If only we had a leader that would do this. Matthews: What Biden can learn from economic reforms of Argentina’s Javier Milei | The Hill Here’s what he was up against when he entered office. Inflation over the past year was up 276 percent, the highest in the world, according to The Economist. The government owed $263 billion to foreign creditors. And an estimated 50 percent of Argentines were in poverty. Importantly, Milei has slashed government spending in an effort to balance the budget, and foreign reserves have grown to $7 billion. Inflation was 25.5 percent for December, dropping to 20.6 percent in January and 13.2 percent in February. Still outrageously high, but moving quickly in the right direction. Public confidence has grown from 20 percent in December to 47.7 percent in mid-March. Soon, Milei plans to shutter the country’s central bank, which won’t be needed if he dollarizes the economy. Central banks should act independently of politics. When politicians largely control central bank policies — as they typically do in socialist and autocratic countries, including Argentina — the politicians tell the bank to print more money so they can spend (or steal) it. That’s one reason why Argentina has such a high inflation rate.
This opinion piece opines that Biden should learn from this guy. Presumably, Biden should : cut the Cabinet in half, cut government spending, eliminate about 3% of the federal workforce, and eliminate the Federal Reserve? Ignoring the fact that Argentinian inflation over the past 3 months probably just largely tracks global inflation..... .....at least the US federal deficit has been reduced under the Biden Administration. So he appears to be at least somewhat addressing the plausible concerns here. Trump, of course, just immediately ramped up deficit spending to give lots of money away to rich people. My point? Who did you vote for, OP? Does your vote make you essentially part of the solution or the problem?
Yeah, Biden has reduced the deficit and inflation. Corporate greedflation can't be reduced without punishing private businesses.
As I've stated on here multiple times, I voted Biden. (I won't make that mistake again) Funny how I get accused of being part of the far right when I post something the far left doesn't like. I've voted almost all Democrat most of my life but the party I once knew no longer exists. I can say the same for the Republican side as well. This country is mired in debt with it getting worse every day. It will take someone with balls to dig our way out. Or just leave it to our grandchildren to suffer another depression because we refused to fix it.
Cant reason with the far left or the far right. Look at this forum. Both sides refuse to call out their side ever. They are nothing more than puppets for Fox News and MSNBC. Too few people in the middle that are sick of the status quo.
One of the reasons El Salvador has pushed crypto is because dollarizing their economy has been pretty terrible for them. But I do agree we should dollarize our economy, Biden should make it a top priority.
We can cut spending for sure. There's a plethora of waste in all levels of government. But it ain't just Biden's fault.
Dumb comment by OP. Argentina would do better to invest in Joe Biden and use our currency. Interest rate is way below what they are paying with their own currency via inflation. The main advantages of dollarization are a) it ends currency devaluation / depreciation b) it prevents the political class from monetizing the debt and causing high inflation à la Argentina. Those advantages do not take away from a dollarized country’s ability to be economically competitive and maintain above‐average growth. See the case of Panama, which dollarized in 1904. In recent decades, Panama’s economic growth has been among the highest in the region, and its current level of per capita GDP far exceeds those of non‐dollarized peers such as Brazil and Colombia. https://www.cato.org/blog/seven-myths-about-dollarization-latin-america
So, the two right-wing heroes in latin america are the guy who want to end currency sovereignty and shut down their central bank and another guy who's crime policy is to imprison anyone that looks like a gang member. It tracks.
Meh. Panama is fine. Both have currency stability. El Salvador is a shit hole, sadly for their people, and it has nothing to do with their currency having been there a few times.
I'm pretty sure their president's embrace of crypto has a lot to do with the drawbacks of dollarization. Dollarization certainly isn't the "populist" move.
In fairness, Pinochet is dead, and they have been worshipping his rule posthumously. They need someone current to fix their authorization fantasies to
In "Number Go Up", they cover how unpopular Bitcoin is and that no one wants to accept it in normal retail transactions.
I would have just loved it had Biden: said no to help for businesses and individuals during covid; said nope, not going to address our crumbling infrastructure; and said, 'are you kidding me about addressing global warming?! Not a chance, buster.' Obviously, I'm kidding. I'm not kidding when I say the descendants you are concerned about, if they survive, will curse us for leaving them a degraded planet and all the misery associated with global warming. Concerning Latin America, how about Brazil?! Jair Bolsonaro is prohibited from running for office for eight (8) year due to election interference. I reckon LA is light years ahead of what is supposedly the greatest country on earth.
