Has Milei Delivered What He Promised? - Good Times Bad Times (The 20s Report)

[TexasTowelie]

December 10th marked one year since Javier Milei took the helm in Argentina which was plagued by constant economic chaos in a bid to restore its former luster. Milei took over a country burdened by heavy debt, high levels of social spending, and a massive inflation rate of more than 200% a year. One year true it hit almost 300% in the following months, but after 12 months the December reading showed a reduction to 17 % falling almost three times in a few months.

What's more since Milei took over the leadership of the South American state almost as if by magic the budget which had previously been chronically in deficit began to record very large surpluses. However, there was little magic in this action, but instead a thoughtful albeit controversial economic strategy. Its symbol became a chainsaw with which the Argentine was to cut down all the parasites of the State against which as he himself mentioned in an interview with The Economist. He slashed government spending by removing half of government ministries and laying off more than 30,000 government employees, cutting energy and transportation subsidies, suspending infrastructure projects, and freezing public sector salaries.

While inflation is reduced, more than half of Argentines live in poverty. Meanwhile, even though inflation is falling it is still relatively high and the lack of government support has made life even more difficult for millions of citizens let's take a look at where the Milei ship is drifting.

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Argentina announced today that they are withdrawing from the World Health Organization.

[appalachiablue]

1. Thanks for posting. Argentina is a wreck.