Tuesday, December 27, 2016

Wanting Fast Results is Problematic

Mauricio Macri fired his Finance Minister because the Argentine economy is still struggling.

Inflation is forecast to rise to around 40% in 2016, while the economy is expected to contract by 2%, according to the International Monetary Fund. In 2015, Argentina’s economy grew 1.2%, the IMF said.

Of course cabinet members are famously scapegoated, but wanting fast results is problematic. The Kirchners were in office a long time and so change either has to be gradual or destructive. Argentina already tried the destructive kind and it led to...the Kirchners.

The wanting fast results then gets back to promising fast results, whether you believed your own promises or not. Macri was to going to "build concrete things" and Argentina would have a "happiness revolution." Economic contract is not particularly happy.


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