• Sun. Dec 10th, 2023

Surge in Support for Radical Candidate as Argentina Faces Escalating Inflation and Poverty Crisis


Nov 20, 2023

Javier Millay, an eccentric libertarian economist, has been sworn in as the President of Argentina with 56% of the votes. His campaign promises to take a different approach than the state previously implemented, including shutting down government offices and the central bank as part of the “dollarization” process. This is in response to the hyperinflation that led to an annual inflation rate of 142%. The country’s Congress will need to navigate how to govern with Millay in office.

Despite his unconventional style, Millay has gained popularity among various groups in Argentina due to his criticism and attacks against the country’s leadership. The country has been struggling with economic issues, poverty, and high inflation. Critics suspect that Millay’s rise in Argentine politics may be a result of former Minister of Economy Massa’s flaws.

Professor Rein claims that Argentina’s economic problems are tied back to its role as a food producer, reliance on capital outside of the financial system, and the collapse of Peronism. Lev Ari argues that controlling the entire economy by the government has resulted in a gap between rich and poor. Despite past attempts at stabilizing the economy, this government continues to struggle with handling the crisis.

Millay’s party only received 37 seats in House of Representatives out of 257, while his previous government party still holds the most seats. As President, people hope Millay can provide solutions for Argentina’s real problems while creating a narrative that suggests current leadership does not represent people will and has resulted in failed policies.

In conclusion, Javier Millay won the presidential election in Argentina with promises to tackle economic issues such as hyperinflation by shutting down government offices and fully shutting down central bank as part of “dollarization” process. While critics question how he rose in power and what led him there, his party did not receive many seats in Congress compared to previous government party who still holds majority seats.

Furthermore Professor Rein claims that underlying factors such as being a food producer, relying on capital outside financial systems and collapse of Peronism have contributed towards current economic crisis which this government is struggling to handle despite past attempts at stabilization.

As president now people are hoping for solutions from Javier Millay but it remains unclear how he plans on addressing these complex issues facing Argentina.

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