Poverty in Argentina soars to over 50% as Milei’s austerity measures hit hard

[dimsum]

Poverty in Argentina soars to over 50% as Milei’s austerity measures hit hard

Far-right president has been battling inflation by imposing steep cuts in spending, resulting in widespread poverty

www.theguardian.com

Well that’s not good.

 

[suffolkowner]

Poverty in Argentina soars to over 50% as Milei’s austerity measures hit hard

Far-right president has been battling inflation by imposing steep cuts in spending, resulting in widespread poverty

www.theguardian.com

Well that’s not good.

sadly not surprising

 

[Humphrey Bogart]

Completely expected. The idea is short-term pain for long-term gain.

 

[YZT580]

Completely expected. The idea is short-term pain for long-term gain.

the results of having "leaders" who believe that the budget will balance itself. There but for the grace of God.....

 

[Quirky]

Roadmap for Canada….

 

[dimsum]

Roadmap for Canada….

By electing a far right govt whose main policy is to cut services? Yup.

 

[SeaKingTacco]

By electing a far right govt whose main policy is to cut services? Yup.

Decades of ignoring economic reality.

I doubt Melei would describe himself as “right”, but…

Left. Right. Doesn’t matter. Eventually, somebody has to clean up the mess once the reckoning arrives.

 

[ArmyRick]

Decades of ignoring economic reality.

I doubt Melei would describe himself as “right”, but…

Left. Right. Doesn’t matter. Eventually, somebody has to clean up the mess once the reckoning arrives.

Very true. Racking up the credit card seems like a really good idea until it is time to pay it off.

 

[ArmyRick]

By electing a far right govt whose main policy is to cut services? Yup.

I will take my "calm" approach.

What is the alternative to racking up massive debt for a nation? What other course of action can they take? Its too easy for one government to run up the bills sky high but payment comes due. What alternatives do they have?

 

[Quirky]

By electing a far right govt whose main policy is to cut services? Yup.

You're right, our current system is so much better.....

 

[Humphrey Bogart]

This isn't really a left or right issue and construing it as such is a mistake. Of course, both sides will say what things they are going to do to solve the Country's economic woes.

Argentina has been a ticking time bomb for decades as a consequence of "Peronism" and something had to be done to combat runaway inflation and the economic malaise that has plagued the Country.

The Peronists have basically been in power for decades now and Argentina's malaise is entirely on their shoulders. Milei's success politically is 100% down to the fact, he is not a "peronist". He rode that wave to massive political victory on the promise of doing things differently.

Of course, he will be unpopular with numerous factions. Imagine a political leader that walked in to Canadian Politics and pledged that he was going to fire 70,000 Government workers in his first year in office...

Milei to Cut 70,000 State Jobs, Boasting of Chainsaw Austerity

Argentine President Javier Milei plans to fire 70,000 government workers in the coming months in one of the clearest signs yet of how the libertarian’s chainsaw-style approach intends to slash the swollen state.

www.bloomberg.com

The results of this experiment will be interesting to observe.

 

[Quirky]

Very true. Racking up the credit card seems like a really good idea until it is time to pay it off.

"Interest rates are at historic lows, Glenn."

 

[Quirky]

Imagine a political leader that walked in to Canadian Politics and pledged that he was going to fire 70,000 Government workers in his first year in office...

You don't make it part of your platform. You get elected then announce the firing of 70k gov workers and shut down the useless government departments like Ministry of Genders, or whatever the hell it was called.

 

[ArmyRick]

For reference

Peronism - Wikipedia

en.wikipedia.org

 

[PuckChaser]

By electing a far right govt whose main policy is to cut services? Yup.

I know this goes against some people's world view, but he's also cut inflation down from 23% to 4%, and the far left government he took over put them on an annualized inflation trajectory of 230%. I have a feeling that might be more of the cause of poverty going from ~42% last year to 52% now.

But far right boogeyman is a good soundbite.

 

[Humphrey Bogart]

You don't make it part of your platform. You get elected then announce the firing of 70k gov workers and shut down the useless government departments like Ministry of Genders, or whatever the hell it was called.

That is actually what got Milei elected. He didn't even lie or say this wouldn't happen. In fact, he said poverty would temporarily increase as a result of his cuts:

Milei to Cut 70,000 State Jobs, Boasting of Chainsaw Austerity

Argentine President Javier Milei plans to fire 70,000 government workers in the coming months in one of the clearest signs yet of how the libertarian’s chainsaw-style approach intends to slash the swollen state.

www.bloomberg.com

 

[Humphrey Bogart]

I know this goes against some people's world view, but he's also cut inflation down from 23% to 4%, and the far left government he took over put them on an annualized inflation trajectory of 230%. I have a feeling that might be more of the cause of poverty going from ~42% last year to 52% now.

But far right boogeyman is a good soundbite.

It was clear to everyone that the current trajectory in Argentina could not continue.

What I think is crazy is the same people going off about this didn't bat an eye when the former President was found guilty in a $1bn dollar fraud case and sentenced to 6 years in jail.

Argentina’s Cristina Fernández sentenced to six years in $1bn fraud case

Vice-president and former president also given lifelong ban on holding public office after being found guilty

www.theguardian.com

 

[Brad Sallows]

Must be interesting managing large asset sales in a high-inflation environment. I suppose the leisurely one- to two-month closing intervals we see here on house sales would be much shorter - sellers would want the agreed price ASAP in order to be able to use it before inflation erodes it, or would have to quickly make their own purchasing decision and lock it in. An entire chain of sequenced transactions could exist, and wouldn't it set the cat among pigeons if someone had to back out and the consequence cascaded. Or maybe they just have to eat the cost of inflation for that short interval, which wouldn't be as big a deal if home prices are generally lower multiples of earnings and other transaction costs (commissions, taxes) are lower.

 

[Halifax Tar]

It was clear to everyone that the current trajectory in Argentina could not continue.

What I think is crazy is the same people going off about this didn't bat an eye when the former President was found guilty in a $1bn dollar fraud case and sentenced to 6 years in jail.

Argentina’s Cristina Fernández sentenced to six years in $1bn fraud case

Vice-president and former president also given lifelong ban on holding public office after being found guilty

www.theguardian.com

I know this goes against some people's world view, but he's also cut inflation down from 23% to 4%, and the far left government he took over put them on an annualized inflation trajectory of 230%. I have a feeling that might be more of the cause of poverty going from ~42% last year to 52% now.

But far right boogeyman is a good soundbite.

It has everything to do with political biases.

 

[ArmyRick]

But far right boogeyman is a good soundbite.

@dimsum take note. I personally think (in other words opinion not fact) your comment above was a passive aggressive swipe at people who don't share your views.