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Zach Weissmueller
@TheAbridgedZach
100 economists, including Piketty, signed a letter ¹ warning of the economic "devastation" in the short-run if Milei were elected. Monthly inflation was 25% when he entered office. It's now below 3%. ² (Still bad! But a huge difference). They predicted he'd aggravate the fiscal crisis. First surpluses in over a decade. ³ To give the critics their due, poverty spiked and remains high, though Argentina is woefully bad at measuring poverty rates according to the World Bank.⁴ The hope is that with the tough but necessary cuts, economic growth will follow, and poverty will decrease. The tweet below indicates some reason to hope this process is underway, but we will see, and this will be the true test of Milei's approach. We should see a clearer picture by the mid terms in Oct 2025, which will serve as the first real referendum on the Milei agenda. For now, reflect on the fear-mongering of these 100 economists, their incorrect predictions, and their implicit endorsement of Milei's opponent, Argentina's former economic minister, the embodiment of the status quo that led the country to this point. ¹ media.carasycaretas.com.uy/adjuntos/328/d ² tradingeconomics.com/argentina/infl ³ buenosairesherald.com/economics/arge ⁴ worldbank.org/en/news/featur
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Zach Weissmueller
@TheAbridgedZach
Many economists predicted that Milei's chainsaw approach would plunge Argentina into a prolonged and deep recession, maybe even a depression. Still a long way to go, but real reason for hope. Check out my documentary below to learn more about Milei's first year in office. x.com/TheAbridgedZac…
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Joe Duarte 🏜️
@ValidScience
How are these inflation rates possible? Over 200% a year? 25% a month? I don't understand – do people get automatic raises tracking inflation? How could they live if prices double in a few months? This doesn't make any sense.
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nero
@n3ro
I know they won't be, but I wish these people would be shamed into oblivion over this
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Keith McCullough
@KeithMcCullough
Ad
I started Hedgeye in 2008. Back then, the U.S. economy was suffering its biggest downturn since the Great Depression and we were bearish. The stock market fell over 50% from October 2007 to March 2009. Bullish pundits on
@CNBC
, like
@JimCramer
, walked A LOT of investors off a
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Mordo Nahum
@agusvolco
Milei said we would dollarize the economy. He did not. The letter warned against the program he promised, not the one he implemented.
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Keith McCullough
@KeithMcCullough
Ad
I started Hedgeye in 2008. Back then, the U.S. economy was suffering its biggest downturn since the Great Depression and we were bearish. The stock market fell over 50% from October 2007 to March 2009. Bullish pundits on
@CNBC
, like
@JimCramer
, walked A LOT of investors off a
Show more
Image
27K
🇮🇱 MaTT 🇮🇱
@matt_clarke
State redistribution and spending on poverty was what they were concerned about. Pure socialism and government programs for everything. Their critiques are hollower Than the theory they’re based on.
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AleAR
@AleAr
Milei’s achievements in 2024 so far: GDP: -3,5% (Estimated) Inflation in dollars: 120% Inflation in pesos: 166% Poverty: +7% Unemployment: +1,5% Public Debt (dollarized): +25% M3 in pesos: +160% (+220% in 2023) International Reserves: -USD5B (started with -12B) Interest Rates
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Michael
@CatallaxySpirit
Piketty is a hardcore Marxist. His theory was that under capitalism inequalities are inevitable because economic growth rate is inferior to return on capital. Therefore we need to give more power to governments so that they can divide the pie on our behalf. Versus, giving more
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Dustin Lester
@fleetbuilder
Poverty did not spike. They just started being honest about how bad it was. Now that you have an honest data set you can heal from the crimes of socialism
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Rath
@mak3333
The problem with the 'experts say' gambit is you can get an expert or 100 experts to say fucking anything these days. It's entirely meaningless. Now if you tell me someone like, say, Lacy Hunt has something to say, I'm all ears.
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Jeffrey Emanuel
@doodlestein
Poverty didn’t really spike, that was purely an artifact from poor measurement and statistics which were carefully manipulated under prior administrations to mislead. They are uniformly better off now other than the mostly useless people who were feeding at the state’s teat.
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clanp
@clanp007
All the critics latch onto the poverty numbers, but the anecdotes show that a lot of it is market rents pushing people out. It'll take years to build back the housing stocks that people stopped developing due to rent controls.
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Eli Rose🔸
@really_eli
Genuine question: how are those inflation rates possible? 25% monthly inflation means 1,355% yearly inflation, but that would be insanely high and the internet says the max annual rate recently was ~211%
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Mathieu Labonté
@voteLabonte
You're mixing up relative/absolute numbers here. If Milei speedruns to the bottom...the numbers will look better going forward. But the outcome overall is still worse
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Shahin Ashkiani
@shaahin_a
Avg. real wages have reduced by 9.6% for formal and 20% for informal workers. The key economic sectors' output has been contracted up to 26%. While the soup kitchens for the poor are closed (to provide that glorious surplus), the interest payment to the rich has continued
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Mike Spinney
@spinzo
I recall listening to an NPR story on Argentina’s crushing inflation and how the economy had fallen off a cliff… which unironically included an economist warning that Milei would drive the economy off a cliff.
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Brent 🌐
@EconBrent
I don't have a public image/profile to maintain but I've been following Arg for ~8 years and it was quite clear that what Milei wanted to do (and has done) was precisely what the country needed to set itself on a sustainable long-term path. The doomsayers were predicably wrong.
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whiteSquirrelFinance
@decentralizeMi
And yet there will be no accountability. These are not economists in the scientific sense, they're storyteller's, selected to drive a narrative. The US Federal Reserve has also embraced this storytelling approach.
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RH
@alogator69
Milei promised dollarization but delivered a fiscal shock. Inflation fell from 25% to below 3%, a big win. But the cost—recession, unemployment, and social unrest—raises questions about long-term sustainability.
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Matias
@mathiab
Che fenómeno barrial
@JMilei
chúpate esta… Cierto que tu inglish is bery bag. Jajajajajajjajajajajajajjajajajajajajajajajjajajajajajajajajajajaajjaajjajajajajajajajajajajajjajaajjajajajajajajajajajajajajajajajajajajajajajajajajajajajajajsjajajajjajajajajajajajajajajaja
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big burrito
@Bigtruck_2
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big burrito
@Bigtruck_2
Replying to @gregoryschmidt and @DanielDiMartino
milei.ufm.edu/es/wp-content/
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Rubén Moreno 🇦🇷🇧🇷
@moreno_ruben
Meat and milk consumption has plummeted, and there is nothing to indicate that it will recover, quite the opposite, given the indiscriminate opening to the export of food and energy. These are pure and hard statistics of poverty, we do not have to wait until 2025 to find out. If
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García Bernado ✍️📖
@RGGB_
What's incredible to me is that you are ignoring every fact previous to the most recent growth figure (3,9 for Q3) including the devastating recession we lived though from oct 23 to jun 24 which was much longer and deeper than pro Milei economists are willing to acknowledge.
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Terry Constanti
@tezlefty
I can create a monetary surplus too if I starve the family, never spend on medical or education and refuse to buy or use electrical appliances, never repair or replace what’s broken and let my grandparents fade away gracelessly. It’s called being a miser living a miserable life.
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trb
@BanRus
"Daniela Gabor, Professor of Economics, University of Western England, Bristol, UK" Ha ha ha ha ha, God that woman sucks.
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Frank Giancola
@frank_giancola
Well he has brought inflation down to 3 percent which is great. And even if it is double that at around 6 percent it is awesome. On the other hand if stats from Argentina are dodgy then we should be skeptical about growth, unemployment, and other recession indicators...
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DaugHauz
@DaugHauzzer
Milei has been devasting when h look at unemployment and poverty rate. Wall Street and US companies are cleaning up under Milei though and driving GDP — good for us Wall Street, bad for Norma people!
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Mike Pimento 🦁
@MikePimento
La pobreza también está bajando. Presiona F5.
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Observatorio de la Deuda Social Argentina (UCA)
@ODSAUCA
🔵Microsimulaciones del ODSA sitúan la pobreza en 46,8% este 3°T. Luego de los picos alcanzados en el 1°T, con la baja de la inflación y la mejora parcial de los ingresos ha ocurrido una lenta recuperación que todavía no alcanza los niveles de 2023.¿Qué pasará con esta tendencia?
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Sergio Holzmann
@HolzmannSe57202
Each country Urgently Needs a Javier Milei to Defeat the Globalist Left, the Levitan of the State and the Nefarious Agendas 2030-2045 of the UN. Long live freedom.... Carajo !!!!
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Reason
@reasonistheway1
In ARG poverty is measured by comparing household income vs the price of a set of goods. If you can't buy it, you're poor. The problem is.. there were price controls that lead to scarcity which does not show up in statistics. Milei removed price controls
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