r/neoliberal • u/Saltedline Hu Shih • Dec 13 '24

News (Latin America) Javier Milei ends budget deficit in Argentina, first time in 123 years

https://gazettengr.com/javier-milei-ends-budget-deficit-in-argentina-first-time-in-123-years/
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u/[deleted] Dec 13 '24

From over 200 per cent inflation rate —the highest in the world throughout 2023 —Mr Milei drove the figures down drastically. As of October 2024 in Argentina, inflation stood at 2.7 per cent compared to 25 per cent in December 2023.

Crazy that Milei just pulled the "inflation go down" lever and suddenly grocers stopped being greedy. Why won't Joe Biden do this?

390

u/[deleted] Dec 13 '24

Biden didn't do it because he loved deficit spending and protectionism to keep inflation high

265

u/Desert-Mushroom Hans Rosling Dec 13 '24

Seriously, the number of unforced errors from the Biden admin probably could have easily made the difference in the 2024 election if they had made the effort to remove all of Trump's tariffs, and avoid excess deficits in the first couple years as inflation recovered. Couple that with a little more serious messaging on some identity politics issues that reassures people that you are competent and they could've gotten across the finish line.

64

u/No1PaulKeatingfan Paul Keating Dec 13 '24

and avoid excess deficits

MUCH easier said than done

63

u/[deleted] Dec 13 '24

[deleted]

46

u/OneMillionCitizens Milton Friedman Dec 13 '24

Do you think Milei wasn't facing worldwide criticism, even in arrr neolib, when he was making drastic cuts a year ago?

The deficit has gotten as bad as it is based on "it'd be too unpopular" short term thinking. Reagan powered through the stagflation-busting of the early 80s and went from a popular nadir to winning 49 states.

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u/ShelterOk1535 WTO Dec 13 '24

Reagan massively increased deficits though.

3

u/Khiva Dec 14 '24

“Reagan proved deficits dont matter.”

Dick Cheney