With the approval of the so-called “Bus Law” by the Chamber of Deputies this week, the president of Argentina, Javier Milei, opens space to “correct chronic imbalance” in the country’s economy. This is what the newspaper editorial states The globe published this Thursday, 2.
Initially defeated by the opposition in the first vote, held in February, Milei was open to dialogue and discussed item by item with deputies and governors of the Provinces, responsible for controlling the local benches.
As a result, the libertarian won “less ambitious, but transformative” approval, as mentioned The globe.
Read also: “Milei has victory in the Argentine Congress: deputies approve ‘Bus Law‘”
The project, which now goes to Senate, proposes reforms that pave the way for privatizations and temporary expansion of Milei’s powers. The proposal also foresees changes in labor and tax legislation — which includes a reduction in Income Tax exemption.
“This week’s victory reduces doubts about Milei’s ability to govern,” he says The globe, in an excerpt from his editorial. “The main uncertainty now is the level of tolerance of the population to the necessary adjustment that he intends to implement.”
One of the project’s most controversial measures is granting Argentina’s Executive the ability to govern without Congress in four areas for one year: administrative, economic, financial and energy, raising criticism from the opposition about a supposed concentration of power.
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The mechanism, however, is provided for in the Constitution of the South American country and has already been used even by opponents and predecessors of the current government, such as former Peronist president Alberto Fernández.
“Exhausted by the ineptitude of successive governments, Argentines elected the ultra-liberal Milei with the hope of putting an end to the endemic crisis,” he assessed. The globe. “He was correct in his diagnosis that State expenses need to be in line with citizens’ ability to pay taxes. For a long time, Argentines lived beyond their means, accumulating debt, defaults and recessions.”
Milei’s victories
Even before the victory in the Chamber, the Argentine government already had reasons to celebrate, according to the Brazilian publication. Inflation fell to 11% in March, after a peak of 26% in December.
The exchange rate was also a highlight, with the peso showing signs of stability in the informal market. Furthermore, public accounts closed with a surplus of US$315.4 million in the first quarter — the first in 16 years.
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If the former Peronist government bet on a kind of failed “anything goes” to try to stay in power, Milei now needs to act with the same speed to turn his plans into reality.
Second The globe, once victory in the Senate is achieved, the Argentine president will need to put the “Bus Law” into practice as soon as possible. This way, Milei will be able to promote a turnaround in the economy, or her popularity will suffer the consequences.
“Apparently, a good number of Argentines are aware that a correction of the economic course was absolutely necessary and would not be painless”, says the Brazilian newspaper’s editorial.
Read also: “Javier Milei completes 100 days of Presidency with high popularity among the poorest“
The fact is that Milei’s decisions have been pleasing: the Argentine president’s approval rating remains high, at around 48%. Among those who say they try hard every month to pay the bills, the libertarian has 30% support.
Milei took office as president of Argentina on December 10 last year. He was elected in November 2023, beating candidate Sergio Massa, from the left.
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