Argentina’s poverty rate has soared to almost 53% in the first six months of Javier Milei’s presidency, offering the first hard evidence of the fa

Poverty in Argentina soars to over 50% as Milei’s austerity measures hit hard

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2024-09-27 21:30:25

Argentina’s poverty rate has soared to almost 53% in the first six months of Javier Milei’s presidency, offering the first hard evidence of the far-right libertarian’s tough austerity measures are hitting the population.

The new poverty rate, reported by the government’s statistics agency on Thursday, is the highest level for two decades, when the country reeled from a catastrophic economic crisis, and means 3.4 million Argentinians have been pushed into poverty this year.

Since taking office in December, the self-described “anarcho-capitalist” – who campaigned with a chainsaw in hand to symbolise the cuts he would make – has slashed public spending in a bid to tame chronic inflation and eliminate the budget deficit.

His administration has frozen pensions, reduced aid to soup kitchens, cut welfare programmes and stopped all public works projects. Tens of thousands of public employees have been fired, reduced energy and transportation subsidies have pushed costs up, and purchasing power has eroded.

Kirsten Sehnbruch, an expert on Latin America at the London School of Economics and Political Science, said she had never seen such a large jump in poverty rates. “This new economic programme is not protecting the poor,” she said. “The jump is absolutely horrendous.”