Argentina's poverty crisis deepens under Milei's economic policies

According to data released on Thursday by the national statistics agency INDEC, Argentina's poverty rate rose from almost 42 to nearly 53 per cent in the first six months of President Javier Milei's economic shock therapy.

This means that by the end of the first half of 2024, almost 25 million Argentinians were living below the poverty line, with 3.4 million people having crossed it this year. These are the worst figures in 20 years.

According to the latest data, approximately 8.5 million people, or 18.1 per cent of the population, were in extreme poverty, meaning they did not have enough income to meet basic food needs.

The figures that hurt the most are the poverty rates among children, noted the Infobae portal. According to INDEC data, a staggering 66.1 per cent of children in Argentina live below the poverty line, with 27 per cent starving because their families do not have enough money for food.

Presidential spokesperson Manuel Adorni blamed the previous left-wing administration for the situation.

The government inherited a catastrophic situation; it is the worst downturn received by the government in democratic times, and perhaps even one of the worst in history, he said.

Since taking office in December 2023, President Milei has been implementing an austerity programme and "chainsaw-cutting" public spending to restore budgetary balance after years of crisis and control inflation, which reached almost 300 per cent annually in April.

The shock therapy helped close the budget deficit but deepened the recession and worsened the financial situation of many families. According to the latest polls, Milei's approval ratings, which have been around 50 per cent since the beginning of his presidency, are starting to decline.