First 6 Months Pres Javier Milei, Mini Trump: Argentina Now At 53% Poverty Rate, Don't Let It Happen Here [View all]

'Now At 53% Poverty Rate, Argentina F'd Around And Found Out. Don't Let It Happen Here.' Daily Kos, Sept. 27, 2024. Ed. (380 Recs, 121 Cmts).

- Javier Milei, Argentina's new president and far right libertarian economist taking a 'chainsaw' to the state. The Telegraph, (Nov. 2023).
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PHOTO, Milei campaigning with chainsaw, 2023:

Oops, did I do that?

“You will turn your country around and truly Make Argentina Great Again!” — Donald Trump

The poverty rate has soared to almost 53% in the first six months of Javier Milei’s presidency, offering the first hard evidence of how the far-right libertarian’s tough austerity measures are hitting the population… Milei’s cuts, however, have been cheered by markets, investors and the International Monetary Fund... Monthly inflation has also decreased from about 26% in December to about 4% in June…

The new poverty rate, reported by the government’s statistics agency on Thursday, is the highest level for two decades, when the country reeled from a catastrophic economic crisis, and means 3.4 million Argentinians have been pushed into poverty this year.

If America elects Donald Trump, our middle class is about to get a first hand lesson in real world economics.

Bbbbbbut how can the inflation rate plumetting also result in more than half the country now living in poverty?!?!?! Anybody remember the inflation rate in 2009 after the global economic collapse? Pretty low, right? Because surprise surprise, inflation is only one facet of the real world picture regarding how poor you’re gonna be, the value of your money, and whether you have any money to begin with.

We can choose to make the ultra-rich happy via radical libertarian austerity, we can cut inflation, and we can still absolutely destroy the middle class, a middle class that Argentina, for example, once prided itself on.

So, Argentina’s inflation obsessed mini Trump now runs a country with a higher poverty rate than: Venezuela, Mozambique, Senegal, Congo, Niger, need I go on? And not that I agree with him, but what was that term Trump had for countries like that? Oh yeah: "shithole countries" — Donald Trump

And remember, Milei is an actual economist. Not a good one, but an economist...+ Comments,
https://www.dailykos.com/stories/2024/9/27/2273378/-Now-At-53-Poverty-Rate-Argentina-F-d-Around-And-Found-Out-Don-t-Let-It-Happen-Here