system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: How can a country like Venezuela, with more oil than Saudi Arabia be broke?
gpt
Mostly poor planning.  

Venezuela's government wanted to help the poor, so they put a lot of money into social programs.  
This included money that was supposed to be going to the national oil company that makes up most of their income.  

When the oil company people protested, Hugo Chavez responded by firing a bunch of them, and replacing them with people loyal to himself.  

So, since like 2006, the amount of oil Venezuela has been producing has been decreasing.  

On top of that, the government decided to fight an economic recession by setting a price that everything must be sold at, along with how much people need to be paid.  

This price was so low that it meant that companies couldn't afford to sell that much, so people with more money (from the higher pay) paid more for the stuff that was there, driving prices up.  This kept occurring, and the resulting inflation broke most structure in the nation.  

Since Venezuela's currency became worthless, and the amount of income in other bills dropped with the loss of oil, the government has needed to step in and keep paying for food and stuff for the poor.  What this meant though is that the government has just been pushing the problem down the road, rather than solving it.  

Which, after years of trying to deal with the problem in front of their face, has crashed their economy entirely.