Argentina’s President Implements ‘Chainsaw Economy’ with 70,000 Civil Servant Layoffs

In a surprising move, Argentine President Javier Miley announced plans to cut 70,000 civil servant pay in the coming months. This move is part of an effort to reduce the size of the government apparatus and was reported by Bloomberg. In order to emphasize his seriousness about reducing the public sector before the elections, Miley appeared at rallies with a chainsaw, leading to media labeling his approach as “chainsaw economics.”

During his inauguration ceremony in December 2023, Miley delivered a keynote address emphasizing the need to undo the damage from decades of decline. He stated that significant spending cuts are necessary due to lack of funds and emphasized the need for shock therapy. Miley also promised to reduce public debt and tackle inflation, which has soared to 140%. This approach marks a significant shift in economic policy under his leadership.

By Sophia Gonzalez

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