Jonathan Turley – Argentinian President Javier Milei has long been an irresistible target of the press and pundits. When he came into power with his famous “Afuera” (or Out!) platform to dramatically shrink government spending. Argentina was viewed as a basket case that was well past the red line for recovery. He was mocked as a clown for seeking to apply libertarian policies on the economy. Milei may have the last laugh. After only a year, his government has wiped out the deficit and reduced inflation from 25% to 2.4%.

Argentina’s monthly inflation rate slowed to 2.4% in November, the lowest in over four years. Inflation had slowed to 2.7% in October.

Instead of a disastrous deficit, the country now posts a fiscal surplus of approximately 0.4% of GDP.

For the media outlets, there is a begrudging recognition. The Associated Press reported the economic improvement by first detailing how “Milei’s lack of government experience, unkempt hairdo, sexual boasts and missionary-like zeal for his dead dog, the Rolling Stones and the free market didn’t inspire much confidence in a country with a history of failed economic reforms.”

After discussing the unemployment and “brutal” measures, the article finally get to the statistics roughly half way through by noting that

“signs have emerged that Argentina’s bizarre and long mismanaged economy is starting to look a little more normal. Monthly inflation has plummeted, bonds have rallied and the closely watched gap between the black market dollar and the official rate has shrunk as much as 44%. Argentina’s country-risk index, an influential measure of the risk of default, is at its lowest point in five years.”

There may be more leaders looking to buy a chainsaw and to fire their hairdresser.

SF Source Jonathan Turley Dec 2024