Why should Americans care if Venezuela becomes a failed state?

For one thing, the Venezuelan crisis could spill over its borders and undermine neighboring countries and the continent as a whole.
"One of the successes of the Western Hemisphere is that almost all the countries — Cuba excepted — are democracies. And that's a model Americans believe in," said O'Neil.

"That matters to the U.S.," she added.

A disintegration of the government will also reverberate economically and in terms of security.

"A collapse of the state in Venezuela will produce financial, economic, regional and security risks for the United States," said Arnavat, who also served as U.S. Executive Director at the Inter-American Development Bank, the largest source of development financing for Latin America and the Caribbean, during the administration of President Barack Obama.

There could also be a huge impact on oil prices in the U.S. If the government truly collapses, it could negatively impact oil production in Venezuela, a founding member of OPEC, which in turn could mean higher prices at the pump in the U.S. and worldwide.

There is also a fear that if there is a power vacuum, the country could become a safe harbor for terrorists and drug traffickers — which could have a destabilizing effect in the region and potentially even create a migration crisis in neighboring countries.

"From a humanitarian perspective, and given the presence of several hundred thousand residents in the U.S. of Venezuelan origin, the vast majority of which Iives in Florida, there will be an urgent call for action for the U.S. to step in and provide assistance," said Arnavat.