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Argentina is reporting a quarterly budget surplus for the first time in 16 years
Posted on 4/24/24 at 9:49 am
Posted on 4/24/24 at 9:49 am
France24 link to story
I’m very interested to see how this will play out for Argentina. They are in a bad place with inflation and economic prosperity due to policies made by their national government. I wonder how long the population will support this new president if they don’t see inflation or poverty turnaround over night.
quote:
In the first quarter of 2024, the South American country recorded a budget surplus of about 275 billion pesos (some $309 million at the official rate), he told national TV late Monday. This amounted to a surplus of 0.2 percent of GDP.
quote:
If the state does not spend more than it collects and does not issue (money), there is no inflation. This is not magic," the self-described "anarcho-capitalist" said.
Milei won elections last November vowing to reduce the deficit to zero -- a target even more ambitious than required by the International Monetary Fund, with whom Argentina has a $44 billion loan.
To that end, he has instituted an austerity programme that has seen the government slash subsidies for transport fuel and energy even as annual inflation stands at 290 percent year-on-year, poverty levels have reached 60 percent and wage-earners have lost a fifth of their purchasing power.
quote:
Thousands of public servants have lost their jobs.
"Don't expect a way out through public spending," Milei warned on Monday.
University students, backed by unions and opposition parties, have called a march for Tuesday to protest financing cuts to higher public education, research and science under the new president.
I’m very interested to see how this will play out for Argentina. They are in a bad place with inflation and economic prosperity due to policies made by their national government. I wonder how long the population will support this new president if they don’t see inflation or poverty turnaround over night.
16
Posted on 4/24/24 at 9:50 am to Oilfieldbiology
quote:
Milei
This guy has rocketed up to number 1 on the Globalist Most Wanted List.
Posted on 4/24/24 at 9:52 am to Indefatigable
quote:
This guy has rocketed up to number 1 on the Globalist Most Wanted List.
#2*
You know who's still one
Posted on 4/24/24 at 9:52 am to Indefatigable
quote:
Milei
one of the few people I'd like to illegally cross our border
Posted on 4/24/24 at 9:53 am to Oilfieldbiology
Where was this guy ranked coming out of high school and did the US even recruit him? Did Argentina offer a better NIL deal?
Sucks we always miss out on these guys
Sucks we always miss out on these guys
Posted on 4/24/24 at 9:54 am to tzimme4
quote:
quote:
This guy has rocketed up to number 1 on the Globalist Most Wanted List.
#2*
You know who's still one
It's probably:
1 Trump
2 Musk
3 Milei
4 Orban
5 Tucker
Posted on 4/24/24 at 9:55 am to Oilfieldbiology
I’m not going to act like I understand Argentinas economic problems but on the surface it appears that he is drastically trying to shift their policies to cut spending (I’m Nostradamus I know). Short term this means the population will suffer but long term it could be beneficial.
Have to go through some rough times to reach prosperity.
Have to go through some rough times to reach prosperity.
Posted on 4/24/24 at 9:56 am to Mstate
quote:
Short term this means the population will suffer but long term it could be beneficial.
short-term pain for long-term gain (delayed gratification) has been a winning formula since the dawn of time
Posted on 4/24/24 at 9:57 am to Oilfieldbiology
Posted on 4/24/24 at 9:57 am to Oilfieldbiology
So will they start sending money to Ukraine now too?
Posted on 4/24/24 at 10:01 am to bad93ex
globalists are hard at work looking for the best way to destroy aregentina's economy now and pin it on milei.
Posted on 4/24/24 at 10:01 am to Gifman
quote:
short-term pain for long-term gain (delayed gratification) has been a winning formula since the dawn of time
Exactly but do we as humans really want to do that? We talk a big game about wanting a better world for our kids, grandkids and future descendants but I’m not sure if this generation is willing to do what it takes.
Posted on 4/24/24 at 10:12 am to Mstate
quote:
Exactly but do we as humans really want to do that? We talk a big game about wanting a better world for our kids, grandkids and future descendants but I’m not sure if this generation is willing to do what it takes.
It's possible, but there's too many people in power getting filthy rich off of sinking the country. Here's one example... taking away the hundreds of billions of dollars we just sent to Ukraine and invest in our own infrastructure. Our balance sheet is so loaded with bullshite, we could probably do this rather easily without that much pain.
Posted on 4/24/24 at 10:19 am to Gifman
quote:
Our balance sheet is so loaded with bullshite, we could probably do this rather easily without that much pain.
Asking the tough questions will usually get some insults hurled at you, the current administration loves to talk about how much money they are throwing at projects like "underserved communities and green energy." If you ask what the return is on those projects, you'll rarely get a straight answer. Just recently it was discovered that the 2021 EV Infrastructure program (which cost $5B) that was slated to produce 500,000 EV charging stations has only produced 7 total stations. No one in their right mind can point at that and say "a massive success."
Posted on 4/24/24 at 10:42 am to Gifman
quote:
It's probably:
1 Trump
2 Musk
3 Milei
4 Orban
5 Tucker
Putin is No. 1.
Posted on 4/24/24 at 10:57 am to Bjorn Cyborg
Putin creates opportunities for them to skim off the top. They publicly claim he's the bad guy, but in reality he's good for their business.
Posted on 4/24/24 at 10:59 am to bad93ex
If Argentina wanted to solidify their successes they'd end women's suffrage.
Posted on 4/24/24 at 11:08 am to Oilfieldbiology
We could easily do this in the United States. Our government approves billions and billions in downright wasteful spending, then can’t seem to grasp our trillions in debt. They don’t want a balanced budget, and they will never attempt to have one if they continue to approve raising the debt ceiling to avoid the dreaded government shutdown.
Posted on 4/24/24 at 11:08 am to Mstate
quote:
Have to go through some rough times to reach prosperity.
Argentina has been through about ~110 years of rough times already, Milei is the way out. A century of socialism ruined Argentina, it was as rich as the US in 1918 in terms of GDP and had the highest per person GDP in the entire world at the end of WWI, when they had a free and open capitalist system.
They embraced socialism instead and decided to become Africa (economically) instead. Argentina had an educated population and lots of natural resources, but they decided to print money to support welfare instead. Argentina averaged a military coup & government collapse about every 11-12 years over the last century.
Everyone should watch Milei's speech at Davos about the evil of socialism this year, lots of people in Argentina have died and continue to live is misery because of socialism. The WEF will be gunning for him for sure.
Posted on 4/24/24 at 11:11 am to Gifman
quote:
short-term pain for long-term gain (delayed gratification) has been a winning formula since the dawn of time
In everything except politics
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