Entry Submitted by Sherry T at 7:57 PM ET on October 26, 2024
MELEI IS ON FIRE.
JAVIER MELEI’S RIGHT POPULIST ARGENTINAN GOVERNMENT JUST DISSOLVED AND REPLACED THE TAX BUREAU.
MADE CUTTING INFLATION HIS TOP PRIORITY.
“The changes our country needs are drastic,” Mr Milei said shortly after being elected in November 2023. “There is no room for gradualism.” And he certainly took swift action. In his initial package of measures, he devalued Argentina’s currency, the peso, by 50%, slashed state subsidies for fuel, and cut the number of government ministries by half.
LIKE THE IRS, ARGENTINA’S TAX AGENCY SUBJECTED CITIZENS TO I-----L PROSECUTIONS
5 DAYS AGO, Milei Shut Down Argentina’s Tax Agency AFIP because it is an “unnecessary bureaucracy” that stifles economic freedom, he said, and replaced it with a new “simplified” agency, cutting a third of jobs in the process. “Throughout its existence, this agency has functioned as a political cash box and, as we all know, many Argentines have been subjected to absolutely i-----l persecutions,” Adorni’s statement reads. “No State bureaucrat should be delegated the power to tell an Argentinean what to do with his property.”
MELEI HAS SUCCESSFULLY SLASHED INFLATION; THE COUNTY WENT FROM A FISCAL DEFICIT TO A SOLID SURPLUS. AND IT WAS THE FIRST TIME ARGENTINA’S INFLATION RATE WAS NOT IN DOUBLE DIGITS.
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The quick reduction in public spending has helped Argentina swing from a fiscal deficit – the difference between the government’s spending and income – of 2tn pesos ($120bn; £93bn) in December of last year to a surplus of 264.9bn pesos by April. Inflation has slowed – in April the month-on-month rate fell to 8.8%, the first time since October that it was not in double figures.
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