In inaugural speech, Argentina’s Javier Milei prepares nation for painful shock adjustment

[CharlieH]

BUENOS AIRES, Argentina (AP) — It wasn’t the most uplifting of inaugural addresses. Rather, Argentina’s newly empowered President Javier Milei presented figures to lay bare the scope of the nation’s economic “emergency,” and sought to prepare the public for a shock adjustment with drastic public spending cuts.

Milei said in his address to thousands of supporters in the capital, Buenos Aires, that the country doesn’t have time to consider other alternatives.

“We don’t have margin for sterile discussions. Our country demands action, and immediate action,” he said. “The political class left the country at the brink of its biggest crisis in history. We don’t desire the hard decisions that will need to be made in coming weeks, but lamentably they didn’t leave us any option.”

 

South America’s second largest economy is suffering 143% annual inflation, the currency has plunged and four in 10 Argentines are impoverished. The nation has a yawning fiscal deficit, a trade deficit of $43 billion, plus a daunting $45 billion debt to the International Monetary Fund, with $10.6 billion due to the multilateral and private creditors by April.

“There’s no money,” is Milei’s common refrain. He repeated it Sunday to explain why a gradualist approach to the situation, which would require financing, was not an option.

But he promised the adjustment would almost entirely affect the state rather than the private sector, and that it represented the first step toward regaining prosperity.

“We know that in the short term the situation will worsen, but soon we will see the fruits of our effort, having created the base for solid and sustainable growth,” he said.

 

FULL STORY

 

[Purdey]

At last, a politician who tells it as it is 

[placeholder]

13 minutes ago, Purdey said:

At last, a politician who tells it as it is 

Actually, this politician made replacing Argentinian currency for the American dollar a centerpiece of his campaign. That has since evaporated.

[scubascuba3]

Good time to go to Argentina, i last went when the currency plunged to the dollar from 1:1 to 1:4

[PETERTHEEATER]

Nice toupee Javier.

[Danderman123]

I suspect that the plan is to zero out all government services for the poor and working class, and thereby reduce government spending.

 

Taxes will be increased for the working and middle classes, and reduced for the rich, under the theory that the rich produce the nation's wealth. It's going to be painful for the country.

[Tug]

2 hours ago, Danderman123 said:

I suspect that the plan is to zero out all government services for the poor and working class, and thereby reduce government spending.

 

Taxes will be increased for the working and middle classes, and reduced for the rich, under the theory that the rich produce the nation's wealth. It's going to be painful for the country.

I have a feeling you hit the nail on the head with that one sadly the poor working class always pays the price

[bendejo]

New president means a new hog at the trough, a national tradition.

Was last there in 2010, exchange rate was slightly less than 4 pesos to 1 USD. Today it is 366 pesos.

Kleptocracy rules!

 

[JonnyF]

Great to see a maverick libertarian elected.

 

It won't be easy, but with his economic philosophy Argentina has a chance to reverse their disasterous last few years. 

[Danderman123]

28 minutes ago, JonnyF said:

Great to see a maverick libertarian elected.

 

It won't be easy, but with his economic philosophy Argentina has a chance to reverse their disasterous last few years. 

I agree that introducing a Libertarian policy in the country may help jump start the economy. The problem comes if the decision is made to transfer wealth to the rich.

[Hanaguma]

At least he picked a decent looking woman as his VP!

[candide]

2 hours ago, Hanaguma said:

At least he picked a decent looking woman as his VP!

Well, he was a tantruc sex coach. 

[sirineou]

21 hours ago, Purdey said:

At last, a politician who tells it as it is 

I am afraid not!!

"But he promised the adjustment would almost entirely affect the state rather than the private sector, " 

  

What I am afraid he is talking about is a fire sale of the countries assets, and a cut in services. 

The Fat cats put the country in the ditch,and the poor people  will pay to get it out  with cuts in services, jobs, and pensions. 

And the fat cats that put the country in the ditch will get to buy with their ill gotten gains The country's (people's) assets at bargain rates.

I have seen this gamebook often and it always ends the same way. 

 

 

[placeholder]

18 hours ago, Hanaguma said:

At least he picked a decent looking woman as his VP!

Could be that there are lots of fools in Argentina who think this is noteworthy.

[Skipalongcassidy]

On 12/12/2023 at 1:19 AM, Tug said:

I have a feeling you hit the nail on the head with that one sadly the poor working class always pays the price

Very much like "bidenomics" wouldn't you say???

[placeholder]

1 hour ago, Skipalongcassidy said:

Very much like "bidenomics" wouldn't you say???

Not only have the wages of the bottom 10% in America increased the fastest, but Obamacare benefits have been strengthened to cover more working Americans and Medicaid has been expanded to cover more of the working poor. Voters in several Republicans states have voted to expand Medicaid despite the opposition of Republican governors and legislatures.

You've got nothing but falsehoods.

[Skipalongcassidy]

2 hours ago, placeholder said:

Not only have the wages of the bottom 10% in America increased the fastest, but Obamacare benefits have been strengthened to cover more working Americans and Medicaid has been expanded to cover more of the working poor. Voters in several Republicans states have voted to expand Medicaid despite the opposition of Republican governors and legislatures.

You've got nothing but falsehoods.

Democrapt vomit... 

[placeholder]

19 minutes ago, Skipalongcassidy said:

Democrapt vomit... 

More nothing.

[oustaristocrats]

On 12/11/2023 at 9:15 AM, CharlieH said:

BUENOS AIRES, Argentina (AP) — It wasn’t the most uplifting of inaugural addresses. Rather, Argentina’s newly empowered President Javier Milei presented figures to lay bare the scope of the nation’s economic “emergency,” and sought to prepare the public for a shock adjustment with drastic public spending cuts.

Milei said in his address to thousands of supporters in the capital, Buenos Aires, that the country doesn’t have time to consider other alternatives.

“We don’t have margin for sterile discussions. Our country demands action, and immediate action,” he said. “The political class left the country at the brink of its biggest crisis in history. We don’t desire the hard decisions that will need to be made in coming weeks, but lamentably they didn’t leave us any option.”

 

South America’s second largest economy is suffering 143% annual inflation, the currency has plunged and four in 10 Argentines are impoverished. The nation has a yawning fiscal deficit, a trade deficit of $43 billion, plus a daunting $45 billion debt to the International Monetary Fund, with $10.6 billion due to the multilateral and private creditors by April.

“There’s no money,” is Milei’s common refrain. He repeated it Sunday to explain why a gradualist approach to the situation, which would require financing, was not an option.

But he promised the adjustment would almost entirely affect the state rather than the private sector, and that it represented the first step toward regaining prosperity.

“We know that in the short term the situation will worsen, but soon we will see the fruits of our effort, having created the base for solid and sustainable growth,” he said.

 

FULL STORY

 

 

4 out of 10 empoverished. And what about their football players ? Will they also be stripped as part of the campaign by Mr Milei ?

How can you justify drastic measures by a shock therapy to the ordinary peoply, if you don't confisquate the excessive wealth of these players, albeit only for the sake of fairplay ?  One such player can keep 2538 people out of poverty, this is what i call inequality !

[Danderman123]

15 hours ago, Skipalongcassidy said:

Very much like "bidenomics" wouldn't you say???

I suspect that you don't know very much about economics, and the positions of the 2 major parties on economic issues. This is reflected in your posts, which are mostly fragments of talking points sent to you by your internet masters.

 

So, a question: do you understand that wages have risen under Biden?

[Jingthing]

Hmm.

Well I've been there and have followed their pattern of insane financial crises over many decades.

It's a tragically unique country that should have been at a much higher level by now.

I'm not usually a fan of that style of politician but in this case, I'm with the voters in the sense that they clearly feel like taking a massive gamble to finally clean up this pervasive mess.

I predict very very rough times for Argentina and no idea if these radical measures will work, but at least they have a chance now and business as usual offered no chance.

Also las malvinas son argentinas innit?

 

[Danderman123]

32 minutes ago, oustaristocrats said:

 

4 out of 10 empoverished. And what about their football players ? Will they also be stripped as part of the campaign by Mr Milei ?

How can you justify drastic measures by a shock therapy to the ordinary peoply, if you don't confisquate the excessive wealth of these players, albeit only for the sake of fairplay ?  One such player can keep 2538 people out of poverty, this is what i call inequality !

Income equality is not a position embraced by Libertarians - in fact, they seek income inequality.

[Danderman123]

Argentina to devalue peso by over 50% as part of emergency economic reforms

 

oops

[Danderman123]

Here's a thought:

 

Argentina could grant sovereignty over the Falklands to the UK, in exchange for access to oil fields in the offshore exclusion zone.

[bendejo]

On 12/11/2023 at 10:59 AM, bendejo said:

Today it is 366 pesos.

Two days later, it is now 800 to 1 US$

Before this collapse trend started in late 2001 the dollar to the peso was app. 1:1

 

 

[gargamon]

22 minutes ago, Skipalongcassidy said:

Economy before and during Biden- Inflation: 1.4% vs.  14.9%- Gas: $1.89 vs. $3.86 - Mortgage rates: 2.65% Vs.  7.60% - Avg. rent :   $1625 vs. $2039 - Grocery prices increase: 3.7% vs.13.5% -

Electric prices:1.5% vs. 15.8% - Hourly wage increase: 4% vs. 2.8%.

You're obviously pulling these numbers out of your a$$. None are close to accurate. Obvious right wing nonsense.

 

Better get a link or two to justify your idiotic numbers. 

[Skipalongcassidy]

12 minutes ago, gargamon said:

You're obviously pulling these numbers out of your a$$. None are close to accurate. Obvious right wing nonsense.

 

Better get a link or two to justify your idiotic numbers. 

Obviously you live in your ass... all are close to accurate without the "spin"... why don't you post a link or two disputing them?  You cannot that's why.

[gargamon]

4 minutes ago, Skipalongcassidy said:

Obviously you live in your ass... all are close to accurate without the "spin"... why don't you post a link or two disputing them?  You cannot that's why.

I'm not the one that needs to disprove your nonsense. Obviously you can't backup your numbers, as expected. 

[stevenl]

7 minutes ago, Skipalongcassidy said:

Obviously you live in your ass... all are close to accurate without the "spin"... why don't you post a link or two disputing them?  You cannot that's why.

So you post numbers without source and demand others to disprove your numbers.

Looking forward to your links 

[Skipalongcassidy]

4 minutes ago, stevenl said:

So you post numbers without source and demand others to disprove your numbers.

Looking forward to your links 

I am using a much loved and oft used democraptic ploy...