Milei Vetoes pension, the deficit spending increases as Argentina feels definitely Business and Economics News

Despite its austerity measures, the President’s party is expected to achieve well in the mid -mid -October elections.

The Argentine editor -in -chief, Javier Millie, compensated for bills aimed at increasing pensions and spending on disability, amid continuous protests against his austerity financial policies, which hit many people in their daily lives.

The Miley administration announced the decision on Monday, less than three months before the mid -time elections, saying that the country does not have enough money to finance the legislation.

The veto can still be vetoed in the majority of two -thirds of Congress, where politicians approved the laws in July.

The Argentine president, whose party holds only a small number of seats in Parliament, will hope to repeat last year when he managed to successfully stop retirement pensions, thanks to support from the conservative bloc.

In a statement published in X on Monday, the President’s office suggested that the laws that have now been completed have been approved by Congress in a “irresponsible” way, without specifying the sources of financing.

He claimed that the high spending would reach 0.9 percent of GDP (GDP) this year and 1.68 percent of GDP in 2026.

The president’s office said: “This president prefers to say an uncomfortable truth rather than repeating comfortable lies.”

He added: “The only way to make Argentina is great again is effort and honesty, not the same old recipes”, echoing the speech “Make America great again” for US President Donald Trump.

Since he took office in December 2023, Millie, the “Capitalism of Anarko”, described. Reduce federal spending Try to reduce inflation.

As part of these economic changes, his government removed tens of thousands of civil service functions and provided radical discounts for social spending and public works.

In 2024, Milli policies witnessed Argentina’s first annual surplus in 14 years, and in June, Argentina’s monthly inflation rate decreased to less than 2 percent for the first time since 2020.

However, the president’s measures were blamed for the transfer of millions of people to poverty in the first half of last year.

Unemployment also grew, and prices rose 40 percent on an annual basis, which led people to protest.

Researchers say that retirees, who were at the center of the weekly demonstrations, are a group of the most difficult blow.

Despite the general protests, the polls showed that the Miley party holds great progress before the mid -October elections, which will be considered a referendum in its first two years in office.