2,339 karma · joined November 8, 2022
https://fred.stlouisfed.org/series/WFRBST01134
Your expectations aren't matching reality
The cuban government via National Office of Statistics and Information admitted it fell by at least 10%, but have not done a census in 15 years. Independent estimates range form 18-24%.
However, under the Trump admin it has turned into a de-facto blockade of all fuel, which really isn't the embargo, it's a new blockade by the US against Cuba. So I don't get why we blame it on the embargo when the current problems are clearly caused by the blockade.
Cuba's previous economic problems are driven by a complete lack of economic reforms, as unnamed Chinese officials said in this FT article two years ago:
https://www.ft.com/content/9ca0a495-d5d9-4cc5-acf5-43f42a912...
"China publicly supports Cuba’s right to choose its own path to economic development “in line with its national conditions”, but privately Chinese officials have long urged the Cuban leadership to shift from its vertically planned economy to something closer to the Chinese model, according to economists and diplomats briefed on the situation.
Chinese officials have been perplexed and frustrated at the Cuban leadership’s unwillingness to decisively implement a market-oriented reform programme despite the glaring dysfunction of the status quo, the people said."
I agree what the US is doing is horrible, but Cuba is not blameless on their overall situationThe improvement in air quality is due to the clean air act, catalytic converters, and the shuttering of industry, the gas blend plays a minor part. Even then, with gas so much higher it will materially make peoples lives worse, at some point society would be better off getting rid of the blend.
In this case nobody is forcing them to buy a dodgers ticket. It’s a completely optional and absurdly expensive luxury good that is purely for leisure. They can simply not but a ticket if they don't want to accept conditions of sale.