by Mish Shedlock, Mish Talk:
The newly elected president of Argentina, Javier Milei, just took a chainsaw to Argentina’s government. Congratulations to Milei for keeping a promise. The US desperately needs to do the same!
Javier Milei Eliminates Half of Argentina’s Government Ministries
Praise and honors to Javier Milei for fulfilling a campaign promise. On his first day in office, Javier Milei Eliminates Half of Argentina’s Government Ministries
TRUTH LIVES on at https://sgtreport.tv/
Within hours of being sworn into office on Sunday, Milei made good on his vow to take a “chainsaw” both to government spending and to what he called his country’s “political caste,” signing an executive order to cut the number of government ministries from 18 to nine.
“Ministry of Tourism and Sports — out!” he said, tearing a ministry name tag off a whiteboard. “Ministry of Culture — out! Ministry of the Environment and Sustainable Development — out! Ministry of Women, Genders and Diversity — out! Ministry of Public Works — out, even if you resist!”
Milei also tore off the tags denoting the Ministries of Science, Technology, and Innovation; Labor, Employment, and Social Security; Education; Transportation; Health; and Social Development.
The president-to-be concluded the video by stressing, “The thievery of politics is over. Long live freedom, damn it!”
Chainsaw Plan Now a Reality
A new era of politics starts with Javier Milei. pic.twitter.com/lQwmfccE45
— Patrick Webb (@RealPatrickWebb) December 11, 2023
Economic Shock
Reuters reports Argentine President Milei Warns Economic Shock Unavoidable in Maiden Speech.
Argentina libertarian economist Javier Milei took office on Sunday warning in his maiden speech that he had no alternative to a sharp, painful fiscal shock to fix the country’s worst economic crisis in decades, with inflation heading towards 200%.
“There is no alternative to a shock adjustment,” he said on the steps on Congress after taking the presidential baton and sash, with crowds of supporters cheering despite Milei saying the economy would worsen in the short term. “There is no money.”
“The outgoing government has left us on track towards hyperinflation,” Milei said. “We are going to do everything we can to avoid such a catastrophe.”
While the speech was light on details, he said key steps would include a fiscal adjustment equivalent to 5% of the country’s GDP through cuts that he said would fall on “the state and not the private sector.”
“We know in the short term the situation will worsen but then we will see the fruits of our efforts,” Milei said. “We don’t seek or desire the tough decisions that will need to be made in the weeks ahead, but unfortunately we have no choice.”
Wow and Congratulations!
I would like to see the US do the same, starting with the Department of Education and Department of Labor. Get rid of them.
It does not even have to be big bang. Something like 33% a year for three years would suffice.
