The revelation that Argentina has done something the US government hasn’t done in more than two decades—run a budget surplus—seems like a newsworthy event. So why the silence?
Thursday, February 22, 2024 Image Credit: Public Domain (via Flickr-Vox España) Economics Javier Milei Argentina Government Spending Inflation Poverty
Argentines witnessed something amazing last week: the government’s first budget surplus in nearly a dozen years.
The Economy Ministry announced the figures Friday, and the government was $589 million in the black.Argentina’s surplus comes on the heels of ambitious cuts in federal spending pushed by newly-elected President Javier Milei that included slashing bureaucracy, eliminating government publicity campaigns, reducing transportation subsidies, pausing all monetary transfers to local governments, and devaluing the peso. Milei’s policies, which he has himself described as a kind of “shock therapy,” come as Argentina faces a historic economic crisis fueled by decades of government spending, money printing , and Peronism (a […]
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