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Argentina's poverty rate has surged to nearly 53% during the initial six months of Javier Milei's presidency, marking a significant economic and social setback for the nation. This alarming increase, the highest in two decades, underscores the far-reaching impact of the president's stringent austerity measures.

The government's statistics agency reported the new poverty figures on Thursday, revealing that an additional 3.4 million Argentinians have fallen into poverty this year. The country, now reminiscent of its early 2000s economic crisis, faces challenges as it grapples with Milei's drastic cuts aimed at reducing chronic inflation and balancing the budget.

Since assuming office in December, Milei, a self-professed "anarcho-capitalist," has enacted sweeping budget cuts, symbolized by his chainsaw campaign prop. These measures include freezing pensions, scaling back aid to soup kitchens, trimming welfare programs, and halting all public works projects. Furthermore, tens of thousands of public employees have been dismissed, and the reduction of energy and transportation subsidies has driven up living costs, further diminishing purchasing power.

Kirsten Sehnbruch, a Latin America expert at the London School of Economics and Political Science, expressed shock at the rapid jump in poverty rates, describing the situation as "absolutely horrendous." While Milei's economic policies have been met with approval from markets, investors, and the International Monetary Fund, which holds Argentina's $43 billion debt, the human cost has been significant.

Despite a decrease in monthly inflation from approximately 26% in December to about 4% in June, annual inflation remains alarmingly high at over 230%. Community worker María Claudia Albornoz from Santa Fe depicted the palpable desperation among Argentinians, citing empty fridges and the inability of multiple jobs to cover basic expenses.

Catalina, a 33-year-old employee at the ministry of justice, shared her personal plight as one of 2,500 workers notified of impending job losses. Facing the prospect of working the same hours for half the pay or finding new employment in a stagnant job market, Catalina described her situation as "frightening."

Christopher Sabatini, a senior fellow for Latin America at Chatham House, acknowledged that economic decline often accompanies efforts to curb inflation but questioned the effectiveness of Milei's policies. He raised concerns about whether the austerity measures would have any long-term benefits or merely exacerbate poverty.

Public sentiment towards Milei appears to be shifting, with his popularity ratings experiencing a sharp 15% decline in September, according to a recent survey. Fears about inflation are now overshadowed by concerns over job security and rising poverty.

Manuel Adorni, Milei's presidential spokesperson, defended the administration's actions, blaming previous left-leaning governments for leaving Argentina "on the brink of being a country with essentially all of its inhabitants poor." Adorni affirmed the government's commitment to reversing the dire economic conditions, despite the current challenges.