Javier Milei promised to get to work to turn around Argentina’s struggling economy. After decades of left-wing economic policies under Peronism, the people of this South American nation had enough last year. Inflation is through the roof in Argentina, where 40 percent of the population now lives in poverty. While the nation’s left-leaning political elements tried to cast Milei as insane and a threat to democratic norms, the Argentinian people saw that the economy needed radical changes, and who else to lead that than the man who wields a chainsaw at political rallies, who wants to wage war against “s**t leftists.”
BREAKING:
— Visegrád 24 (@visegrad24) February 2, 2024
Argentine President Javier Milei just managed to push through his package of reforms that will transform the country’s economic system.
300+ laws will be repealed or amended.
State-owned companies are sold off & massive deregulation introduced
The vote? 144 vs 109 pic.twitter.com/SuT87tRZ33
He rolled out a hefty omnibus bill last month, loaded with reforms. Earlier this month, Milei delivered a “fiery” speech, promising to accelerate his reform agenda to right the ship, “Whether that's by law, presidential decree or by modifying regulations." He’s doing something right because inflation has dropped since he’s taken office (via Reuters):
Argentina's monthly inflation rate:
— End Wokeness (@EndWokeness) March 14, 2024
December: 25.5%
January 2024: 20.6%
February 2024: 13.2%
Argentina also just recorded its 1st budget SURPLUS in 12 years (of $589M)
Milei was inaugurated 3 months ago pic.twitter.com/nTOs7Dy9g7
Argentina's monthly inflation rate slowed down more than expected to come in at 13.2% in February, a boost for libertarian President Javier Milei who is pushing tough austerity to try to tame the world's fastest-rising prices.
The still sky-high monthly rate, published on Tuesday, marks a deceleration from January, when prices rose 20.6%, and December, when they were up 25.5%. Analysts polled by Reuters had expected February's inflation rate to land at around 15%.
The Associated Press has more:
Argentina’s inflation slowed in February for a second consecutive month, as right-wing President Javier Milei continues to push austerity and deregulation measures in an effort to revive the country’s struggling economy.
According to figures released Tuesday by the government’s INDEC statistics agency, Argentina’s monthly inflation slowed down to 13.2% in February, compared to 20.6% in January and 25.5% in December. On a yearly basis, however, inflation remains the highest in three decades, topping 276.2% in February.
Government officials and analysts foresee a surge in prices in March due to a combination of increases in the price of energy, fuel, private education and medical services, among others.
Milei’s government said in a statement that February’s inflation rate was the result of a “strong fiscal discipline.”
The problem here is that let’s say, Milei gets the lion's share of his reforms passed. He can only serve one more four-year term. Eight years and that’s if he wins re-election, doesn’t appear to be long enough to turn things around. All it takes is for another lefty to win, and Argentina remains an economic trainwreck.
For now, however, take a victory lap, President Milei.
