A year ago, Argentina voted for a new President, Javier Milei, who won the people’s trust. Once in office, he is doing what he promised, and the citizens love him! In addition to all he has done throughout the year, he has announced the end of the country’s 123-year deficit and a 90% tax reduction for all citizens.
No More Deficit
When he took office, Argentina faced a severe economic crisis that continually worsened due to the previous president’s socialist policies. Milei implemented a series of drastic shocking measures to avert the collapse of the country’s economy and avoid a hyperinflation spiral.
During his first ten months in office, Milei cut the state’s spending by 31 percent! This president has also overseen significant spending cuts, dismissed tens of thousands of public employees, closed half of the country’s eighteen ministries, and devalued the peso by more than 50 percent against the dollar. With the country’s inflation rate nearing over 200 percent, at 25 percent in 2023, Milei brought down inflation to a stunning 2.7 percent by October 2024. All of this happened in only the one year he has been in office.
His policies are viewed as an example of revitalizing the struggling Argentinian economy and reversing the damage caused by decades of liberal policies. Elon and Vivek have applauded his efforts.
Tax Breaks
Now that the huge deficit is over, Milei is giving workers a 90% tax reduction. The government does not need so much money when people are working, and there are not nearly as many government agencies taking tax dollars.
He gave a speech saying that Argentina is entering a time of prosperity. Americans watch and learn from his example.
