### Argentina's Poverty Rate Soars Amid Milei's Austerity Measures

Argentina has seen its poverty rate surge to alarming levels under Javier Milei's administration. The national statistics agency reported that during the first six months of Milei's government, the poverty rate escalated to 52.9%. This marks the highest poverty rate since 2003 and represents an 11.2% increase compared to the latter half of 2023. Approximately 3 million more people have fallen into extreme poverty in the first half of 2024, according to recent data.

The current administration attributes this worsening economic situation to the policies of previous governments. "The government inherited a disastrous situation. They left us on the verge of becoming a country where nearly all of its inhabitants are poor," said presidential spokesperson Manuel Adorni. He emphasized that fighting inflation is the administration's priority in their strategy to combat poverty.

Under Milei's government, Argentina has introduced a series of austerity measures aimed at reversing years of fiscal deficits. These measures include slashing social assistance programs, halting public works projects, laying off thousands of public employees, cutting subsidies for energy and transportation, and freezing the education budget. While these steps have been praised by markets and investors, including the International Monetary Fund (IMF) to which Argentina owes $43 billion (€38 billion), they have also plunged the country into a recession.

Public reaction has been mixed, with thousands of Argentines protesting against the austerity measures over the past few months. The discontent highlights the struggle many face in the wake of such rapid economic adjustments. Santiago Coy, a sociologist and researcher at the University of Buenos Aires, argues that a balanced approach is necessary. "A solution is needed that balances growth with distribution. Only then can we reverse this trend of increasing poverty," Coy told the AFP news agency.

The high inflation rate, exceeding 230% annually, further exacerbates the economic challenges for the country's residents. Despite the austerity measures, inflation remains one of the highest in the world, making it difficult for households to afford basic goods, currently costing around $240 (€215) per basket. The Milei administration remains committed to their policy approach, with hopes that these adjustments will eventually stabilize the country's economy.