Winning: Javier Milei Announces Argentina's First GDP Surplus Since 2008
By Ward Clark | 4:29 PM on April 23, 2024
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It works. It all works. On Monday, Argentina's President Javier Milei announced that the South American nation has achieved a GDP surplus for the first time since 2008.
“This is the last stretch of a heroic effort that the Argentines are making — and for the first time in a long time, this time, the effort will be worth it,” Milei said.
“Contrary to the forecasts of most political leaders, professional economists on television and in the media, specialized journalists, and a large part of the Argentine establishment, I would like to announce that the national public sector recorded a financial surplus of more than 275 billion pesos [roughly $310 million] in March,” Milei said, “thus achieving a financial surplus of 0.2 percent of the GDP during the first quarter of the year, after almost 20 years.”
Milei noted that, while the concept of fiscal surplus may appear to be “simply a technical definition that does not affect the lives of Argentines,” it is “nothing less than the only possible starting point to end once and for all the inflationary hell” that Argentina has faced in recent years. The GDP surplus, while something of an arcane measure, involves Argentina's achieving a budget surplus that exceeds its GDP. In February, my colleague Jeff Charles reported that Argentina, under Milei's leadership, had achieved their first monthly budget surplus in over ten years.
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READ MORE: https://redstate.com/wardclark/2024/04/23/winning-javier-milei-announced-argentinas-first-gdp-surplus-since-2008-n2173209
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