Venezuelan President Nicolás Maduro. Photo: Federico Parra/AFP/Getty Images

Venezuela is facing a bleak future after the sham re-election of President Nicolás Maduro last weekend; the Wall Street Journal's Anatoly Kurmanaev writes that what's left "is exile or further misery."

The big picture: The overwhelming economic crisis in Venezuela has spurred a global migrant crisis — around 5,000 Venezuelans are fleeing each day — and Kurmanaev says Maduro's election "snuffed out the last glimmer of hope that their lives can improve."

The state of play: Hyperinflation is on track to reach 14,000% this year while the economy will have diminished by 35% in five years, at the end of 2018, per WSJ.

  • The poverty rate "rose from 48% to 87%" from 2014-2017 as 10% of Venezuelans — around 3 million — have fled the crime-stricken country.
  • However, many of the ruling elite are "barred...from trips to the U.S. and much of Europe."

Weak cash flow: Per Kurmanaev: "Cash is extremely scarce, card payment networks are overloaded, cell phone coverage is worse than in Syria, and online banking systems constantly crash because of underinvestment. Paying for a cup of coffee can take an hour."

Go deeper

Trump pushes to expand ban against anti-racism training to federal contractors

Trump speaking at Moon Township, Penns., on Sept. 22. Photo: Mandel Ngan/AFP via Getty Images

President Trump announced late Tuesday that the White House attempt to halt federal agencies' anti-racism training would be expanded to block federal contractors from "promoting radical ideologies that divide Americans by race or sex."

Why it matters: The executive order appears to give the government the ability to cancel contracts if anti-racist or diversity trainings focused on sexual identity or gender are organized. The memo applies to executive departments and agencies, the U.S. military, federal contractors and federal grant recipients.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 31,467,508 — Total deaths: 967,881— Total recoveries: 21,583,915Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m. ET: 6,890,662 — Total deaths: 200,710 — Total recoveries: 2,646,959 — Total tests: 96,612,436Map.
  3. Health: The U.S. reaches 200,000 coronavirus deaths — The CDC's crumbling reputation — America turns against coronavirus vaccine.
  4. Politics: Elected officials are failing us on much-needed stimulus.
  5. Business: Two-thirds of business leaders think pandemic will lead to permanent changes — Fed chair warns economy will feel the weight of expired stimulus.
  6. Sports: NFL fines maskless coaches.
Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

GoodRx prices IPO at $33 per share, valued at $12.7 billion

Illustration: Sarah Grillo/Axios

GoodRx, a price comparison app for prescription drugs at local pharmacies, on Tuesday night raised $1.14 billion in its IPO, Axios has learned.

By the numbers: GoodRx priced its shares at $33 a piece, above its $24-$28 per share offering range, which will give it an initial market cap of around $12.7 billion.

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