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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

Chris Cuomo accuser: On-air "hypocrisy" spurred report

Journalist Chris Cuomo. Photo: Gilbert Carrasquillo/GC Images

A woman who accused fired CNN journalist Chris Cuomo of sexual misconduct said Sunday she decided to come forward after learning of his comments about women who made similar accusations about his brother. He denies her allegations.

Why it matters: Her attorney Debra Katz said in a statement that she heard "the hypocrisy" of his on-air words about his brother, former New York Gov. Andrew Cuomo, and was "disgusted by his efforts to try to discredit these women," so "retained counsel to report his serious sexual misconduct against her to CNN."

Updated 3 hours ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: CDC director says number of U.S. Omicron cases "likely to rise" — Two years of COVID-19 — Prior coronavirus infections may not protect well against Omicron.
  2. Vaccines: Data demonstrates most-vaccinated counties less vulnerable to worst of COVID — Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters.
  3. Politics: Nevada to impose insurance surcharge on unvaccinated state workers — New Jersey GOP lawmakers defy statehouse COVID policy — Oklahoma sues Biden administration over Pentagon vaccine mandate.
  4. World: Vaccine mandates lose steam in the U.S. while Europe doubles downWHO: Delta health measures help fight Omicron — COVID cases surge in South Africa in sign Omicron wave is coming.
  5. Variant tracker: Where different strains are spreading.

Vulnerable Democrats: Less Trump talk

Illustration: Aïda Amer/Axios

Vulnerable House Democrats are convinced they need to talk less about the man who helped them get elected: President Trump.

Why it matters: Democrats are privately concerned nationalizing the 2022 mid-terms with emotionally-charged issues — from Critical Race Theory to Donald Trump's role in the Jan. 6 insurrection — will hamstring their ability to sell the local benefits of President Biden's Build Back Better agenda.