OAN’s Abril Elfi
10:32 AM – Saturday, December 30, 2023
Newly-elected Argentine President Javier Milei was seen flying commercial as part of his move to get Argentina out of the worst economic crisis they have experienced.
On Saturday, the Libertarian president was seen on videos circulating on social media boarding the commercial flight and saying “Long Live Liberty.”
The move comes to reduce government spending in Argentina as the country is expected to hit 200% inflation in this upcoming year.
The airline company Milei was flying with, Aerolineas Argentinas, was re-nationalized in 2008, and since then the government has lost $8 billion of its funds. For many years, Aerolineas Argentinas has been in financial ruin.
Argentina can control inflation and de-growth in part by closing down ineffective state-run businesses, according to Milei.
The nation is dealing with a 140% inflation rate and a 5% Gross Domestic Product (GDP) growth deficit.
Ten years ago, only 5% of the population in Argentina lived in poverty, however, today 40% are now in the same situation.
Earlier this month, Milei slashed car purchases for government officials by 50% and also announced a reduction in government drivers and vehicles.
He has stated that he has begun to do everything he can to tackle the economic crisis.
“One of the great objectives we have as a Government is to put an end to privileges. The adjustment we intend to make on political expenses, only in operating expenses, is around US$ 3 billion per year,” Milei said. “Talking about 15,000% inflation is frightening for everyone and that is what we are working on. It is good to understand that today inflation is running at around 3,678% per year; this 1% of daily inflation leaves us immersed in hyperinflation that we are trying to avoid and we are making an effort so that the catastrophe does not end up happening.”
After taking office on December 10th, Milei warned Argentinian citizens to brace for massive public spending cuts as part of emergency measures to help the nation’s struggling economy.
Stay informed! Receive breaking news blasts directly to your inbox for free. Subscribe here. https://www.oann.com/alerts