A new study issued last weekend by the Social Debt Observatory of the Catholic University of Argentina (UCA) reported that already terrible poverty in Argentina has soared under the new government of Javier Milei, which took office on Dec. 10, 2023. In January 2024, they report, poverty surged to 57.4%, the highest it has been since 2004, up from 44.7% in the third quarter of 2023.
RT commented that “the report noted that the greatest increase in poverty levels was observed among middle-class households that were not beneficiaries of social programs, as well as among low-skilled workers. According to the data, the percentage of Argentinians considered `destitute’ surged to 15% in January, up from 9.6% in the third quarter of last year.” Spain’s El Pais reported that it is now commonplace to see people in Buenos Aires or other urban centers digging through garbage dumpsters looking for food or other items they might sell.
Milei so far has devalued the peso by 50% against the dollar; raised interest rates to 133%; and overseen inflation rising to 254% per year in January 2024. Next in his Von Misesean policies will be to fully dollarize the economy—if he can pull it off.
