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“The era of the present State is over”, the 10 most notable phrases from Javier Milei's chain - Infobae
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“La era del Estado presente se ha terminado”, las 10 frases más destacadas de la cadena de Javier Milei
El presidente celebró que el Gobierno terminó el primer trimestre con superávit fiscal del 0,2% del PBI, cumpliendo así con margen la meta fijada con el Fondo Monetario Internacional
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April 22, 2024
The president celebrated that the Government ended the first quarter with a fiscal surplus of 0.2% of GDP, thus meeting with a margin the goal set with the International Monetary Fund
Cadena nacional del Presidente Javier Milei
Cadena nacional del Presidente Javier Milei
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National channel of President Javier Milei
On national television, Javier Milei defended his government's economic policy this Monday. Accompanied by the Minister of Economy Luis Caputo , the president of the Central Bank Santiago Bausili and his vice Vladimir Werning , plus the Secretary of Finance Pablo Quirno , the president celebrated that the Government ended the first quarter with a fiscal surplus of 0.2% of GDP , thus meeting with a margin the goal set with the International Monetary Fund.
Below are the 10 most notable phrases left by the Head of State's speech, recorded this afternoon in the White Room of the Government House:
1- “The era of the present State is over.”
Completing his speech, Milei stated that “the supposed era of the 'present state'” has been “a resounding failure that has plunged 60% of the population into poverty and we will never return to that.” “The way out will come through private sector investment and credit,” she stated.
2 - “This is the only possible starting point to end inflationary hell forever.”
After celebrating the fiscal surplus achieved in the first quarter, the president pointed out that continuing along this path is the only way out of the crisis that developed "since the fall of convertibility" and that led us to become "the largest serial defaulter in the world." world, and to have the highest tax pressure in the world.”
3 - “We were facing the worst crisis in the history of our country.”
In a counterfactual definition, Milei referred to the “inheritance” received from Alberto Fernández's management. “We find a country bankrupt and on the verge of hyperinflation; we had a producer deficit of 5 points in the Treasury and a financial deficit of another 10 points in the Central Bank; we had an exchange gap of almost 200% between the official dollar and the free dollar; and a monetary surplus similar to what we had in the run-up to 'Rodrigazo'.”
The president added that there was also “an unrecognized debt with importers for more than 50 billion dollars; “a debt in pesos for the equivalent of 90 billion dollars and the agreement with the IMF was broken.” “During the first week of our government, inflation was running at 1.2% daily.” He also warned that “the destruction of the Central Bank's balance sheet was worse than that of the hyperinflation of 1989, and social indicators worse than those of the 2001 crisis.”
4 - “The cause of all the evils in Argentina was the fiscal deficit.”
The president targeted “politicians” and their “obsession” with “spending what we don't have.” “Once the sources of debt and the increase in taxes were exhausted, they resorted to monetary issuance, which is the only and proven cause of inflation,” he said. For Milei, if the deficit ends, “the monetary issue and inflation end.”
5 - “We are advancing in the most ambitious shock stabilization program in our history.”
In this way he defined the first stage of the Government plan with which he celebrated having achieved “the financial surplus in just one month, a milestone that has no parallel in the history of the Western world,” he exaggerated.
6 - “The Government was right and our plan is working.”
Milei presented it as “an economic miracle” to have achieved the quarterly financial surplus after almost 20 years, having received the inheritance that we received.” The libertarian leader justified the achievement thanks to the “chainsaw” and “not, as some say, to the liquefaction of public spending.”
7 - “For the first time in a long time, the cost of adjustment is not passed on to the entire population.”
For the president, the adjustment only falls on “those who benefited from the impoverishing model of the past.” “Not only has it been possible to end the fiscal deficit, but we have done so in a way that is economically sustainable and morally desirable, since for the first time in Argentina the righteous do not pay for the sinners,” he declared.
8 - “If the State does not spend more than it collects and does not resort to issuance, there is no inflation: it is not magic.”
Paraphrasing a historic phrase by Cristina Kirchner, the President pointed out that “there is still a long way to go, but there is no secret. If the State spends more than it collects and finances that shortfall with monetary emission, then there will be inflation.” “This is the law of history, if the State does not spend more than it collects and does not resort to issuance, there is no inflation. "It's not magic."
9 - “Zero deficit is not just a marketing slogan for this government, but it is a commandment .
The liberal-libertarian economist continued to defend his management and insist that “inflation is a theft and the fiscal deficit is the cause of inflation.” “Every peso left over to the National State, far from increasing spending, will be returned to Argentines through tax reductions,” he announced.
10. “Argentines are suffering, but they know that this is the only possible path.”
Milei concluded his speech on the national network by highlighting “the heroic effort” of society as a whole: “There is not a day that goes by that does not amaze me, and everyone who accompanies me, at the fortitude with which Argentines are facing this challenge. There is no alternative but to surrender at the feet of a people who have decided to abandon slavery and undertake the long road through the desert towards the promised land.”
