Argentina's poverty rate soars past 50% under Javier Milei – DW – 09/27/2024
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Staunch libertarian Javier Milei has implemented a range of austerity measures since taking office. His government blamed previous administrations for the dire economic situation.

Staunch libertarian Javier Milei has implemented a range of austerity measures since taking office. His government blamed previous administrations for the dire economic situation.

The poverty rate in Argentina reached 52.9% during the first six months of Javier Milei’s government, the national statistics agency reported on Thursday.

It marks the highest poverty rate since 2003, and a 11.2% increase compared to the second half of 2023.

The number of people living in extreme poverty grew by 3 million during the first half of 2024, according to the report.

The statistics agency calculates poverty by comparing household income with the cost of a basic basket of goods, which amounts to around $240 (€215).

  • Buffalox@lemmy.worldEnglish
    41·
    1 day ago

    the wealth redistribution he wants will see everyone’s money go to a few people.

    And that’s the opposite of what is necessary, everybody has to be part of it, and the rich have to carry the bigger burden.
    What he is doing is based on flawed logic, that the wealthy are the ones that build the economy, which the evidence shows isn’t true.

    I’m wondering why the people elected him? Did they only have 2 options like USA?

    • davidagain@lemmy.worldEnglish
      2·
      6 hours ago

      They elected him because inflation was awful in Argentina for a long time. He said he would improve it, but he made it much, much worse. It’s starting to stabilise back down to the original awfully high levels he inherited from the terrifyingly stratospheric levels he took it to, simply because the people really have no money left and aren’t buying anything and the shopkeepers can’t raise prices too fast, so of course he’s claiming that his policies are working because it’s getting better.

      Economists suspect that shutting down the whole economy for lack of cash after astronomical inflation isn’t the strong long term solution to inflation that the libertarians like to claim they’re creating.

      He got rid of rent controls and other price controls. Because it would fix inflation, apparently.

      So yeah, he got elected because the economy has been bad for a long time and they haven’t tried far right in quite a while. It’s got even worse of course.