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).
Raving Lunatic Tanks National Economy. Experts quoted as saying “there’s absolutely no way anyone could have predicted this!”
He might be a lunatic but their economy has been tanked for a long time. They really didn’t have much to lose by giving him a shot. Businesses need to thrive in order to pay for the social safety net that Argentina wants so they need to get the balance right. Inflation was 300% in April and they say they expect it to be down to 122% by the end of the year. It’s a terrible situation they are in. Him being elected wasn’t because he gaslighted people into thinking an improving was bad so he can’t be directly compared to Trump or people like Nigel Farage.