Javier Milei he defined himself as a long-term anarchocapitalist and a short-term miniarchist. At the time of his election, Argentina was on the verge of the worst crisis in its history because there were worse imbalances than in the three previous Argentine crises. Argentina presented, above all, a twin deficit, i.e. a public deficit and a current account deficit (in the balance of payments, the current accounts summarize the debt or credit position of a country towards the rest of the world, the current accounts are made up of the transactions that that country carries out for the sale and purchase of goods and services) equal to 17% of GDP (with 4% the alarm is yellow, with 8% the catastrophe is imminent…).
No one in history has ever achieved what Milei has already achieved in just 11 months. He presented a DNU (decree of necessity and urgency) after just two days.
1. 800 reforms approved (five times more than Menem) with only 10% of the senators and 15% of the deputies in the chamber. Another 3,000 reforms ready. The reforms already approved will allow it to climb 80 places in the Heritage Foundation’s economic freedom ranking (in 2024, Argentina is in 145th place: 80 positions would mean placing itself ahead of Italy which, in constant decline, has 81st position; Milei’s goal is first place in the world!). Climbing positions in this ranking is fundamental because the freest countries are 12 times richer than statist countries, record double growth rates, have 25 times fewer poor people and 50 times less destitute.
2. Public spending reduced by 35%! As supported by the Austrian School, the reduction of public spending, correctly defined by Murray Rothbard as “governmental depredation of the private national product”, is a sine qua non condition to grow.
4. He abolished two thirds of the ministries and, among the eight remaining ministries, he established that of deregulation at whose head the minister Federico Sturzenegger was appointed.
5. Rental market reform based on liberalization. Result: many more properties available with average prices dropped by 20%-25%.
6. Liberalization in the use of any currency for any payment.
8. Zero monetary issue (in the country that has experienced 10 defaults) a necessary condition for reducing inflation.
10. Private credit has increased by 164% since the elections.
11. 50 thousand public workers fired.
12. Rigid Law which allowed foreign investments of up to 200 million USD (he would have liked without maximum limitations). $1.5 billion in the mining and renewable energy sectors entered by the end of 2024.
13. Economic poverty index dropped from 52% to 48%.
14. 85% of young people he said he appreciated Milei.
15. Anti-protest law approved.
16. Don’t abolish public universities but necessary audit period started to control and limit funds.
17. Public funding for cinema has not yet been canceled but, having limited state intervention to 30% of production has, in fact, significantly reduced public funding because the remaining 70% must be private.
18. Public funding for newspapers has been completely cut.
19. Tax shieldcalled blanqueo (pronounced blancheo), of accounts held abroad. Limit of $100,000 (he would have liked to approve a law without limits on the amount but this was not possible due to insufficient numbers in parliament).
20. Significant reduction in crime: -80% crimes with zero murders in the last month in the Rosario area (known for drug trafficking).
21. Country risk has fallen below 900 points (2,900 at the time of the election).
22. Argentina is the only country that has granted refuge to 6 opponents of the communist dictator Nicolas Maduro at his embassy in Caracas. Furthermore, Milei is the only world leader to have requested an international arrest warrant from the International Criminal Court on charges of crimes against humanity for the Venezuelan communist dictator Nicolas Maduro accused of thousands of electoral frauds, arbitrary arrests, unspeakable torture and crimes of Venezuelan opponents, including soldiers.
24. The Minister of Economy Luis Caputo he received the “best minister of the year” award from the magazine LatinFinance. Javier Milei has defined him, several times, as “the best minister in the world”.
25. Argentina has emerged from recession after 6 months of continuous growth. The keys to Javier Milei’s success: strong reduction in inflation; deregulation of the economy; adjustment of public spending; elimination of the fiscal deficit; zero emission.
26. Many international research institutes, including the Argentine economist Ricardo Arriazu, predict, for Argentina, South America’s best growth for 2025 (expected GDP growth, above +5%) with an increase in employment of 3% which corresponds to approximately 500 thousand new jobs.
The elections next autumn (2025), the mid-term elections, are highly anticipated because they could significantly increase the number of parliamentarians and therefore allow a further push for reforms. Javier Milei currently enjoys a high level of approvalamong the highest ever among presidents and heads of government around the world, above 62%.
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