Can it be "replicated"? Do we even have another "Argentina" to replicate it with? "There are four kinds of countries in the world: developed countries, undeveloped countries, Japan and Argentina" - Simon Kuznet
most latin American countries are either drifting to or already are in Argentina station so i would say so. addition maybe Zimbabwe can use this model. and then the west can also start taking notes from Milei because god knows how much time we have left until everything collapse on us.
I'm Argentinian, and I want to add some context to this video: In the first moths of this year, poverty skyrocketed, the GDP decreased and inflation was super high, but all of this was caused by the disastrous former government's mis-administration, since they printed 10 monetary bases in the 3-4 last months of 2023 (just before milei took office) for the candidacy of the former Minister of Economy to the presidency, going straight to recession and hyperinflation. When Milei takes over, the emission is cut and public spending is reduced, this produced the decrease on the GDP, because up to that point, most of Argentina's economy was centralized on the public sector (which couldn't be afforded by the citizens). But some have already calculated that the GDP is about to grow by 5% next year.
Thanks, I was about to write the same - in their ambition to become a media outlet of trust, TLDR should be a tad more sensitive when telling the story via data / graphs. The narrative in the video is somewhat misleading. Nonetheless, TLDR is much better than "public media" in Germany.
They actually printed about 13% of GDP during the year to try to win the election but they lost, and Milei had to deal with it. For comparison, 13% of the US GDP is ~$3.5 trillion
@@GoyFromFinland during the campaign the former government tried to make-up the situation of the country by investing tons of money mainly in pushing hard against Milei by state-run media, social media, etc. In what Milei has called "the dirtiest campaign in history" to spread fake news and misinformation about his proposals, like "Milei wants to sell organs" for example. They also suddenly decided to massively cut taxes (most of which they have imposed) in order to grasp some votes, but they did it without cutting costs, so the state didn´t had enough money from taxes to work, and they ended up printing big amount of money (x10 the amount that there already was in the economy) in order to keep all these short-term illusional solutions to make people think that the situation wasn´t as terrible as we all already knew.
Argentina is a weird case, a rich nation 100 years ago has become poor but has attempted to live above it means for decades, the hardest part of this is basically accepting and restructuring the country so it can actually move on from its cycle of perpetuate economic death
Argentina wasn’t rich 100 years ago. Argentina had an abundant agriculture, and centered around agrarian exports and had a small population, thus had a high GDP per capita. Yet its population was poor and exploited, all of the wealth concentrated at the top 1%.
@@davidstrelec2000 thats not true, a lot of countries were more unequal at that time, such as france, and nobody denies france was a rich country too, even if france had lower wages than argentina
Controversial take: A lot of what Peron did was great; he was actually industrializing the nation. It's a pity that only the generous social programs were copied by the Peronist governments that came after him. Argentina has MASSIVE potential if it could FINALLY actually properly industrialize.
Argentina being so rich is part of what ruined them. By the time their economy collapsed following the great depression their people were in a weird limbo where they were too rich to become a cheap manufacturer like Japan, China or Korea but too poor to be on par with Europe and the US.
@@davidstrelec2000100 years ago, Argentina was viewed as the US of South America. A rich, up-and-coming country attractive to European immigrants looking for a new start
What people always deliberately ignore is that Milei used to be an economics professor. He has extreme policies, but it's not like he's just a random dude who wanted to "delete stuff".
@SomeoneFromBeijing---First of all, are you scare to put your own name in your comment? As to milei being a teacher on economics, well, there are all types of economic teachers, mostly real bad ones, and this guy belongs to this category. This freaking teacher doesn't have one democratic country in the world to show as an example in which his idea of economics has been showed as successful, not even one country in the world. One example of his knowledge of economics: 'This freaking guy has been screaming for years that TAXES are thefts that the state commits against its citizens, when in reality, TAXES ARE THE FOUNDATION OF ALL THE DEMOCRATIC COUNTRIES IN THE WORLD, WITHOUT TAXES THE DEMOCRATIC COUNTRIES CEASE TO EXIST. I'd really appreciate if you answer my comment with facts and not with your opinions based in the knowledge of economics of milei.
he might have been an economist, but certainly a libertarian economist. with such an approach, he might as well be a dude deleting stuff, random or not. we have never seen much humanity from argentinian politicians, we're seeing a lot less now. exactly why people are protesting.
@@wenerjy ----what it would be nice to see how this guy milei is going to get out of the mess he is creating. I thought that the majority of Argentinians had more solidarity with the suffering poor Argentinian people, but, they are cheering their guy milei every time that a new percentage of Argentinians are added to the already 53% living in poverty.
@idonteven3712 As someone who thinks Milei is doing the right thing for Argentina, my concern is the number of people in the US saying "great, let's be like Milei and get rid of social security, Medicare, Medicaid, SNAP, etc."
@@ill_bred_demon9059I think we should be like Milei and try to balance the budget. We don't need to scrap all social services and safety nets but that also doesn't mean we need to be fiscally irresponsible. Being more responsible now means we don't need to suffer large and more painful changes later.
won't stop them releasing a video about Milei every other month and virtually coming to the same conclusion, dogwater analysis I'm amazed anyone takes this channel seriously
You have to be here to understand it. For years we went to the grocery store not knowing what we'd spend, because prices were all over the place. Go on a monday, prices have gone up by friday. Now we endure because we understand theres no change without suffering and we can see the change, despite the old guard that brought us to ruin trying to block everything he does while pretending they were never part of the problem. Also blaming those horrific December numbers on him is just disingenuous, that was the inheritance of the previous government, probably the worst one in our history, given that each day a new corruption plot from that era is uncovered.
Pregunta honesta: si dices que antes iba a la tienda sin saber cuánto iba costarte la comida...ahora con Milei sí se sabe? Saber cuánto te va a costar es lo mismo a ser capaz de comprarlo? Porqué yo tengo amigos en argentina que tienen que elegir ente comer o pagar el bus.
@@batitonyamigos peronistas dirás. Milei ya cumplió todo, los datos son los datos. Los salarios le ganan a la inflación hace meses. Se recuperó el salario promedio de 300 dólares a 1000. La pobreza medida por Uca en Enero 57%, ahora 46%> Milei esta bajndo la inflación y la pobreza, que van de la mano
@@puertousbmonkey literalmente no cumplio casi nada, hermano. Como vos bien decis, los datos son los datos; subio impuestos, armo mil alianzas con la casta (literalmente sumo a peronistas comprables como Kueider), le clavo TODOS los ajustes al pueblo, y ninguno a los ricos. Pero uds son tan pelotudos, y sin memoria, que defienden cualquier pelotudez que les digan, mientras les mientan un poco mas diciendo que asi no vuelven los peronistas, cuando fue EXACTAMENTE ASI como volvieron siempre los peronistas. Es una tragedia que no saben ni de historia, ni de economia. Y asi votan; como peronistas. Siempre al lider, nunca a los proyectos y a su ejecucion.
For anyone wondering, the first bill that Milei introduced, the "Ley Bases", which includes most of the reforms, is 339 pages long with over 250 articles. It was introduced on day one. No politician is ever going to replicate that successfully anywhere. What this video says is true. Milei's reforms are long term and you can see that they have been planned for years. They are complicated. And that bill is of course extremely specific to Argentina.
Not entirely accurate, the original bill was rejected, and only was approved after 6 months and lots of cuts. The rest, I just hope you're wrong and after seeing Argentina's success multiple countries will look to similar solutions :)
@@jesucristobostero3287 No, it was indeed introduced on day 1. It took several _reforms and compromises_ to get it passed. Fortunately, most of the _really_ important things were left untouched.
@@sindrelrdal346 the only one who calling him madman is the ones who want live like kings with the money of others. He’s applying Mises ideas which already well known and it’s the same which saved German economy after end of WW2.
Bro looks like Anton Chigurh and seems a little insane. That being said, as an American who only follows this situation loosely, he seems to be doing a good job
People don’t understand that while poverty is up - it is because Milei’s economic policies shocked the economy. At least he’s trying to fix the situation, on the other hand, the other parties were okay with keeping Argentina slowly going down the gutter and compensating with hyperinflation.
Poverty was up after deregulating the situation (real poverty numbers were hidden because there was a food shortage) so you would print money for the poor and control prices. Still, food with controlled prices was limited or unavailable in supermarkets. A few days ago some studies showed that poverty could be down to less than 40% already (highest was 57-60 in February 2024), which is less than the last months of the previous administration. It's a lot still but if it keeps going down, Milei would be saving everyone.
@@julianjara8117 Exactly. What is measured is actually _relative_ poverty; it doesn't mean that half of us are actually poor. It's below 39% right now and lowering, now that salaries are being adjusted (again, on a relative basis), inflation is going down to manageable (for us 🤣) levels, and people is slowly recovering their purchasing power.
Brazil was on a similar death spiral in the 80s and early 90s, whichonly ended it with the Plano Real and the introduction ot the Real currency. if Milei wants to replace the Peso, maybe he could've started making the Blue Dollar exchange rate the precursors to a new currency, like Brazil did in 1994
As an Argentinian living abroad it’s the first time in my 40 years that I’m asked about our politics and our president , first time ever I’m not ashamed to say my vote : VIVA MILEI
¡Si, vivan la reducción en impuestos a bienes personales para los más ricos, y la quita de subsidios para los pobres y la clase media! ¡Viva la Barrick Gold que no ha pagado retenciones este año gracias a nuestro querido Milei! ¡Eso si que me beneficia!
Argentina es un pais de que puedes salir a viajar y cuando vuelvas duespues 6 meses, todo he cambiado Tambien es un pais de que puedes salir a viajar y cuando vuelvas despues 6 anos te da cuenta que nadie he cambiado. Milei pudia cambiar a eso. Viva Argentina y abrazos de los alpes :)
@serujiphonx9070 La estabilidad en cuanto a inflación es lo único con lo que las políticas de Milei pueden ayudar. Las métricas de calidad de vida obviamente van a empeorar, porque ese es siempre el resultado de las políticas de austeridad. La historia lo demuestra.
Poland when switched from communism to free market also went through hard times, and now is one of most growing economies in the world. I keep my fingers crossed for Argentina, you can do it too!
I don't think any other country needs to replicate Argentina because no other economy in the world is like it, and it was way deep in the hole. However, many countries such as the US can certainly learn lessons from what Milei is doing.
@@Zyzyx442None of these countries are even close to argentina. Norway also has a massive sovereign wealth fund but does have a currency problem with accounts for most of the drop in Real wage growth.
Milei talks like a populist but is a sharp technocratic mind who has been fixing things behind the scenes. He will be remembered as the father of a rejuvenated Argentina and a hero of the nation
Milei's strategy still hasn't proven successful yet. It is too soon to say. I wish him and Argentina luck, but there are other hurdles that can be very difficult to predict and control.
Milei's success wasn't economic but political. He didn't do extremely rare and risky measures as a president, he did everything normal countries historically did, stop spending more than you earn. Milei's success is political, because he managed to do unpopular things and managed to keep his popularity, and even more difficult, he managed to do a lot of controversial measures despite having all this country politics against him, a good example is how he was able to stop unions to continually perform riots and closing streets.
As someone from the left, I agree with you. Prudence is still necessary to keep an economy running, and whatever social spending you are looking to do.
@tommyboman7735 ah yes a good mis of blind ideology and ignoring even the details in this video. Gotta love it. Every country cannot possibly devalue their currency, because currency value is entirely relative to other cirrencies. When 1 goes up, the others go down. And some countries, like somalia, have essentially no government to speak of. The last thing they need is to downsize the government. Of course most non-libertarians would say that milei's policies won't work anywhere but Argentina, but anyone with a functioning brain should be able to tell that they won't work everywhere.
@@lordsp Not at all. All countries are basically the same. Economics is the same no matter where you are. What works and fails in one country also applies to all other countries. We've known what create prosperity for thousands of years, and we know what create poverty. It is always the same. Sure, if you mean the action taken will be taken in different steps or policies implemented or deleted will not necessarily be done exactly at the same time for each country, then you could be correct, but the direction, financial steps etc. is exactly the same.
@@tommyboman7735 yeah you clearly don't know what you are talking about. All countries are inherently DIFFERENT. The steps to prosperity might be similar (Rights to Freedom, Life and Private Property), but comparing ARGENTINA out of all countries to any other is helllllll of a bad idea. Good rest of the week :D
It's been fluctuating a lot recently. Milei's implemented a huge upheaval and that will bring about quite a lot of changes - both positive and negative. And they're coming fast so the headlines flipflop all over depending on which impact happens to be trending in the news cycle at the time. Personally I have concerns, but the concerns I have are things that would play out over the course of decades, not weeks or even years - primarily the concern that they'll fall into oligarchy if too much of that newfound GDP ends up being heavily concentrated into the hands of too few people. That leaves you with a country that looks so much better on paper yet still leaves vast swaths of the population impoverished (aka: the situation the US has been trending towards over the past 40 years or so - and yes I know many in the US still see it as "good", including a significant portion of those on the losing end).
PS: I'm not saying Milei's plan is wrong, by any means. Obviously the prior system was well beyond unsustainable and something drastic needed to change. As noted, my concerns are much longer-term, if the plan runs unabated past its period of necessity and things are allowed to tilt too far the other direction (or worse, trigger some future leader with a reverse "break everything and rebuild it" plan that then itself goes too far and leads them back to where they are today).
As you are argentinain I want to ask you can I survive in BA with 300$/month includes renting and food because I think to study medicine there and thanks
Spoiler: recent data says that the GDP in the 3rd trimester of 2024 is already the same as in the 3rd trimester of 2023, so most of the recession is already gone and the economy is growing fast.
@johnnotrealname8168 no, I meant one trimester compared to the same trimester of the previous year. In the 3rd trimester of 2024, the Argentine GDP increased annualized 3.9% in relation to the 2nd trimester of 2024, but decreased -2.1% in relation to the 3rd trimester of 2023.
Milton Friedman used to say that deficit spending was popular because you got the benefit before you got the pain,and austerity was unpopular because you got the pain before you got the benefit.
He also advocated for "Negative Income Tax" and I wonder if you find that equally compelling. Oh, and ask Europe if they appreciated the austerity measures after the 2007-2008 economic crisis...
And he was wrong about Austerity. British kids are literally 1 cm shorter than they were before austerity started. Argentina was a special case of a peculiar economy, so it worked. Any assumption that such a model will work elsewhere is foolish.
You just have to look at what the Chicago Boys did to South America. And they’re responsible for Russia becoming an oligarchy. And America, for that matter.
@@jeka67to say that the Chicagoan school of economics is what’s responsible for turning America of all places into a oligarchy implies that if don’t put capitalism on a very very short leash that it would just subvert all institutions until there’s a practical merger between the corporation and the state in the name of maximizing profit. Note: the merger of large corporations and the state apparatus is a major part of any fascist state
@@aryamansinha6608 "British kids are literally 1 cm shorter before austerity started" Must be because of mass immigration since British government spending has only ever gone up, not down, there isn't any austerity.
this is incorrect. Real poverty in 2023 was 54% it was hidden because of controlled prices. Now currently is at 38% meaning he lowered by 16% in 1 year!!
@johnnotrealname8168it's called INDEC. official government numbers. Though other sources give simular numbers. Disclaimer: the INDEC has been known to give false numbers under Fernandez and Kirchner's government, though nothing has proven Milei's INDEC is lying. But if you believe in the 55%, you have to believe in the 38,9%. It's hypocritical to believe only just one number from the same source.
@johnnotrealname8168 and you re going to trust this goverment source? the same one who says that the minimum wage in the country is 1100 USD? Stop trying to sell to the outside world that Argentina is now better than before, because it is not better, poverty has not decreased, prices have increased, rent has increased, the cost of living has increased, everything has increased and poverty continues to increase and it is proven. It is practically impossible to reduce poverty by 12% in just 1 year of government without having taken some reasonable measure that shows that poverty is decreasing. I voted for Milei, and I have many ways to prove it, but he has already lied and contradicted himself so much that I will not vote for him again.
5:40 sorry but, where is Nayib Bukele from El Salvador? The news that reach me in Spain is that he has the highest approval rates in the world. Is it maybe that the salvadoran surveys are not reliable? Otherwise I don't understand why he's not there
@KkushagraSharma.17 You might be mistaking El Salvador with another country. It is a democratic republic, with it's head of state being the president, currently Nayib Bukele. Some argue he is a dictator (which he is not very far of being, due to the immense concentration of power in his hands) despite respecting democratic mandate
The key thing here mentioned in this video is that Argentina is a commodity exporter. It will become trapped in the middle income trap as investment becomes concentrated in industries that employ very few people.
I have family that lives in Argentina. It’s not all that good as right wing media says. They tell me more homeless people are in the streets, getting a job for new people became more difficult sounds the same as USA with current time if you ask me.
@@Just_an_alien1 I'm very sorry to hear that, it's still early in this administration, so I hope it truly gets better. Argentina and her citizens need to have a government that puts them first and builds a stable foundation for the country. It's a beautiful country, with amazing people, I'd love to see it shine.
@@Just_an_alien1False. Poverty measured by UCA january 57% now 46% Due to reducing food inflation. Milei is lowering inflarion and poverty. Tell us who you vote
@@coronabuster3611There are a lot of Javier's "chainsaw victims" crying all around and making false statements . Usually previous goverment's ex workers that Milei let go, 35 thousand and there will be thousands more
@ it’s like I said in the USA we have inflation down almost everything is down but we have people struggle to get jobs and some people thinking it’s bad economy while it’s currently good
Milei's reforms remind me of the Balcerowicz plan in Poland. The Balcerowicz plan caused two years of economic downturn (when the socialist economy was being torn down), followed by an 800% accumulated GDP growth over the next three decades. I hope Argentina does this well too.
Something not mentioned here for why Milei's policies might not work elsewhere is that Javier Milei is an economist. He was a professor of economics for 20 years before ever getting involved in politics. Trump and Musk are not, and Trump has shown a distinct lack of economics knowledge, preferring populist rhetoric over sound economics principles.
Elon Musk is literally the richest person on the planet and Trump is also a billionaire businessman. I would rather trust a businessman over an economist. A lot of these professors never even worked in the private sphere that's why we have all these arrogant socialist "intellectuals" running around.
I’m sure that there’s bureaucratic bloat in the U.S. government that can be cut to save money without impairing function but that’s different than what Milei’s doing since he’s not trying to optimize current bureaucracy but cutting completely which is something that the U.S. can’t do with its government bureaucracy Note: this is concerning DOGE and not any other aspect of their economic plans like tariffs and etc. I don’t agree with the majority of trump’s tariffs except for the ones on China because the CCP is evil and we should stop trading with it
by principles, republicans have always been the party for "smaller government", how is cutting down on wasteful government bodies against economic principle? do you even know how much debt we have? gtfo
Krugman was an economist too, a Nobel prize-winning one. He predicted that Trump's populist policies would wreck the US economy, which is decidedly not what happened. I'm not too impressed with the predictive power of economic prognostications, or the replicability of their research. Kinda looks a little bit like money sign astrology from the track record.
Trump has a Bachelor's degree in Economics from the University of Pennsylvania. Not sure if he actually earned it or someone else earned it for him as he doesn't seem to have a clue about basic economics. And the information that came out on his development business showed real sloppy fiscal management.
What Milei is doing is actually historical in Argentina and the more the country is privatized, the smaller the state gets so the government of Milei is going to the right way.
I learnt economy quite a lot. When I heard him first time, after 1 minute, I knew this guy knows what he is talking about. All is needed the Argentinian people 's patience. They proven to be smart enough. I think this patience is more of an achievement for Argentinians then Milei himself. They will deserve what will come for their sacrifice. I'm really happy for them, even from the other side of the world.
One thing's for sure, we need daily updates of this. Also, as an American, I can say we don't need Milei's polices in the US. Our economy has its issues, but it's not that bad, not even close.
If we learn anything from Argentina it should be how a developed economy can devolve into a developing one through Authoritarian rule, as happened to Argentina in the 1930s.
You may need some, youve been running a trade deficit for the last 20 years and your national debt is close to spiraling out of control. Hence Elons appointment
@@slimshadybballUnfortunately for Elon, economists, analysts and experts have said that Trump's tax cuts, tariffs and mass deportations will royally tank the U.S. economy and the global economy, meaning that the GOP is totally screwed in 2026 and 2028. Further to this, Milei is an anomaly by reason of his methods, but warning of short-term pain (as opposed to promising "there will be golden times ahead") and the fact Argentina's economy has been terrible for many years - as they explained, if he had been a Western political candidate, Milei would have been beaten in a crushing landslide.
@@marievam it's true. The projection of poverty fell to 38,9% according to the argentinian ministries. It was confirmed by the Catholic university (huge adversaries of milei in fact) and the torcuato di tella university. 2 top universities in argentina. Ask chat gpt (also ask it to search for sources in spanish, as it sometimes does not find data that I can find myself in spanish). It's an objective, empirical and undeniable fact now
It is not experiment. Milei knows what he is doing. He knows all the bases of a development a great economy plans. Like also he knows all the outcomes. I m so proud of my President Mikey !! The best and unique
Why does TLDR have a jojo approval of milelei, where Argentina's prospects seem reversed every other month. Notice how many news sources have talked about Ukraine in the same jojo way in the last few years.
@@mikicerise6250 numbers are not objective, if they try to make the case of success = gdp then f every other stat including THE DECLINE IN LIFE EXPECTANCY BECAUSE ELDERLY CAN'T EVEN AFFORD TO PAY THEIR MEDS
Hi, Argentinian here. In the last year Argentina hasn't become better. All the services got more expensive, retirees don't get the same medicine they got from the state before and the consumption has fallen. Poberty numbers are tricked, poberty has increased and the unemployment did too. Inflation have stopped, that's true and was one of the biggest problems in 2023, but it's at cost of people not buying things. I don't hope anyone here to trust me, because lies can be anywhere and you could think this is one, and if it was obvious, everybody sees what they want to see. So it's all, I hope that when this explodes you can see what is happening here.
@Leed831100 No. When I see social media some people say that but I don't know anyone in real life that thinks things are improving. Some people think that it's GOING to improve in some future, that now we have to pay the broken dishes, and that sort of things. Also there's people that are happy because inflation got lower but they can't say they live better than before, only that "it's going" to improve
For developing nations that export raw materials and stuck in the crippling cycle of ever growing food/fuel subsidies, Argentina might pose a good lesson. For developed service economies, a great way to hobble them.
Whats important is the long term impacts of Mileis policies. Fiscal debt is one metric. If all this money goes to the rich or multi-national companies. The cuts to regions may also lead to some regions falling back even further behind others. The ideology serious gives me vibes of being "abolish the police" vibes from a conservative position. While I think its good to have strong business but if its not local but large international companies it undermines the market. What strongly undermines Mileis libertarian credentials to me is his treatment of coops. For those who don’t know. Coops are companies owned by workers. They vote for their leaders in the company and every worker owns shares in the company. Since the late 90s Argentina has a big coop sector. This was helped by the government allowing workers to buy companies they worked in if they go bankrupt and the traditional owners resign. This makes Coops unusual market socialist companies that can participate in capitalist economies. Sadly there is contradictory information. Mileis government seems to have suspended licenses for some Cooperative created between 2020-22 due to not reporting balance sheets. It seems like this is only targeting Coops and not all companies so it seems to be based on politics and not economics. The government claims they are streamlining the process of setting up coops from 2 years to 2 months, while some coops claims that they are given absurd deadlines after the government changed its required documentations. On the other hand Aerolíneas Argentinas could be given to workers. For context: the company was nationalized until 1990, then privatized until 2008, and again nationalized since then. The company runs a laughable deficit and heavily relies on state subsidies. Milei now wants to give the company to workers. Ironically, the workers are now striking against this because they feel like Milei wants to deliberately give them a company everyone knows is failing. On the other hand it would be funny if they somehow restructure it. However now private companies are bidding for the airline so whatever Milei wants is massively unclear. Coops usually outperform non-democratic businesses in times of crisis as workers are likelier to take temporary pay cuts to avoid firing or selling assets which in the future benefits the survival rate of the company. This could ironically help Argentina because they are like 10% of Argentinian companies.
@DGAMINGDE you have the right to protest, you don't have the right to block the roads and stop people who don't care for your political agenda, going about their business and attending work and feeding their families
The number of people in these comments hoping Milei (and by extension Argentina) fails in order to validate their own flawed world view is staggering. No matter how much comm1es want it so, "free" government handouts aren't sustainable forever, eventually they run out of other peoples' money. You need hard work and productive to generate wealth. It's a shock to the system at first but I'm time it becomes self sustaining.
@@quietus13 because he’s a neo liberal at best and the sacrifice being made are poor people…meaning nothing beyond numbers on a economic sheet changes…poverty has exploded further in Argentina since Milei started
@@quietus13 Because I don´t expect this "let cut even basic functions of the state and hope for the best" will work. Libertarian policies usually cause short term positive effects with long term negative effects, in worse scenarios they end in much worse condition than they started without any positive effects at all.
@@tefky7964 I don't know if that's true. What are some relevant examples of libertarian policies causing positive short term outcomes but negative long-term outcomes?
The truth is that these English-speaking people do not understand that Milei has done miracles and not only in any country, but in a country like Argentina. He has only been in office for a year and I dare say that he has already done more for his country than any other latino president in the last 20 years, obviously it is not an easy path, but with Milei in charge the truth is now I can see Argentina getting closer to a Poland than a Venezuela, God how I would love it have measures like this in my country
I like many others don’t like admitting I’m wrong. But so far it looks like he will prove me wrong. I want good things for Argentina. I sincerely hope he proves me completely wrong and succeeds…
@Yourordinaryuser_ Nope. In a capitalist system, GDP does not reflect how the wealth is distributed. The top 1% could be doing phenominally well and driving the GDP up, while the bottom 99% are barely able to afford groceries.
@@Mr-DNA_ Except that's not the only graph. Inflation being slow is beneficial to everyone. That is one metric that is VERY GREAT in Argentina right now.
@Mr-DNA_ the line going up that socialist Argentinian politicians ignored were the inflation, the defecit and the growing poverty from economically illiterate policies
It's not an experiment. Austrian Economist have been trying to tell people for nearly 150 years how to run everything well. It's just that no one listens and votes for interventionist policies that are already proven to not work and then blame corporations and give the government more power to enforce monopolies to "fix" the problem.
I always hear conflicting news about Milei, one minute he’s the most hated man in South America and the next minute he’s a Christ-like saviour who saved his country. Which one is it 😂
Basically, if you're a populist then he's a hero, and if you're not, then you see him under the same lense that "liberals" in the USA see Trump (guaranteed failure, and a proud rejection of evidence to the contrary).
@@heeroheero8844 The monthly inflation is already down to under 3%, annualised to about 35%, People are using the annualised rate to try to smear him with the failures of the previous government. And yeah, if you fire a bunch of useless bureacrats living of the government while doing nothing, the economy will shrink temporarily, but the real economy will grow back stronger, as is already happening.
I'm not sure how you save a people by subjecting them to avoidable suffering. You can combat inflation and grow an economy while.still considering people's living standards. This video is stupid
@@jugo1944 You cant do that in Argentina case because how much extra spending they have. They were spending the money which doesnt really exist. Millei did right thing. You cant be less poor by using debt.
@@jugo1944 That would be ideal, but with the level of theses reforms and literally turning a whole economic system upside down will unavoidably cause this.
The issue is that we have no evidence that V shaped recovery is coming. So far, all we've seen in the GDP is a drop. The GDP has not grown at all. I am not talking about recovering from the drop to the level it had pre Milei. The GDP has not risen at all every single month sincr he has been in office. So, talking about a V shaped growth as of now is purely speculative. Believe if you want, but there is no evidence to claim that it will occur.
I'm an economist and I partly disagree with your conclusions. It's too early to see even short-term effects of his reforms, let alone how they will turn out in the long run. Inflation is down, but still roughly back on the levels of 2022-2023 (a bit lower, but 'world inflation' is lower too). Budget is balanced, but anyone can balance a budget - it's the consequences later that matter. These comments tend to get too long and nobody reads them anyway - so I'll round it off by saying that my conclusion is that you can't even tell if he is on the right track or not. Interesting video nonetheless.
As mentioned in the video, Milei’s success is due to the people knowing what they were getting in for and wanting to change. It would be a struggle for a lot of countries to get such drastic change across the line. Look at France. They spend too much, work to little, they have a very generous retirement and the state is huge yet they don’t want to make the necessary changes. If the people didn’t want this then Milei would be in a similar position to Macron.
I spent a lot of time in Buenos Aires. In the 1950s, “where do you want to live? Paris? New York? Buenos Aires? “ only one foreign Harrod’s ( B A)(now closed)
The US implementing this type of extreme fiscal Austerity would be insane. The US already has a relatively low inflation rate. I think Milei could have cut much of Argentina inflation with less suffering, even if some amount of austerity was needed in Argentinas case. With Argentina having an extremely messed up monetary system.
If Milei gets two terms, Argentina will be nothing short of a powerhouse. But talking out all the people that got used to live from the state and bonds here and there, won’t be easy or popular.
A country is not just numbers. Behind the figures you call 'an economic success,' there is an increasing poverty rate, declining social services, and other struggles. A country is not a company; its purpose is not to maximize profit. A country cannot take drastic measures that put the lives of more than half of its citizens at risk.
Yeah sometimes you can't avoid poverty. If you mismanage your economy for 80 years, expect poverty to increase over time which is exactly what's happened in Argentina. You've papered over the cracks by controlling prices and laying on subsidies. Now that those controls and subsidies have been revealed, the true extent of the poor performing economy is exposed. You need to deal with long term stability, not short term comfort. When you sort your economy out, the poverty levels will reduce
Why are the comments so negative? Wages are going up compared to inflation, which plummeted to 3% and poverty decreased for the first time, it looks like his policies are working.
The economy is better, but poverty is worse. Certainly, a role model to follow. By the way, always remember that an economy can grow a lot, meanwhile poverty can remain the same. If poverty does not go down, he will be a succesful economist, but a failed politician. He was elected to also make people's lives better, not just to stabilize the economy.
If poverty is worse, the economy is not better. The economy is only good if people are able to live in comfortable (or at least reasonable) conditions. If it's the corporations who are succeeding at the expense of the population, that is a failed economy.
For a country to not be poor, you need a good economy. If you have a good economy, people are going to get out of poverty, just as easy as that. Not only that, Milei has a high rate of approval, even after the adjustments.
@@EzeBarcoP Please, read a little bit about wealth inequality. An economy can be structured in such way that there is growth, but this growth goes mostly to the rich, so poverty remains the same. Growth is just one of many things need; not the only thing needed.
@@franciscoescobar3093 And you should read about poverty in Argentina right now. It's under 39% so no, it's not worse than it was before he assumed (in fact it's lower).
@@pauldoe240 This seems to be true. I hope this reduction in poverty continues. Economic growth with poverty reduction, is very rare under right-wing governments.
I just got back 2 weeks ago from living in Córdoba. I arrived in February of 2023 and left in December of ‘24. I was there when Milei was elected. I don’t know too much about economics and stuff but I can say that Argentina was definitely on the track to improvement in my last 11 months there. When I arrived, it was $380 pesos to the dollar and it peaked at $1500 shortly after Milei took office. However, when I left it was $1050 (all on the blue dollar). I also had a fair share of city and country life and I lived and worked amongst both the rich and the poor. Although the economic problems made life and finances harder, I only knew a few people who became impoverished due to the economic crisis. It hurt, but very rarely “killed”. The majority of the impoverished are high school dropouts that work odd jobs that pay almost nothing, and they generally blow what money they have on alcohol, cigarettes, and sometimes drugs. I knew a family that made a lot of money in comparison to others but still lived in poverty because the dad would secretly blow over half his paycheck on drugs. Long story short, I believe that the country’s poverty has just as much to do with the culture as it has to do with the President. ¡Viva Milei y no hagan drogas, pibes!
Most of this was caused by cutting spending of everything, which wasn´t that hard. If I decide to improve my personal budget by cutting food, water and electricity I am sure that my budget will have magical surplus too. (although soon I will die by thirst and hunger, but thats problem of future me...) He cut healthcare, education, public projects, sold government companies... People knew that this will give him more money and in the short term improve the situation. What worried people were mostly long-term results of this policy and we still don´t know what will that look like, so its pretty soon to praise him and want to do same thing everywhere else too.
From Germany here. Our governments prided themselves for haveing very little debt and our inflation rate was close to 0 for a decade and we sold state assets and companies. Now guess what: Bridges are collapsing, Housing prices are soaring, our trains are never on time, our economy is stagnating if not shrinking and we routinely save private companies with state money that were previously owned by the state itself. It takes months to get a doctors appointment, there are no open spots in kindergardens and poverty (especially child-poverty) is rising. Not to mention the collapsing schools and universities. As far as I am concerned current Germany is a look into your future - though the starting condistions are way worse.
@@yoshimeier3060 Ok, but thats caused by totally different factors. That super eco-friendly policy and saying no to Russian gas severely influenced your economy, than there is your ineffective bureaucracy, aging population that has big voting power (which is basically same in all other western countries as young people generally vote much less, so political parties don´t care about them), so parties seem to try make only seniors and activists happy... I don´t know situation in your country well enough, but as you said you have small debt and inflation, you have generally totally different problems than Argentina, so what with it?
In the short term? Then he took office the argentinian gocerment had a deficit of about 5 percent plus 10 percent central bank deficit with a 15 percent total deficit. That is short term thinking. If he did not do his reform the argentinian state would have been bankrupt and cut from global markets. The economy did not grow since 2012 and before that already stagnated
People should realize that Socialism talks about putting the people in power, Libertarianism gives power to the people. Milei is a nutcase BUT he sorta made all of Argentine his G-men co-workers rather than a cherry-picked inner circle as crazy as him the way a lesser fascist or commie would. No matter what that is pretty cool.
Regarding the increase in poverty %, Milei said in his interview with Lex that the increase was due to inherited poverty. The percentage was not accurately depicted by the former regime. When he took office, the real percentage was uncovered and reported, hence the increase.
Milei just got in power at the right time. All his "accomplishments" strangely mirror the worldwide change in inflation. Also, lets forget that, while slashing all spending on the future (infrastructure, education, ...) he tripled the budgets of the internal security services, and reformed them to make personally answerable only to him, by secret decrees, with no oversight. He also removed a law prohibiting hiring close family members and elevated family members into high positions, then also gave him and them a +50% salary boost, while starving the country (when found out, he blamed a minister and fired him - despite the increase coming from him). Inflation is now back to where it was Pre-Covid - like everywhere else. He had to make insane cuts to pensions, halt all infrastructure projects (including urgent repairs), and close hospitals etc, just to force-fix a moderate 4% budget hole. The "insane state expansion of the last decades" went from 20% of GDP to 35% - same as the US government spending ratio. Dude got in the right time, made terrible choices, and now is hailed as a hero because the situation fixed itself regardless.
Im pleased to see Milei appearing to finally pull Argentina away from it’s unusually creaky system. It doesn’t hurt that he is an actual economic expert underneath the theater. Proud of Argentina to realize they could not continue as they had.
A young man in a village received a beautiful horse as a gift. Everyone in the village exclaimed, “How lucky you are to have such a magnificent horse!” The Zen master, hearing this, simply said, “We’ll see.” One day, the young man rode the horse and fell, breaking his leg. The villagers came and said, “What terrible luck!” The Zen master again said, “We’ll see.” Soon after, soldiers came to the village to recruit young men for a war. Because of his broken leg, the young man was spared. The villagers exclaimed, “How fortunate you are!” The Zen master, as always, said, “We’ll see.”
So far so good, but he's still got over 70 years of statist corruption that he has to dig through before real progress can be made. If he keeps this going and not have a crazy fallout happen, he might well help Argentina become the major financial capital it used to be before the Peronists destroyed things.
@@micki0finn430 They're even worse now. Milei is intentionally crushing the working class so he can turn Argentina into a 3rd world cheap labor pool. Argentina was an emerging near first world economy.
On the one hand I feel like this video is useful because it's a snapshot of a current perspective on Milei, what his progress looks like right now... but as for a measurement of his programs TRUE success, we won't really know until years have passed. So we discuss today, as that is the only thing people can ever do, but we won't KNOW until a very far-off tomorrow. What I'm wondering though, is how long the patience for his downturn will go. He WAS open that his intended cure would hurt before it heals, and honesty can buy you a lot of patience. But how long can that patience go, that's what I'd like to know. And when it goes, will that be the end of things? Will he keep following hia beliefs regardless of approval ratings or will he pivot in order to maintain approval? Many datapoints to consider.
Considering that for the first time in a long time wages are increasing faster than inflation I’d say progress is happening. I’d honestly say the GDP can be considered irrelevant because it was fueled by government spending and inflation rather than real growth
It's pretty ''funny'' how many economists like to look at broad indicators (GDP, balance sheets, trade surplus, deficit/surplus, etc.) and stop their analysis where it should actually begin to make it make sense (social and environmental indicators or analysis would tell us more). Stopping deficit by making 5 million more people poor would be a great accomplishment? As many are saying here, it is too early to tell. That being said Milei's project is very clear, because he's been open about it : it is to create a very open/free market economy, free of regulation, where big businesses and wealthy foreign investors dominate the system. Can such a project improve economic indicators of Argentina? Probably. But such an economy never works for the majority.
There is a reason why every major economy in the world has some degree or other of market economy in them. Price controls simply do not work in a sustainable long term model for an economy of scale. Milei promised to do something different and so far, between the good and the bad, it seems to be doing a better job than the previous guys. One thing is for certain, it can't really be any worse than it was under the previous party. 211% inflation is unsustainable in any economy. And so far, Milei seems to have done a fairly good job of bringing that down
This sounds like not fixing my roof and selling the trees and bushes in my yard for firewood to pay off my credit card debt. Now my house value is down and I'll have to pay for a roof and water damage in the future.
Sounds like you were lying to yourself when you said you could afford that house then- the answer would be to sell the house and downsize and stop BSing yourself instead of doubling down on your delusion. Milei wants to actually fix things so you can actually afford a house and not slip into the 3rd world economic irrelevance category more than you already are
...Okay, lets run with this stupid analogy. So, imagine if your credit card debt was 104% interest per month. Meaning, you owed 104% what you borrowed, every month. How many months can you run on that? Well, if you open another credit card and pay that one off, then open another... Congrats, you're kicking the can down the line but you're not dead. Yet. But if you pay off ALL your credit card debt and then take 0 more: Now you can start to save. Yes, your roof is leaking and there's water damage and your house is less valuable, but you can start putting money away to renovate. It sucks. It hurts. Right now especially. But in one case: Paying off the interest rates and continually throwing out money year over year isn't tenable. In the other case: Lowering expenses to the lowest possible and then fixing systemic problems is tenable. Which would you prefer: A stressful present with no future, or a painful present with a good future?
@@ZeroNumerous Yes, that's a reasonable argument and I might make the same choice in that situation but I'd try to look for better solutions. Using mining as your income which leaves a toxic dump to cleanup and government cuts which leaves crumbling infrastructure both sound like short term ways to push up your numbers while not thinking of the future.
Argentina is the definition of “extreme times require extreme measures”
No, it's an example of Milei making himself and his mates rich while destroying the country
@@Inucroftboo hoo communism failed and was rejected again no Marxist socialist utopia the Soviet union is dead get over it communist.
@@Inucroft shush cornball
@@Inucroftdoesn't look like it
@@Inucroft you call solving an economic crisis “destroying the country”?
Can it be "replicated"?
Do we even have another "Argentina" to replicate it with?
"There are four kinds of countries in the world: developed countries, undeveloped countries, Japan and Argentina"
- Simon Kuznet
There would be no Japan in 100 years due to lowering birth rates and climate change
most latin American countries are either drifting to or already are in Argentina station so i would say so.
addition maybe Zimbabwe can use this model.
and then the west can also start taking notes from Milei because god knows how much time we have left until everything collapse on us.
any underdeveloped and developing country with chronic deficit?
@@alevegaliolios and those wishing to go down that route like the current west
Venezuela and many others. I wish we would have Javier Milei in Poland.
I'm Argentinian, and I want to add some context to this video:
In the first moths of this year, poverty skyrocketed, the GDP decreased and inflation was super high, but all of this was caused by the disastrous former government's mis-administration, since they printed 10 monetary bases in the 3-4 last months of 2023 (just before milei took office) for the candidacy of the former Minister of Economy to the presidency, going straight to recession and hyperinflation. When Milei takes over, the emission is cut and public spending is reduced, this produced the decrease on the GDP, because up to that point, most of Argentina's economy was centralized on the public sector (which couldn't be afforded by the citizens). But some have already calculated that the GDP is about to grow by 5% next year.
Hope things can keep getting better for you guys.
What exactly do you mean by "printed 10 monetary bases"?
Thanks, I was about to write the same - in their ambition to become a media outlet of trust, TLDR should be a tad more sensitive when telling the story via data / graphs. The narrative in the video is somewhat misleading. Nonetheless, TLDR is much better than "public media" in Germany.
They actually printed about 13% of GDP during the year to try to win the election but they lost, and Milei had to deal with it.
For comparison, 13% of the US GDP is ~$3.5 trillion
@@GoyFromFinland during the campaign the former government tried to make-up the situation of the country by investing tons of money mainly in pushing hard against Milei by state-run media, social media, etc. In what Milei has called "the dirtiest campaign in history" to spread fake news and misinformation about his proposals, like "Milei wants to sell organs" for example. They also suddenly decided to massively cut taxes (most of which they have imposed) in order to grasp some votes, but they did it without cutting costs, so the state didn´t had enough money from taxes to work, and they ended up printing big amount of money (x10 the amount that there already was in the economy) in order to keep all these short-term illusional solutions to make people think that the situation wasn´t as terrible as we all already knew.
Argentina is a weird case, a rich nation 100 years ago has become poor but has attempted to live above it means for decades, the hardest part of this is basically accepting and restructuring the country so it can actually move on from its cycle of perpetuate economic death
Argentina wasn’t rich 100 years ago. Argentina had an abundant agriculture, and centered around agrarian exports and had a small population, thus had a high GDP per capita. Yet its population was poor and exploited, all of the wealth concentrated at the top 1%.
@@davidstrelec2000 thats not true, a lot of countries were more unequal at that time, such as france, and nobody denies france was a rich country too, even if france had lower wages than argentina
Controversial take: A lot of what Peron did was great; he was actually industrializing the nation. It's a pity that only the generous social programs were copied by the Peronist governments that came after him. Argentina has MASSIVE potential if it could FINALLY actually properly industrialize.
Argentina being so rich is part of what ruined them. By the time their economy collapsed following the great depression their people were in a weird limbo where they were too rich to become a cheap manufacturer like Japan, China or Korea but too poor to be on par with Europe and the US.
@@davidstrelec2000100 years ago, Argentina was viewed as the US of South America. A rich, up-and-coming country attractive to European immigrants looking for a new start
What people always deliberately ignore is that Milei used to be an economics professor. He has extreme policies, but it's not like he's just a random dude who wanted to "delete stuff".
@SomeoneFromBeijing---First of all, are you scare to put your own name in your comment? As to milei being a teacher on economics, well, there are all types of economic teachers, mostly real bad ones, and this guy belongs to this category. This freaking teacher doesn't have one democratic country in the world to show as an example in which his idea of economics has been showed as successful, not even one country in the world. One example of his knowledge of economics: 'This freaking guy has been screaming for years that TAXES are thefts that the state commits against its citizens, when in reality, TAXES ARE THE FOUNDATION OF ALL THE DEMOCRATIC COUNTRIES IN THE WORLD, WITHOUT TAXES THE DEMOCRATIC COUNTRIES CEASE TO EXIST. I'd really appreciate if you answer my comment with facts and not with your opinions based in the knowledge of economics of milei.
@@ramonroman4363 is ramon roman your real name?
He's an economics professor with a fake PhD from a "university" that his friend created.
he might have been an economist, but certainly a libertarian economist. with such an approach, he might as well be a dude deleting stuff, random or not. we have never seen much humanity from argentinian politicians, we're seeing a lot less now. exactly why people are protesting.
@@wenerjy ----what it would be nice to see how this guy milei is going to get out of the mess he is creating. I thought that the majority of Argentinians had more solidarity with the suffering poor Argentinian people, but, they are cheering their guy milei every time that a new percentage of Argentinians are added to the already 53% living in poverty.
Comment section when decades of disasterous policies take more than 2 months to fix: 😡
@idonteven3712 As someone who thinks Milei is doing the right thing for Argentina, my concern is the number of people in the US saying "great, let's be like Milei and get rid of social security, Medicare, Medicaid, SNAP, etc."
@@ill_bred_demon9059It’s gonna have to end sometime. It’s gonna be like pain medicine only it becomes harder to take as you wait.
👏👏👏👏👏👏
I dont think people are saying that more some are concerned about some of what hes done.
@@ill_bred_demon9059I think we should be like Milei and try to balance the budget.
We don't need to scrap all social services and safety nets but that also doesn't mean we need to be fiscally irresponsible.
Being more responsible now means we don't need to suffer large and more painful changes later.
It's too early to tell. Wait 3 more years.
won't stop them releasing a video about Milei every other month and virtually coming to the same conclusion, dogwater analysis I'm amazed anyone takes this channel seriously
@RoyThomas-c7h when it comes to economic analysis I've seen recently they jump the gun just to get a video out, but other than that the seem solid
worse, social consequences of things like government infrastructure and poverty sometimes take decades to become apparent.
This is not what the online left was saying a couple months back, they seemed very certain it was already proven to be a failure🤔
Social services are nice when you can afford them, they can bring growth to a healthy stable economy and excess will bring more suffering
You have to be here to understand it. For years we went to the grocery store not knowing what we'd spend, because prices were all over the place. Go on a monday, prices have gone up by friday. Now we endure because we understand theres no change without suffering and we can see the change, despite the old guard that brought us to ruin trying to block everything he does while pretending they were never part of the problem. Also blaming those horrific December numbers on him is just disingenuous, that was the inheritance of the previous government, probably the worst one in our history, given that each day a new corruption plot from that era is uncovered.
Pregunta honesta: si dices que antes iba a la tienda sin saber cuánto iba costarte la comida...ahora con Milei sí se sabe?
Saber cuánto te va a costar es lo mismo a ser capaz de comprarlo? Porqué yo tengo amigos en argentina que tienen que elegir ente comer o pagar el bus.
@@batitony hay mayor estabilidad de precios ahora.
@@batitonyamigos peronistas dirás. Milei ya cumplió todo, los datos son los datos. Los salarios le ganan a la inflación hace meses. Se recuperó el salario promedio de 300 dólares a 1000. La pobreza medida por Uca en Enero 57%, ahora 46%> Milei esta bajndo la inflación y la pobreza, que van de la mano
@@puertousbmonkey literalmente no cumplio casi nada, hermano. Como vos bien decis, los datos son los datos; subio impuestos, armo mil alianzas con la casta (literalmente sumo a peronistas comprables como Kueider), le clavo TODOS los ajustes al pueblo, y ninguno a los ricos. Pero uds son tan pelotudos, y sin memoria, que defienden cualquier pelotudez que les digan, mientras les mientan un poco mas diciendo que asi no vuelven los peronistas, cuando fue EXACTAMENTE ASI como volvieron siempre los peronistas.
Es una tragedia que no saben ni de historia, ni de economia. Y asi votan; como peronistas. Siempre al lider, nunca a los proyectos y a su ejecucion.
@@batitonyLa verdad que sí, hay precios que cambian pero mucho menos que antes y veo muchos productos que estan en el mismo precio hace mucho
For anyone wondering, the first bill that Milei introduced, the "Ley Bases", which includes most of the reforms, is 339 pages long with over 250 articles. It was introduced on day one.
No politician is ever going to replicate that successfully anywhere. What this video says is true. Milei's reforms are long term and you can see that they have been planned for years. They are complicated. And that bill is of course extremely specific to Argentina.
Not entirely accurate, the original bill was rejected, and only was approved after 6 months and lots of cuts. The rest, I just hope you're wrong and after seeing Argentina's success multiple countries will look to similar solutions :)
false, it wasn't introduced on day 1.. it took several months of fight and struggle to pass it
@@jesucristobostero3287 No, it was indeed introduced on day 1. It took several _reforms and compromises_ to get it passed. Fortunately, most of the _really_ important things were left untouched.
Extreme times require extreme haircuts
Perhaps, but it seems a bit thoughtless to leave the scissors in the hand of a madman...
@@sindrelrdal346 the only one who calling him madman is the ones who want live like kings with the money of others. He’s applying Mises ideas which already well known and it’s the same which saved German economy after end of WW2.
@@dylannakandakarisugimoto6201what saved the German economy was something called Marshall Plan, paid by American taxpayers.
Bro looks like Anton Chigurh and seems a little insane. That being said, as an American who only follows this situation loosely, he seems to be doing a good job
@@sindrelrdal346is not a scissors is a chainsaw and is exactly what i voted for
People don’t understand that while poverty is up - it is because Milei’s economic policies shocked the economy. At least he’s trying to fix the situation, on the other hand, the other parties were okay with keeping Argentina slowly going down the gutter and compensating with hyperinflation.
💯
Poverty was up after deregulating the situation (real poverty numbers were hidden because there was a food shortage) so you would print money for the poor and control prices. Still, food with controlled prices was limited or unavailable in supermarkets.
A few days ago some studies showed that poverty could be down to less than 40% already (highest was 57-60 in February 2024), which is less than the last months of the previous administration. It's a lot still but if it keeps going down, Milei would be saving everyone.
@@julianjara8117 Exactly. What is measured is actually _relative_ poverty; it doesn't mean that half of us are actually poor. It's below 39% right now and lowering, now that salaries are being adjusted (again, on a relative basis), inflation is going down to manageable (for us 🤣) levels, and people is slowly recovering their purchasing power.
All true, however new numbers came out two days ago. Poverty is now down to 38.5%. Which is the average of 2023 and 2022.
Poverty and homelessness have decresaed below the levels they were when Milei got elected already. Also, the real salaries have recovered.
He promised blood, sweat, and tears, he won and he’s delivering. What a shock isn’t it?
Sounds like Balcerowicz in Poland after fall of communism.
Mile's success is based on a country in a death spiral, investing to escape it. Are there other countries in a similar state? Yes.
Brazil was on a similar death spiral in the 80s and early 90s, whichonly ended it with the Plano Real and the introduction ot the Real currency.
if Milei wants to replace the Peso, maybe he could've started making the Blue Dollar exchange rate the precursors to a new currency, like Brazil did in 1994
Honestly no lol. The poverty rate is 53%. Few other Western countries have it that bad.
It's the opposite. They cut spending and fired a lot of government officials.
No, way no other country has the very specific issues of Argentina and no other country is desperate enough to do this
Enough U.S. citizens could see we were going into a socialist dystopia, so voted in Trump to stop it.
As an Argentinian living abroad it’s the first time in my 40 years that I’m asked about our politics and our president , first time ever I’m not ashamed to say my vote : VIVA MILEI
¡Si, vivan la reducción en impuestos a bienes personales para los más ricos, y la quita de subsidios para los pobres y la clase media! ¡Viva la Barrick Gold que no ha pagado retenciones este año gracias a nuestro querido Milei! ¡Eso si que me beneficia!
Argentina es un pais de que puedes salir a viajar y cuando vuelvas duespues 6 meses, todo he cambiado
Tambien es un pais de que puedes salir a viajar y cuando vuelvas despues 6 anos te da cuenta que nadie he cambiado.
Milei pudia cambiar a eso.
Viva Argentina y abrazos de los alpes :)
@serujiphonx9070 La estabilidad en cuanto a inflación es lo único con lo que las políticas de Milei pueden ayudar. Las métricas de calidad de vida obviamente van a empeorar, porque ese es siempre el resultado de las políticas de austeridad. La historia lo demuestra.
VLLC!
@@marcocappelli5124 El tiempo lo dirá, supongo...
1:29 that 1 peso note you guys keep using in your videos is from like the 1960s
Poland when switched from communism to free market also went through hard times, and now is one of most growing economies in the world.
I keep my fingers crossed for Argentina, you can do it too!
I don't think any other country needs to replicate Argentina because no other economy in the world is like it, and it was way deep in the hole. However, many countries such as the US can certainly learn lessons from what Milei is doing.
And the UK as well...
And France, Germany, Portugal, Spain, Italy and now even here in Norway as our taxation policies are ruining the private sector.
Canada?
Venezuela?
@@Zyzyx442None of these countries are even close to argentina. Norway also has a massive sovereign wealth fund but does have a currency problem with accounts for most of the drop in Real wage growth.
I’m Italian, and we have a lot of Italians people in Argentina.
I hope my brothers for better times, VIVA MILEI
Milei talks like a populist but is a sharp technocratic mind who has been fixing things behind the scenes. He will be remembered as the father of a rejuvenated Argentina and a hero of the nation
hero of Uk, for sure, a traitor for every nationalist argentinian
Milei's strategy still hasn't proven successful yet. It is too soon to say. I wish him and Argentina luck, but there are other hurdles that can be very difficult to predict and control.
Definitely too early to tell, but it's already exceeding expectations which is incredibly promising.
Like it happened to gadahfi
Thanks!
Milei's success wasn't economic but political. He didn't do extremely rare and risky measures as a president, he did everything normal countries historically did, stop spending more than you earn.
Milei's success is political, because he managed to do unpopular things and managed to keep his popularity, and even more difficult, he managed to do a lot of controversial measures despite having all this country politics against him, a good example is how he was able to stop unions to continually perform riots and closing streets.
It’s because he was honest when he had setbacks and the people understood. Gain some fucking financial literacy and hear what the man has to say.
As someone from the left, I agree with you. Prudence is still necessary to keep an economy running, and whatever social spending you are looking to do.
It is rarely a good idea to compare Argentina to anywhere else in the world, whether it is succeeding or failing it always does it uniquely.
Actually you are completely wrong. What can be applied to all countries is specifically this.
@tommyboman7735 ah yes a good mis of blind ideology and ignoring even the details in this video. Gotta love it. Every country cannot possibly devalue their currency, because currency value is entirely relative to other cirrencies. When 1 goes up, the others go down. And some countries, like somalia, have essentially no government to speak of. The last thing they need is to downsize the government. Of course most non-libertarians would say that milei's policies won't work anywhere but Argentina, but anyone with a functioning brain should be able to tell that they won't work everywhere.
@@tommyboman7735 as an Argentine here. It's quite a bad idea to compare Argentina to any other country.
@@lordsp Not at all. All countries are basically the same. Economics is the same no matter where you are. What works and fails in one country also applies to all other countries. We've known what create prosperity for thousands of years, and we know what create poverty. It is always the same.
Sure, if you mean the action taken will be taken in different steps or policies implemented or deleted will not necessarily be done exactly at the same time for each country, then you could be correct, but the direction, financial steps etc. is exactly the same.
@@tommyboman7735 yeah you clearly don't know what you are talking about. All countries are inherently DIFFERENT. The steps to prosperity might be similar (Rights to Freedom, Life and Private Property), but comparing ARGENTINA out of all countries to any other is helllllll of a bad idea.
Good rest of the week :D
Depending on the week, this channel will say Argentina is in great or crappy state.
yup
Depending on the week, your mother’s pimp invoices me different prices
It's been fluctuating a lot recently. Milei's implemented a huge upheaval and that will bring about quite a lot of changes - both positive and negative. And they're coming fast so the headlines flipflop all over depending on which impact happens to be trending in the news cycle at the time.
Personally I have concerns, but the concerns I have are things that would play out over the course of decades, not weeks or even years - primarily the concern that they'll fall into oligarchy if too much of that newfound GDP ends up being heavily concentrated into the hands of too few people. That leaves you with a country that looks so much better on paper yet still leaves vast swaths of the population impoverished (aka: the situation the US has been trending towards over the past 40 years or so - and yes I know many in the US still see it as "good", including a significant portion of those on the losing end).
PS: I'm not saying Milei's plan is wrong, by any means. Obviously the prior system was well beyond unsustainable and something drastic needed to change. As noted, my concerns are much longer-term, if the plan runs unabated past its period of necessity and things are allowed to tilt too far the other direction (or worse, trigger some future leader with a reverse "break everything and rebuild it" plan that then itself goes too far and leads them back to where they are today).
@@altrag As long as Returns>Growth that will innevitably happend everywhere. It's math.
As an Argentinian everyday I'm glad I voted for him, and I can't wait to support his party next year's elections.
As you are argentinain I want to ask you can I survive in BA with 300$/month includes renting and food because I think to study medicine there and thanks
@@elbadricanada140 No, you will hardly find a rent for that amount. Let alone living. You should look into other less expensive cities.
@@elbadricanada140Culpa del kicilof que no aplicó austeridad jaja en las demás provincias no vemos ese encarecimiento
@@claudioramirez84 iam alone and I prefer BA and unfortunatly my budget is only 300$/month
You're probably rich or dumb. I hate both.
Argentina and its people are amazing individuals and they deserve the best, that's why they have Milei.
Greetings from Zamora's Hills, Good Airs
He is fixing the country. Latest numbers, which this video strangely ignored, sre actually really good
Spoiler: recent data says that the GDP in the 3rd trimester of 2024 is already the same as in the 3rd trimester of 2023, so most of the recession is already gone and the economy is growing fast.
false, on trimester to previous trimester basis the GDP was still down -2.1%
@@ygorcoelhos Do you mean Year-to-Year? Trimesters are a third of a year.
@johnnotrealname8168 no, I meant one trimester compared to the same trimester of the previous year. In the 3rd trimester of 2024, the Argentine GDP increased annualized 3.9% in relation to the 2nd trimester of 2024, but decreased -2.1% in relation to the 3rd trimester of 2023.
Milton Friedman used to say that deficit spending was popular because you got the benefit before you got the pain,and austerity was unpopular because you got the pain before you got the benefit.
He also advocated for "Negative Income Tax" and I wonder if you find that equally compelling. Oh, and ask Europe if they appreciated the austerity measures after the 2007-2008 economic crisis...
And he was wrong about Austerity. British kids are literally 1 cm shorter than they were before austerity started. Argentina was a special case of a peculiar economy, so it worked. Any assumption that such a model will work elsewhere is foolish.
You just have to look at what the Chicago Boys did to South America. And they’re responsible for Russia becoming an oligarchy. And America, for that matter.
@@jeka67to say that the Chicagoan school of economics is what’s responsible for turning America of all places into a oligarchy implies that if don’t put capitalism on a very very short leash that it would just subvert all institutions until there’s a practical merger between the corporation and the state in the name of maximizing profit.
Note: the merger of large corporations and the state apparatus is a major part of any fascist state
@@aryamansinha6608 "British kids are literally 1 cm shorter before austerity started" Must be because of mass immigration since British government spending has only ever gone up, not down, there isn't any austerity.
Ngl this is the first time i have seen a country's people give two shits about macro economics
Ikr. "Is it possible to learn this power?"
TLDR 3 months ago: "Why things don't look all that great for Milei at the moment"
TLDR now: 0:07 "Well, things are going pretty great for him" 😂😂😂
this is incorrect. Real poverty in 2023 was 54% it was hidden because of controlled prices. Now currently is at 38% meaning he lowered by 16% in 1 year!!
Not disputing it but I would love to read up on this. Please give a source.
@johnnotrealname8168it's called INDEC. official government numbers. Though other sources give simular numbers.
Disclaimer: the INDEC has been known to give false numbers under Fernandez and Kirchner's government, though nothing has proven Milei's INDEC is lying. But if you believe in the 55%, you have to believe in the 38,9%. It's hypocritical to believe only just one number from the same source.
jajaja
@tomasgrane9401 There is an Argentinian Government source and in the Edit: "last third" of 2024 the projected figure is 38.9%.
@johnnotrealname8168 and you re going to trust this goverment source? the same one who says that the minimum wage in the country is 1100 USD?
Stop trying to sell to the outside world that Argentina is now better than before, because it is not better, poverty has not decreased, prices have increased, rent has increased, the cost of living has increased, everything has increased and poverty continues to increase and it is proven. It is practically impossible to reduce poverty by 12% in just 1 year of government without having taken some reasonable measure that shows that poverty is decreasing.
I voted for Milei, and I have many ways to prove it, but he has already lied and contradicted himself so much that I will not vote for him again.
5:40 sorry but, where is Nayib Bukele from El Salvador?
The news that reach me in Spain is that he has the highest approval rates in the world. Is it maybe that the salvadoran surveys are not reliable? Otherwise I don't understand why he's not there
isn't he their king and not head of a democratic government, if I a not wrong?
@KkushagraSharma.17 You might be mistaking El Salvador with another country. It is a democratic republic, with it's head of state being the president, currently Nayib Bukele. Some argue he is a dictator (which he is not very far of being, due to the immense concentration of power in his hands) despite respecting democratic mandate
Sí, Carlos. Me parece que los medios internacionales no toman en serio las encuestas de aprobación de El Salvador
The key thing here mentioned in this video is that Argentina is a commodity exporter. It will become trapped in the middle income trap as investment becomes concentrated in industries that employ very few people.
Los países nórdicos y Australia también dependen de materias primas
Malaysia is preferable to Egypt.
I'm so glad things are going better for Argentina and thrilled they have a leader that is working for them instead of against their best interest.
I have family that lives in Argentina. It’s not all that good as right wing media says. They tell me more homeless people are in the streets, getting a job for new people became more difficult sounds the same as USA with current time if you ask me.
@@Just_an_alien1 I'm very sorry to hear that, it's still early in this administration, so I hope it truly gets better. Argentina and her citizens need to have a government that puts them first and builds a stable foundation for the country.
It's a beautiful country, with amazing people, I'd love to see it shine.
@@Just_an_alien1False. Poverty measured by UCA january 57% now 46% Due to reducing food inflation. Milei is lowering inflarion and poverty.
Tell us who you vote
@@coronabuster3611There are a lot of Javier's "chainsaw victims" crying all around and making false statements . Usually previous goverment's ex workers that Milei let go, 35 thousand and there will be thousands more
@ it’s like I said in the USA we have inflation down almost everything is down but we have people struggle to get jobs and some people thinking it’s bad economy while it’s currently good
Milei's reforms remind me of the Balcerowicz plan in Poland. The Balcerowicz plan caused two years of economic downturn (when the socialist economy was being torn down), followed by an 800% accumulated GDP growth over the next three decades. I hope Argentina does this well too.
Let's not forget though that the bar was really really low.
And it was going lower and lower before he took off
The fact he has even made the country have a chance with how bad it was is amazing in itself. He's exceeded even the most ambitious expectations.
Something not mentioned here for why Milei's policies might not work elsewhere is that Javier Milei is an economist. He was a professor of economics for 20 years before ever getting involved in politics. Trump and Musk are not, and Trump has shown a distinct lack of economics knowledge, preferring populist rhetoric over sound economics principles.
Elon Musk is literally the richest person on the planet and Trump is also a billionaire businessman. I would rather trust a businessman over an economist. A lot of these professors never even worked in the private sphere that's why we have all these arrogant socialist "intellectuals" running around.
I’m sure that there’s bureaucratic bloat in the U.S. government that can be cut to save money without impairing function but that’s different than what Milei’s doing since he’s not trying to optimize current bureaucracy but cutting completely which is something that the U.S. can’t do with its government bureaucracy
Note: this is concerning DOGE and not any other aspect of their economic plans like tariffs and etc.
I don’t agree with the majority of trump’s tariffs except for the ones on China because the CCP is evil and we should stop trading with it
by principles, republicans have always been the party for "smaller government", how is cutting down on wasteful government bodies against economic principle? do you even know how much debt we have? gtfo
Krugman was an economist too, a Nobel prize-winning one. He predicted that Trump's populist policies would wreck the US economy, which is decidedly not what happened. I'm not too impressed with the predictive power of economic prognostications, or the replicability of their research. Kinda looks a little bit like money sign astrology from the track record.
Trump has a Bachelor's degree in Economics from the University of Pennsylvania. Not sure if he actually earned it or someone else earned it for him as he doesn't seem to have a clue about basic economics. And the information that came out on his development business showed real sloppy fiscal management.
What Milei is doing is actually historical in Argentina and the more the country is privatized, the smaller the state gets so the government of Milei is going to the right way.
I learnt economy quite a lot. When I heard him first time, after 1 minute, I knew this guy knows what he is talking about. All is needed the Argentinian people 's patience. They proven to be smart enough. I think this patience is more of an achievement for Argentinians then Milei himself. They will deserve what will come for their sacrifice. I'm really happy for them, even from the other side of the world.
One thing's for sure, we need daily updates of this. Also, as an American, I can say we don't need Milei's polices in the US. Our economy has its issues, but it's not that bad, not even close.
If we learn anything from Argentina it should be how a developed economy can devolve into a developing one through Authoritarian rule, as happened to Argentina in the 1930s.
You may need some, youve been running a trade deficit for the last 20 years and your national debt is close to spiraling out of control. Hence Elons appointment
@@slimshadybball If you think trump gives a rat's ass about the debt you're crazier than Milei.
@@slimshadybballUnfortunately for Elon, economists, analysts and experts have said that Trump's tax cuts, tariffs and mass deportations will royally tank the U.S. economy and the global economy, meaning that the GOP is totally screwed in 2026 and 2028.
Further to this, Milei is an anomaly by reason of his methods, but warning of short-term pain (as opposed to promising "there will be golden times ahead") and the fact Argentina's economy has been terrible for many years - as they explained, if he had been a Western political candidate, Milei would have been beaten in a crushing landslide.
@@seansmith3058it can happen through socialism*
In fact, this video is outdated, the poverty line went from 49% to 39%
Poverty line went up dude, where do you live?
Your propaganda is uya
@nikki3111987: You must live in a fantasy world.
@@marievam it's true. The projection of poverty fell to 38,9% according to the argentinian ministries. It was confirmed by the Catholic university (huge adversaries of milei in fact) and the torcuato di tella university. 2 top universities in argentina. Ask chat gpt (also ask it to search for sources in spanish, as it sometimes does not find data that I can find myself in spanish). It's an objective, empirical and undeniable fact now
Actually this is true... milei lowered poverty below what the previous administration left with
she is one of the best presenters on this channel. thank you for enunciating and pronouncing your words keep up the great work 👍
It is not experiment. Milei knows what he is doing. He knows all the bases of a development a great economy plans. Like also he knows all the outcomes. I m so proud of my President Mikey !! The best and unique
Why does TLDR have a jojo approval of milelei, where Argentina's prospects seem reversed every other month.
Notice how many news sources have talked about Ukraine in the same jojo way in the last few years.
* yoyo
TLDR is metrics-focused. Number goes up, success. That's a good thing. We need news sources striving to be objective again rather than editorializing.
@@mikicerise6250 numbers are not objective, if they try to make the case of success = gdp then f every other stat including THE DECLINE IN LIFE EXPECTANCY BECAUSE ELDERLY CAN'T EVEN AFFORD TO PAY THEIR MEDS
You guys spent a full year focusing almost solely on the negative, now that's undeniable that he saved that country, you change the thumb. Cute
well at least they acceped their mistake
7:03 "Hard to imagine a Western politician campaign like Milei." Ah yes, Argentina, the jewel of Southeast Asia!
When people say western, they usually just mean North West (NA + EU)
By Western, they mean US+Canada+EU and Japan. It is a hangover from the cold war as opposed to Eastern (USSR+Warsaw Pact/Comintern).
Just as silly as naming the group as "Countries that start with A"
@@Killerbee4712 At that point might as well say NATO countries or OECD.
Things have to get worse before they can get better. I'm so happy to hear this is working. VIVA ARGENTINA. We are at the dawn of a new golden age.
Hi, Argentinian here. In the last year Argentina hasn't become better. All the services got more expensive, retirees don't get the same medicine they got from the state before and the consumption has fallen. Poberty numbers are tricked, poberty has increased and the unemployment did too. Inflation have stopped, that's true and was one of the biggest problems in 2023, but it's at cost of people not buying things. I don't hope anyone here to trust me, because lies can be anywhere and you could think this is one, and if it was obvious, everybody sees what they want to see. So it's all, I hope that when this explodes you can see what is happening here.
In general, do you think the majority of your people feel that your country is improving?
@Leed831100 No. When I see social media some people say that but I don't know anyone in real life that thinks things are improving. Some people think that it's GOING to improve in some future, that now we have to pay the broken dishes, and that sort of things. Also there's people that are happy because inflation got lower but they can't say they live better than before, only that "it's going" to improve
It’s not “experimenting”, it’s simply applying basic macroeconomics concepts.
For developing nations that export raw materials and stuck in the crippling cycle of ever growing food/fuel subsidies, Argentina might pose a good lesson. For developed service economies, a great way to hobble them.
my friend finally moved back after 12 years. It's possible to live in Argentina now.
The invisible hand that destroys our hope. The minimum wage is the lowest in all of Argentine history. Pity
No, its not. After inflation, it is higher than in previous years.
Only the data kills the story. In 2010 the salary exceeds 500 USD and in 2024 270 USD. Proof of that
Whats important is the long term impacts of Mileis policies. Fiscal debt is one metric. If all this money goes to the rich or multi-national companies. The cuts to regions may also lead to some regions falling back even further behind others. The ideology serious gives me vibes of being "abolish the police" vibes from a conservative position. While I think its good to have strong business but if its not local but large international companies it undermines the market.
What strongly undermines Mileis libertarian credentials to me is his treatment of coops. For those who don’t know. Coops are companies owned by workers. They vote for their leaders in the company and every worker owns shares in the company. Since the late 90s Argentina has a big coop sector. This was helped by the government allowing workers to buy companies they worked in if they go bankrupt and the traditional owners resign.
This makes Coops unusual market socialist companies that can participate in capitalist economies. Sadly there is contradictory information. Mileis government seems to have suspended licenses for some Cooperative created between 2020-22 due to not reporting balance sheets. It seems like this is only targeting Coops and not all companies so it seems to be based on politics and not economics. The government claims they are streamlining the process of setting up coops from 2 years to 2 months, while some coops claims that they are given absurd deadlines after the government changed its required documentations.
On the other hand Aerolíneas Argentinas could be given to workers. For context: the company was nationalized until 1990, then privatized until 2008, and again nationalized since then. The company runs a laughable deficit and heavily relies on state subsidies. Milei now wants to give the company to workers. Ironically, the workers are now striking against this because they feel like Milei wants to deliberately give them a company everyone knows is failing. On the other hand it would be funny if they somehow restructure it. However now private companies are bidding for the airline so whatever Milei wants is massively unclear.
Coops usually outperform non-democratic businesses in times of crisis as workers are likelier to take temporary pay cuts to avoid firing or selling assets which in the future benefits the survival rate of the company. This could ironically help Argentina because they are like 10% of Argentinian companies.
He's a "libertarian." That is, a brutal authoritarian who likes bitcoin and drugs.
@rhel373 how is milei a "brutal authoritarian" 😂😂😂
@@lewis123417 When anyone protests against him.
@DGAMINGDE you have the right to protest, you don't have the right to block the roads and stop people who don't care for your political agenda, going about their business and attending work and feeding their families
The number of people in these comments hoping Milei (and by extension Argentina) fails in order to validate their own flawed world view is staggering. No matter how much comm1es want it so, "free" government handouts aren't sustainable forever, eventually they run out of other peoples' money. You need hard work and productive to generate wealth. It's a shock to the system at first but I'm time it becomes self sustaining.
We don´t want him to fail, we expect him to fail, that are 2 very different things.
@@tefky7964 why do you expect him to fail?
@@quietus13 because he’s a neo liberal at best and the sacrifice being made are poor people…meaning nothing beyond numbers on a economic sheet changes…poverty has exploded further in Argentina since Milei started
@@quietus13 Because I don´t expect this "let cut even basic functions of the state and hope for the best" will work. Libertarian policies usually cause short term positive effects with long term negative effects, in worse scenarios they end in much worse condition than they started without any positive effects at all.
@@tefky7964 I don't know if that's true. What are some relevant examples of libertarian policies causing positive short term outcomes but negative long-term outcomes?
Gov budget efficiency is the key
The truth is that these English-speaking people do not understand that Milei has done miracles and not only in any country, but in a country like Argentina. He has only been in office for a year and I dare say that he has already done more for his country than any other latino president in the last 20 years, obviously it is not an easy path, but with Milei in charge the truth is now I can see Argentina getting closer to a Poland than a Venezuela, God how I would love it have measures like this in my country
he is applying capitalist and monetarist policies like all good governments
I like many others don’t like admitting I’m wrong. But so far it looks like he will prove me wrong. I want good things for Argentina. I sincerely hope he proves me completely wrong and succeeds…
We'll see next year when the next finanical shocks hit us
"Line go up" is not a good measure of how well an economy is doing or whether it is serving its citizens.
Those "lines" are reflections of things in the economy, including the economic welfare of citizens.
@Yourordinaryuser_ Nope.
In a capitalist system, GDP does not reflect how the wealth is distributed. The top 1% could be doing phenominally well and driving the GDP up, while the bottom 99% are barely able to afford groceries.
@@Mr-DNA_ Except that's not the only graph. Inflation being slow is beneficial to everyone. That is one metric that is VERY GREAT in Argentina right now.
@Mr-DNA_ the line going up that socialist Argentinian politicians ignored were the inflation, the defecit and the growing poverty from economically illiterate policies
It's not an experiment. Austrian Economist have been trying to tell people for nearly 150 years how to run everything well. It's just that no one listens and votes for interventionist policies that are already proven to not work and then blame corporations and give the government more power to enforce monopolies to "fix" the problem.
Bro take your meds or the real economy book
Bro believes in 4chan lore xD
I always hear conflicting news about Milei, one minute he’s the most hated man in South America and the next minute he’s a Christ-like saviour who saved his country. Which one is it 😂
Depends on if you are an investor or a worker
@@iron_talon Workers are the group that profit the most from this. the losers in this are governmentemployees.
@@nox5555 yeah because government employees arent workers right?
why cannot a christ-like saviour be hated? are those two things really mutually exclusive?
Basically, if you're a populist then he's a hero, and if you're not, then you see him under the same lense that "liberals" in the USA see Trump (guaranteed failure, and a proud rejection of evidence to the contrary).
I remember being told back when he took office how he was going to crash the Argentine economy… curious
He did though
There are a lot of people who would rather that Argentina be poor under socialism than rich under capitalism.
lmao the economy is in recession and annualized inflation is 230% in 2024, which is significantly higher than the 130% it was in 2023
@@heeroheero8844 The monthly inflation is already down to under 3%, annualised to about 35%, People are using the annualised rate to try to smear him with the failures of the previous government. And yeah, if you fire a bunch of useless bureacrats living of the government while doing nothing, the economy will shrink temporarily, but the real economy will grow back stronger, as is already happening.
@@heeroheero8844 The monthly rate is already down to under 3%, he has been very sucessful at reducing inflation.
It seems the comments didn't get the whole V shaped growth and short term pain long term gain thing.
I'm not sure how you save a people by subjecting them to avoidable suffering. You can combat inflation and grow an economy while.still considering people's living standards. This video is stupid
@@jugo1944 You cant do that in Argentina case because how much extra spending they have. They were spending the money which doesnt really exist. Millei did right thing. You cant be less poor by using debt.
@@jugo1944 That would be ideal, but with the level of theses reforms and literally turning a whole economic system upside down will unavoidably cause this.
@MrBurnsExcellent yeah, I know, that's why I dony agree w it, lol
The issue is that we have no evidence that V shaped recovery is coming. So far, all we've seen in the GDP is a drop. The GDP has not grown at all. I am not talking about recovering from the drop to the level it had pre Milei. The GDP has not risen at all every single month sincr he has been in office. So, talking about a V shaped growth as of now is purely speculative. Believe if you want, but there is no evidence to claim that it will occur.
I'm an economist and I partly disagree with your conclusions. It's too early to see even short-term effects of his reforms, let alone how they will turn out in the long run. Inflation is down, but still roughly back on the levels of 2022-2023 (a bit lower, but 'world inflation' is lower too). Budget is balanced, but anyone can balance a budget - it's the consequences later that matter.
These comments tend to get too long and nobody reads them anyway - so I'll round it off by saying that my conclusion is that you can't even tell if he is on the right track or not. Interesting video nonetheless.
1:05 I love the little chainsaw icon. 😂
As mentioned in the video, Milei’s success is due to the people knowing what they were getting in for and wanting to change. It would be a struggle for a lot of countries to get such drastic change across the line. Look at France. They spend too much, work to little, they have a very generous retirement and the state is huge yet they don’t want to make the necessary changes. If the people didn’t want this then Milei would be in a similar position to Macron.
@@ArchangelXCI Europe is the lowest growing economy in the world. Sooner or later a Milei will come
It's a house of cards though. 'Five for me and one for you' is always an unstable system
Turns out the only thing you need to rule a country is to not be an idiot! Mindblowing!
I spent a lot of time in Buenos Aires. In the 1950s, “where do you want to live? Paris? New York? Buenos Aires? “ only one foreign Harrod’s ( B A)(now closed)
Tell that to the people who still believe Argentina was not rich.
@ they are in austerity and must develop again their resources
Can we bring Milei to Canada next? We need him.
Only if he passes through the USA first!
Many "Milei" will come😉
You mispelt 'project' on 1:51
Cry?
It's a withdrawal from economic heroin. Argentina is sobering up, it hurts but it's worth it.
Sorry for the nitpick, but there's a typo on projects from 1:09.
Thanks for the continuous update! I am super excited about how my stock investment is going so far, making over $41k weekly is an amazing gain.
Do you invest with a professional broker? I would appreciate it if you could show me how to go about it.
Thanks to Mrs. Bruce Christelle time in my life, which had a profound impact on me.
Wow! Kind of in shock you mentioned expert, Bruce Christelle What a coincidence!!
Bruce Christelle has really set the standard for others to follow, we love her here in the UK as she has been really helpful and changed lots of lives
Life is easier when the cash keeps popping in, thanks to Bruce Christelle services. Glad she's getting the recognition she deserves
The US implementing this type of extreme fiscal Austerity would be insane. The US already has a relatively low inflation rate. I think Milei could have cut much of Argentina inflation with less suffering, even if some amount of austerity was needed in Argentinas case. With Argentina having an extremely messed up monetary system.
If Milei gets two terms, Argentina will be nothing short of a powerhouse. But talking out all the people that got used to live from the state and bonds here and there, won’t be easy or popular.
A country is not just numbers. Behind the figures you call 'an economic success,' there is an increasing poverty rate, declining social services, and other struggles. A country is not a company; its purpose is not to maximize profit. A country cannot take drastic measures that put the lives of more than half of its citizens at risk.
We have numbers about all that, you don't knew it? Poverty is at the same level as before
@@yoroshikuonegaishimasu8649 Poverty is far worse now XD
@@Inucroftit dropped
Yeah sometimes you can't avoid poverty. If you mismanage your economy for 80 years, expect poverty to increase over time which is exactly what's happened in Argentina. You've papered over the cracks by controlling prices and laying on subsidies. Now that those controls and subsidies have been revealed, the true extent of the poor performing economy is exposed. You need to deal with long term stability, not short term comfort. When you sort your economy out, the poverty levels will reduce
@@Inucroft poverty is far better now, new data says is around 34%, way lower to when he took office
Why are the comments so negative? Wages are going up compared to inflation, which plummeted to 3% and poverty decreased for the first time, it looks like his policies are working.
2.5% monthly, not anual. And that's the current trend, not the average for the year.
The economy is better, but poverty is worse. Certainly, a role model to follow. By the way, always remember that an economy can grow a lot, meanwhile poverty can remain the same. If poverty does not go down, he will be a succesful economist, but a failed politician. He was elected to also make people's lives better, not just to stabilize the economy.
If poverty is worse, the economy is not better. The economy is only good if people are able to live in comfortable (or at least reasonable) conditions. If it's the corporations who are succeeding at the expense of the population, that is a failed economy.
For a country to not be poor, you need a good economy. If you have a good economy, people are going to get out of poverty, just as easy as that. Not only that, Milei has a high rate of approval, even after the adjustments.
@@EzeBarcoP Please, read a little bit about wealth inequality. An economy can be structured in such way that there is growth, but this growth goes mostly to the rich, so poverty remains the same. Growth is just one of many things need; not the only thing needed.
@@franciscoescobar3093 And you should read about poverty in Argentina right now. It's under 39% so no, it's not worse than it was before he assumed (in fact it's lower).
@@pauldoe240 This seems to be true. I hope this reduction in poverty continues. Economic growth with poverty reduction, is very rare under right-wing governments.
I just got back 2 weeks ago from living in Córdoba. I arrived in February of 2023 and left in December of ‘24. I was there when Milei was elected.
I don’t know too much about economics and stuff but I can say that Argentina was definitely on the track to improvement in my last 11 months there. When I arrived, it was $380 pesos to the dollar and it peaked at $1500 shortly after Milei took office. However, when I left it was $1050 (all on the blue dollar).
I also had a fair share of city and country life and I lived and worked amongst both the rich and the poor. Although the economic problems made life and finances harder, I only knew a few people who became impoverished due to the economic crisis. It hurt, but very rarely “killed”. The majority of the impoverished are high school dropouts that work odd jobs that pay almost nothing, and they generally blow what money they have on alcohol, cigarettes, and sometimes drugs.
I knew a family that made a lot of money in comparison to others but still lived in poverty because the dad would secretly blow over half his paycheck on drugs.
Long story short, I believe that the country’s poverty has just as much to do with the culture as it has to do with the President.
¡Viva Milei y no hagan drogas, pibes!
Most of this was caused by cutting spending of everything, which wasn´t that hard. If I decide to improve my personal budget by cutting food, water and electricity I am sure that my budget will have magical surplus too. (although soon I will die by thirst and hunger, but thats problem of future me...)
He cut healthcare, education, public projects, sold government companies... People knew that this will give him more money and in the short term improve the situation. What worried people were mostly long-term results of this policy and we still don´t know what will that look like, so its pretty soon to praise him and want to do same thing everywhere else too.
Nobody cuts food and water so low that they die
From Germany here.
Our governments prided themselves for haveing very little debt and our inflation rate was close to 0 for a decade and we sold state assets and companies.
Now guess what: Bridges are collapsing, Housing prices are soaring, our trains are never on time, our economy is stagnating if not shrinking and we routinely save private companies with state money that were previously owned by the state itself.
It takes months to get a doctors appointment, there are no open spots in kindergardens and poverty (especially child-poverty) is rising.
Not to mention the collapsing schools and universities.
As far as I am concerned current Germany is a look into your future - though the starting condistions are way worse.
@@weirdguylol Really, thats what you took from it?
@@yoshimeier3060 Ok, but thats caused by totally different factors. That super eco-friendly policy and saying no to Russian gas severely influenced your economy, than there is your ineffective bureaucracy, aging population that has big voting power (which is basically same in all other western countries as young people generally vote much less, so political parties don´t care about them), so parties seem to try make only seniors and activists happy... I don´t know situation in your country well enough, but as you said you have small debt and inflation, you have generally totally different problems than Argentina, so what with it?
In the short term? Then he took office the argentinian gocerment had a deficit of about 5 percent plus 10 percent central bank deficit with a 15 percent total deficit. That is short term thinking.
If he did not do his reform the argentinian state would have been bankrupt and cut from global markets. The economy did not grow since 2012 and before that already stagnated
People should realize that Socialism talks about putting the people in power, Libertarianism gives power to the people.
Milei is a nutcase BUT he sorta made all of Argentine his G-men co-workers rather than a cherry-picked inner circle as crazy as him the way a lesser fascist or commie would.
No matter what that is pretty cool.
This is what I voted for things are finally looking up for Argentina que orgullo viva la libertad
Regarding the increase in poverty %, Milei said in his interview with Lex that the increase was due to inherited poverty. The percentage was not accurately depicted by the former regime. When he took office, the real percentage was uncovered and reported, hence the increase.
The man is single-handedly saving a nation.
Damn! Now I wanna invest in Argentina!
Milei just got in power at the right time. All his "accomplishments" strangely mirror the worldwide change in inflation.
Also, lets forget that, while slashing all spending on the future (infrastructure, education, ...) he tripled the budgets of the internal security services, and reformed them to make personally answerable only to him, by secret decrees, with no oversight. He also removed a law prohibiting hiring close family members and elevated family members into high positions, then also gave him and them a +50% salary boost, while starving the country (when found out, he blamed a minister and fired him - despite the increase coming from him).
Inflation is now back to where it was Pre-Covid - like everywhere else. He had to make insane cuts to pensions, halt all infrastructure projects (including urgent repairs), and close hospitals etc, just to force-fix a moderate 4% budget hole. The "insane state expansion of the last decades" went from 20% of GDP to 35% - same as the US government spending ratio.
Dude got in the right time, made terrible choices, and now is hailed as a hero because the situation fixed itself regardless.
Turkey needs this too now lol
Im pleased to see Milei appearing to finally pull Argentina away from it’s unusually creaky system. It doesn’t hurt that he is an actual economic expert underneath the theater. Proud of Argentina to realize they could not continue as they had.
No, it's an example of Milei making himself and his mates rich while destroying the country
A young man in a village received a beautiful horse as a gift. Everyone in the village exclaimed, “How lucky you are to have such a magnificent horse!”
The Zen master, hearing this, simply said, “We’ll see.”
One day, the young man rode the horse and fell, breaking his leg. The villagers came and said, “What terrible luck!”
The Zen master again said, “We’ll see.”
Soon after, soldiers came to the village to recruit young men for a war. Because of his broken leg, the young man was spared. The villagers exclaimed, “How fortunate you are!”
The Zen master, as always, said, “We’ll see.”
So far so good, but he's still got over 70 years of statist corruption that he has to dig through before real progress can be made. If he keeps this going and not have a crazy fallout happen, he might well help Argentina become the major financial capital it used to be before the Peronists destroyed things.
I've been arguing this government structure in ghana my country where we have similar problems like argentina
Everyone is poor and miserable but the numbers are finally pretty!
I mean they were poor and miserable and in a death spiral before
We have the same poverty as before, stop lying
Why are you acting like they weren't poor and miserable before
@@VascodaGama-oj5ou I wasn't? You could read it as "still poor and miserable" if you want
@@micki0finn430 They're even worse now. Milei is intentionally crushing the working class so he can turn Argentina into a 3rd world cheap labor pool. Argentina was an emerging near first world economy.
On the one hand I feel like this video is useful because it's a snapshot of a current perspective on Milei, what his progress looks like right now... but as for a measurement of his programs TRUE success, we won't really know until years have passed. So we discuss today, as that is the only thing people can ever do, but we won't KNOW until a very far-off tomorrow.
What I'm wondering though, is how long the patience for his downturn will go. He WAS open that his intended cure would hurt before it heals, and honesty can buy you a lot of patience. But how long can that patience go, that's what I'd like to know. And when it goes, will that be the end of things? Will he keep following hia beliefs regardless of approval ratings or will he pivot in order to maintain approval? Many datapoints to consider.
Considering that for the first time in a long time wages are increasing faster than inflation I’d say progress is happening. I’d honestly say the GDP can be considered irrelevant because it was fueled by government spending and inflation rather than real growth
We need Milei urgently to apply the chain saw in the EU and Austria!!
Stop being dumb.
What was the point of the last part, the "it's complicated"? That's what politicians are elected and paid for!
¡Viva la libertad, carajo!
Remember when you vultures were reporting on what a bad job he would do?
I remember.
Lol. They take it all inside😅
If you’re going to have a capitalist society, do it properly
It's pretty ''funny'' how many economists like to look at broad indicators (GDP, balance sheets, trade surplus, deficit/surplus, etc.) and stop their analysis where it should actually begin to make it make sense (social and environmental indicators or analysis would tell us more). Stopping deficit by making 5 million more people poor would be a great accomplishment?
As many are saying here, it is too early to tell. That being said Milei's project is very clear, because he's been open about it : it is to create a very open/free market economy, free of regulation, where big businesses and wealthy foreign investors dominate the system. Can such a project improve economic indicators of Argentina? Probably. But such an economy never works for the majority.
There is a reason why every major economy in the world has some degree or other of market economy in them. Price controls simply do not work in a sustainable long term model for an economy of scale. Milei promised to do something different and so far, between the good and the bad, it seems to be doing a better job than the previous guys.
One thing is for certain, it can't really be any worse than it was under the previous party. 211% inflation is unsustainable in any economy. And so far, Milei seems to have done a fairly good job of bringing that down
This sounds like not fixing my roof and selling the trees and bushes in my yard for firewood to pay off my credit card debt. Now my house value is down and I'll have to pay for a roof and water damage in the future.
No it doesn’t.
Sounds like you were lying to yourself when you said you could afford that house then- the answer would be to sell the house and downsize and stop BSing yourself instead of doubling down on your delusion. Milei wants to actually fix things so you can actually afford a house and not slip into the 3rd world economic irrelevance category more than you already are
That's a terrible analogy
...Okay, lets run with this stupid analogy.
So, imagine if your credit card debt was 104% interest per month. Meaning, you owed 104% what you borrowed, every month. How many months can you run on that? Well, if you open another credit card and pay that one off, then open another... Congrats, you're kicking the can down the line but you're not dead. Yet.
But if you pay off ALL your credit card debt and then take 0 more: Now you can start to save. Yes, your roof is leaking and there's water damage and your house is less valuable, but you can start putting money away to renovate.
It sucks. It hurts. Right now especially.
But in one case: Paying off the interest rates and continually throwing out money year over year isn't tenable.
In the other case: Lowering expenses to the lowest possible and then fixing systemic problems is tenable.
Which would you prefer: A stressful present with no future, or a painful present with a good future?
@@ZeroNumerous Yes, that's a reasonable argument and I might make the same choice in that situation but I'd try to look for better solutions. Using mining as your income which leaves a toxic dump to cleanup and government cuts which leaves crumbling infrastructure both sound like short term ways to push up your numbers while not thinking of the future.