Argentina’s President Implements ‘Chainsaw Economy’ with 70,000 Civil Servant Layoffs

Chainsaw Economics: Argentine President Javier Miley’s Decision to Cut 70,000 Civil Servant Pay Amidst Inflation and Fiscal Challenges

In an effort to reduce the size of the government apparatus and tackle inflation, Argentine President Javier Miley has announced plans to cut 70,000 civil servant pay in the coming months. This news was reported by Bloomberg, which labeled his approach as “chainsaw economics.”

Miley’s decision comes after he delivered a keynote address during his inauguration ceremony in December 2023, where he emphasized the need to undo decades of decline and implement shock therapy due to lack of funds. He also promised to reduce public debt and tackle inflation, which has soared to 140%.

This marks a significant shift in economic policy under his leadership and is often compared to the approaches taken by former U.S. President Donald Trump and Brazilian President Jair Bolsonaro. Miley’s use of a chainsaw at rallies has also garnered media attention, with some labeling it a controversial move that could damage his image before the upcoming elections.

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