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Javier Milei’s first year: $3 billion surplus and tenfold lower inflation in 2024
(www.financial-world.org)
this post was submitted on 18 Dec 2024
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Because 200% inflation was so great
During the observation period from 1980 to 2022, the average inflation rate was 206.2% per year. Overall, the price increase was 902.38 billion percent. An item that cost 100 pesos in 1980 costs 902.38 billion pesos at the beginning of 2023.
https://www.worlddata.info/america/argentina/inflation-rates.php
Less poverty but more inflation sounds better to me than more poverty but less inflation.
Why is more poverty better?
Because in the long term, very high inflation leads to everyone being poorer. And Argentina is the very best example of this.
A country that went from being the 6th richest in the world to having over half the population in poverty in 100 years. All thanks to protectionism, subsidized living costs, low taxes and printing money to make up the difference.
And let's not forget fleecing the international community for money to rebuild the economy several times and then not paying it back.
It's gone from less than half of the population being in poverty to over 60% being in poverty since Milei has started implementing his austerity measures.
So it sounds like exactly the opposite of what you're claiming is happening.
But it's fine. People are starving but it's okay because austerity somehow is always a good thing and fuck those people, they were going to starve anyway. Probably.
Lowering inflation when it's too high is always a question of short term pain for some people to get long term benefits for most people.
Just as long as YOU aren't the one who is chosen to be unemployed and homeless right?
It's always acceptable for others to make these sacrifices of course.
You're not wrong. There's probably a better way to stabilize Argentina's currency which won't lead to as much suffering. But no one presented that better way.
Peronists have been doing the same things for decades and it led to 40% poverty. Milei ripped off the band-aid and it led to 60% poverty. But it probably paved the way for lower poverty in the future.
If you find a way to lower inflation (which helps everyone) and make the poorest people in society equally prosperous, I'm sure they'll give you a Nobel in Economics for it.
Most people are in poverty. 60%. "You'll do better in the long term" is not very accurate when people are starving to death.
This is the most ridiculous attempt to defend something that is causing suffering on a scale of millions that I have seen in a long time.