Argentina’s President Javier Milei had plenty to celebrate at the end of his first year in office. Often seen waving a chainsaw during his presidential election campaign last year, Milei, a supporter of free markets and limited government, told the crowd: “Today, with pride and hope, I can tell you that we have passed the test of fire. We are leaving the desert, the recession is over, and our country has finally begun to grow.”
No Hyperbole
Over the past year, Milei has single-handedly eliminated 10 of Argentina’s 18 government agencies altogether, fired 34,000 government workers, and cut government spending by one-third. The country’s economy, which shrank by 3.5 percent this year, is on target to grow by 5 percent in 2025.
Inflation, which was running at nearly 30 percent per month prior to Milei’s election, has settled down to less than three percent. And further reductions are likely, as the country’s treasury is enjoying surpluses for the first time in years.
Investors have enjoyed a ride, with the Argentinian stock market skyrocketing an astonishing 66 percent just since Milei’s inauguration.
And his citizens have enjoyed significant tangible economic benefits as well. Thanks to the elimination of more than 330 federal regulations (including eliminating rent controls), the price of clothing has dropped by 20 percent and the cost of home appliances has dropped by a third. For the first time in years, wage growth has exceeded the rate of inflation. […]
— Read More: thenewamerican.com
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