Its a shame to see what socialism has done to Argentina. Few realize that in the early 20th century, this country was one of the top 10 economies in the world. Up to the 1950s they were at least as wealthy on average as Europeans. Its a good sized country with plenty of natural resources. They shouldn’t be poor. Yet they are now. Their economy is in a complete shambles and has been for years. Only 11 million out of 47 million work. If you exclude the public sector which is paid from taxes taken from the productive, only 7 million out of 47 million work. Government regulations and taxes have driven the cost of employment so high, that many rationally calculated they would be better off living on the public dole.
Withdrawing the Heroine needle of Socialism is going to be rough as hell on them for a while but things have gotten to the point that there is no choice. 40% already live in poverty.
They started letting the Italians run the country.
“going to be rough as hell on them for a while but things have gotten to the point that there is no choice”
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That’s where we’re headed. Our debt and deficit are laughably unsustainable. The politicians know it yet won’t do anything about it until they can justify cuts on the basis that there is no choice. And then the “fun” begins.
Its a shame what socialism has done to America. On the surface the largesse is appealing, but the heavy cost eventually leads to insolvency.