver — to figure it out. Each day requires careful calculation, from buying groceries to boarding a bus. As Calderón left the market with only celery — unable to afford meat for her soup — she summed up the reality facing millions: promises of recovery may be coming, but daily survival remains the priority.
