Javier Milei explained what salaries would be like if he manages to advance with dollarization
The candidate for president of Freedom Advances (LLA), Javier Mileiexplained what the wages in real terms if it manages to advance with the dollarizationin the case of winning the elections and becoming President.
One of the main reforms that the libertarian leader proposes is to close the central bankeliminate the peso and dollarize the Argentine economy, something that would be done “at market price,” as specified at the beginning of the month in the Latam Economic Forum.
However, he did not detail how this would impact workers' salaries. In that sense, when consulted by Alejandro Fantino in the air of Radio NeuraMilei began by explaining: “If you have to calculate your salary in dollars, you do it for 740.”
With this exchange rate, he stated: “If you earned 740 thousand pesos today, you would earn a thousand dollars,” so he was asked “if a person earns 350 thousand pesos, they would earn 500 dollars,” to which the libertarian leader responded: “Yes, I would earn half.”
In this regard, he indicated that "the day you dollarize you have the prices disarranged", but specified that, when fixing the exchange rate, prices would be modified in the following way: "The dollar It would no longer rise, the value of tradables (importable or exportable goods) would not increase, wholesalers are going to rise less and then come the retailers, who have already been rising, but they are going to do so more than the wholesalers.”
“Who's next in line? Salaries, well, are the ones that are going to rise the most because they are all going to be equal, so to speak,” she deepened. Consequently, he projected that, if he moves forward with his proposals, “the salary in dollars will fly” and continued: “Since the price of food is determined in dollars, your salary in terms of food will fly even more.” . Consequently, you are going to go to a sharp reduction in indigence and a sharp reduction in povertyThat is to say, the rearrangement of prices will favor the people who have the least.”
Likewise, he assured that, in this context, “there will be credits” that will be able to be paid in dollars, “with low nominal rates.” "You're going to have 50-year mortgage loans and you will be able to buy a car cheaply because the interest rate is no longer distorted,” he clarified.
Regarding the current situation of salaries, Milei pointed out that “they are behind the inflationary acceleration,” which makes “30 percent of formal workers poor.” “Inflation continues to rise and your real salary is being pulverized,” she analyzed.
In this context, the libertarian candidate reiterated that, from his point of view, “salaries in dollars are going to fly through the roof.” "If we dollarize, the impact will be as strong in real terms, as happened with the Convertibilitythat in the midterm elections we swept,” he projected.
After becoming the candidate with the most votes in the PASSEDthe libertarian leader met with the International Monetary Fund (IMF), meeting in which he listed his proposals, among which are a rstate formthe modernization of labor laws, promotion of monetary reform and the reduction of expenses, in addition to the exchange rate unification. However, to move forward with these initiatives, you need the approval of the Congress.
Before the elections, he announced that he intended to submit many of his projects to a plebiscite to avoid the rejection of the Legislative Branch, but after learning about the electoral panorama he was optimistic and affirmed that, in an eventual mandate and with a good midterm election , his party “is going to make all the liberal reforms” that it promotes.
Unlike Milei's position, many economists believe that dollarization would be an ill-advised measure. In that sense, just a week ago, a large group of specialists in the field, such as Broda, Delgado, Dal Poggeto, Frenkel, González Fraga, Gerchunoff, Kiguel, Kosacoff, Llach, Machinea, Marx, Navajas, explained that opting by the US currency would lead to a sharp drop in income, since adopting a high exchange rate would cause, with the mere announcement of moving in this direction, an inflationary jump. “Cause a (hyper)inflationary outbreak "It does not seem like a very auspicious beginning to 'stabilize' the economy," they said.
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