Argentina Just Elected A Conservative President

( – Argentina just elected a new president named Javier Milei, a libertarian.

The President-elect announced during his campaign that he had plans for economic shock therapy.

This tactic, in his mind, would save Argentina from hyperinflation and a dwindling of foreign currency reserves. Javier Milei is a former economist.

On Tuesday, November 21st, Javier Milei said that he would make sure the government drastically stopped spending to stop inflation.

Milei said that Argentina has “no money,” and that if spending doesn’t stop, hyperinflation will be guaranteed, 95% of the population will be living in poverty, and 70-80% will be homeless.

Argentina is South America’s 2nd largest economy. However, the inflation is at a high 143% and the net central bank reserves are -$10 billion.

Javier Milei beat Sergio Massa in a runoff election that occured on Sunday, November 19th. Many citizens of Argentina blame the previous liberal government for an increase of high spending, as it was not sustainable in the long run.

“I will make a shock adjustment and I will put the economy in a fiscal balance. As I pledged not to raise taxes, this means I will do so by cutting spending,” Milei said.

Javier Milei’s emphasis as newly elected President-elect is fiscal balance.