Argentina’s ‘Milei Miracle’ proves the failure of socialism

Argentina — yes, the country that was until recently South America’s economic basket case — now has a primary fiscal surplus, the first in more than a decade and a half.

March was the fourth straight month with more government revenues than non-interest spending: In other words Milei, who was inaugurated in December, has produced a government budget surplus every month since taking over.

This surplus is partly because Milei has also delivered on another of his promises: paring back Argentina’s gargantuan state.

He has halved the number of federal agencies, from 18 to nine, slashing public spending by up to 30%.

Best of all, Milei is also making inroads against Argentina’s biggest bugbear for decades, inflation.

Argentina’s ‘Milei Miracle’ proves the failure of socialism