On Christmas Eve, The Epoch Times posted an article about Argentinian President Javier Milei’s first year in office. He definitely has moved Argentina in the right direction.
The article reports:
On his first anniversary as president of Argentina, Javier Milei announced the initial results of his relentless campaign to cut government spending, eliminate regulations, and pare back the country’s administrative state.
“Today, with pride and hope, I can tell you that we have passed the test of fire,” Milei told Argentinians last week. “We are leaving the desert, the recession is over, and the country has finally begun to grow.”
When Milei took office in November 2023, Argentina, once one of the world’s 10 richest countries, was in a dysfunctional state. Having defaulted on its sovereign debt three times since 2001, it was on track to do it again.
Its annual inflation rate was approaching 200 percent, its poverty rate was above 40 percent, its growth rate was negative 1.6 percent, its fiscal deficit was 15 percent of GDP, and it was running a chronic trade deficit.
Argentinians wanted change and voted the self-proclaimed libertarian into office with the largest majority a presidential candidate has received since free elections were reinstated in 1983, taking 55.7 percent of the vote over his opponent, incumbent economy minister Sergio Massa, who received 44.3 percent.
Over the past year, Milei eliminated 10 of Argentina’s 18 government ministries, capped the salaries of top bureaucrats, and fired 34,000 public employees, cutting government spending by 30 percent.
America is heading to the place Argentina was before President Milei took office. Hopefully, President Trump will get results similar to those of President Milei.
The article notes:
By the end of his first year, that had climbed to 672 regulatory reforms enacted, along with the elimination of 331 regulations and modification of 341 others.
These included actions such as eliminating import licenses and lifting rent controls. These acts ultimately led to a 35 percent reduction in the price of home appliances and a 20 percent reduction in the cost of clothing, the authors write, as well as a sharp increase in available rental apartments in Buenos Aires that brought a significant drop in rent prices.
I hope the incoming Trump administration is taking notes.