Milei is the man!
Viva la libertad carajo !
Truly a master of economics.
Might indicate that Xinjiang projects are completed and the border is "secure enough".
"The economy has gone into a deep slump. The IMF forecasts a contraction of 3.5% for 2024. That’s the biggest contraction in any of the G20 top economies and only surpassed by gangster-ridden Haiti and civil war-smashed South Sudan."
"Milei aims to end hyperinflation in the economy through a deliberately engineered slump in production and consumption that destroys costs for capital. By cutting public sector spending and jobs and subsidies for the poor, he aims to increase the rate of exploitation for business and eventually boost the profitability of Argentine capital in order to inspire investment."
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Milei has closed 13 ministries and fired some 30,000 public employees, 10% of the federal workforce. He has also frozen public works and reduced the funds that are allocated to education, health, scientific research and pensions. The budgetary cuts have been especially hard on infrastructure (-74%), education (-52%), social development (-60%), healthcare (-28%) and federal assistance to the provinces (-68%)."
"State pensions have been frozen. As it is, a pensioner in the lowest income bracket currently receives the equivalent of $320 a month, or barely a third of the $900 that a household requires to survive."
"According to the National Interuniversity Council, 70% of teaching and non-teaching salaries fall below the poverty line. Milei has now eliminated the National Fund for Teacher Incentives, which subsidised these very low salaries of teachers throughout the country and represented almost 80% of the transfers from the federal government to the provinces for educational purposes. In addition to suspending infrastructure upgrades to schools, he also cut student scholarship programs by 69%. University budgets were frozen and so many campuses were left without resources to pay for gas heating and electricity and the university system declared a state of emergency."
"Poverty levels have worsened significantly. Argentina’s poverty rate has jumped from almost 42% to 53%, an extra 3.4m Argentines. Two-thirds of Argentine children under the age of 14 are living in poverty. Milei has eliminated subsidies that were managed through social organizations. Among the aid interrupted is the distribution of food to soup kitchens, which serve children and entire families. Employment programs channeled through worker cooperatives have also been cancelled. Argentines incresingly cannot get jobs and cannot afford even enough to feed the family properly."
"Subsidies on electricity, gas, water and public transit have been cut. In December 2023, a middle-class family spent about 30,105 pesos (about $30) a month on electricity, gas, water and public transportation. But in September 2024, spending had risen to 141,543 pesos ($142)."
"These massive hits to the living standards of average Argentines, along with continuing rises in inflation have led to a collapse in consumption. In the Buenos Aires Metropolitan Area (AMBA) a 12.9% year-on-year decline was recorded and -2.3% compared to April 2024. In the rest of the country, consumption fell 15.5%% yoy and 3.6% compared to April 2024."
"There has been further increase in inequality. The top 10% of income earners now earn 23 times more than the poorest decile, compared to 19 times a year ago. The fall in income reached 33.5% year-on-year in real terms among the poorest decile, but only 20.2% among the richest. The gini inequality index has hit an all-time high of 0.47."
Shock therapy was already applied to post Soviet states and we know how it went for them, Argentina will be another failed example.
