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The challenge now is to support the reduction in public expenditure

In the first half of the year it can be seen a significant fall in the fiscal deficit. No less relevant is that it occurred, not so much because of an increase in income, but because public spending grew much less than inflation. The key now is to quickly reorganize the public sector to give sustainability to this process. (more…)

The Federal State must change roles

Reality imposes a reordering of the federal public sector. As important as to tend to financial sustainability is to improve the quality of the interventions. A key step is to critically review the national programs that overlap with services in charge of the provinces and municipalities. (more…)

Federal State spends more in interests than in wages

The decision that the Central Bank stops financing the Treasury is a good practice in institutionalism and transparency. But it does not solve the basic problem which is the endemic fiscal deficit. Whatever the strategy to control the dollar is, success is tied to a credible plan to reduce public spending. (more…)

Less public spending are needed, not more dollars

The escalation of the dollar generates anxiety. The process will not be stopped by the Central Bank selling more dollars. To control the situation a consistent plan to reduce the fiscal deficit is required. This must include improving the management of social programs and ending inequities in the pension system. (more…)

JOB GENERATION HAS IMPROVED IN THE FIRST QUARTER

The official information on the situation of the labor market gives indications that at the beginning of the year the job creation capacity of the companies was recovering. But surely the process was interrupted. Strengthening this incipient labor improvement is another reason to accelerate the public finance ordering. (more…)

DOLLAR RISES BECAUSE LOW PRODUCTIVITY NOT DUE TO THE CENTRAL BANK

The devaluation put an end to the artificial increase in the purchasing power in terms of dollars caused by the financing of the fiscal deficit with external debt. To generate sustainable improvements of income in term of dollars, there is no need of better Central Bank presidents but genuine increases in productivity. (more…)

BEFORE THE CENTRAL BANK, PUBLIC SECTOR MUST BE RESTRUCTURED

The agreement with the IMF stipulates that the national Treasury will not be able to receive financing from the Central Bank anymore. This requires accelerating the reduction in public spending. To this end, a more comprehensive restructuring of the public spending must be addressed, including the social spending. (more…)

Subsidies are the only public expenditure that have dropped

The presidential veto to an opposition initiative ordering the comeback of the utility subsidies laid bare the mediocrity of politics. The fiscal situation is critical and the reduction of subsidies is the only advance. Ordering the public finances demands a more integral approach that includes a pension system reform and the reconstruction of federalism. (more…)

1 out of 5 retirees receives double benefit

One of the most irresponsible decisions made since the return of democracy was the free granting of 3.5 million retirements to people who had no contributions to the pension system and without any socioeconomic assessment. The challenge now is to correct the inequities and unsustainability caused by this decision. (more…)

FISCAL DEFICIT PRODUCES EXTERNAL DEFICIT

By taking external debt to finance the fiscal deficit, the incoming dollars appreciates the peso, discouraging exports and promoting imports. Therefore, to correct the big Argentinean external imbalance it is fundamental to accelerate the gradualism and balance the public finances. (more…)