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Non-Contributory pensions account for 80% of the deficit

A new extension of the pension moratoriums and a special retirement regime for people with certain diseases are being promoted in Congress. As long as these types of rules continue to have a high political consensus, there is no point in discussing the monetary regime to control inflation and achieve stability. (more…)


3 out of 4 working – age adults suffer from labor shortages

Workers’ Day is a day of festivity. But the motives of celebration fade in a context where an ever-smaller minority has access to quality jobs. This alerts to the need in updating the archaic labor institutions as an essential step to begin overcoming the woeful labor deficits in Argentina. (more…)


IMF fiscal target is met with accounting make – up

The public accounts reported by the government state that the targets agreed with the IMF are met. But this was achieved thanks to an accounting gimmick that allows recording an unusual increase in extraordinary revenues. The maneuver seeks to conceal the explosive dynamics of energy subsidies. (more…)


Inflation is a state policy in Argentina

The acceleration of inflation is of growing concern. Focusing on the current government’s mistakes overlooks that high inflation is a long-standing problem in Argentina, linked to the chronic fiscal deficit. In order to recover stability and growth, a comprehensive reorganization of the State is essential. (more…)


To increase domestic consumption, exports must also be increased

The argument that exports compete with domestic consumption is back. The corollary is the idea that in order to protect consumption, exports must be limited. But the solution is the other way around. Exports must be increased to generate the foreign currency needed to expand production and consumption. (more…)


Argentina could export more fuel than it imports

Fuel shortages add another factor to the deterioration of people’s quality of life and the economy. As with the acceleration of inflation, the war in Ukraine added difficulties, but Argentina’s problems are the result of its irresponsibility in the formulation of public policies. (more…)


Only 1 out of 4 pensiones comes from the general system

The pension disorder is one of the main sources of fiscal deficit. Its regulation requires unification so that all workers have the same pension rules. However, from both sides of the political spectrum there is a broad consensus in creating special regimes with more advantageous conditions for some.  (more…)


The war on inflation means a shooting in its own foot

The government declared war on inflation with the same instruments it has been using so far. It continues to underestimate the impact of excess money printing on prices. Nevertheless, the most contradictory thing is that the government itself needs higher inflation to reduce public spending in real terms.  (more…)


Even if the IMF forgive the debt, Argentina would still be in crisis

The Argentine crisis is caused by the public sector’s propensity to mismanage and overspend its revenues. This originates more in the State’s disorder than in exogenous factors. The war in Ukraine is now emerging as a new excuse to go on postponing a comprehensive reorganization of the State. (more…)


The IMF targets cannot be met

The agreement with the IMF sets deficit and monetary targets expressed in nominal pesos. Moreover, policies making compliance unlikely are presented. The IMF staff will limit itself to explicit the non-compliance. The IMF Board of Directors will have to give “pardons” for the agreement not to collapse.   (more…)