The economist Roberto Cachanosky launched hard criticism against the economic policy of President Javier Milei and his Minister of Economy, Luis Caputo. With his direct style and without concessions, Cachanosky dismantled several of the pillars of the official story, pointing to what he considers a manipulation of the indicators and an unsustainable strategy based on the consumption of dollars saved by the Argentines.
“Although Luis Caputo is saying that the economy is moving at 6% per year, it is because he took an indicator published by INDEC called monthly estimator of economic activity and, in some way, he anticipates the behavior of the gross product. The Minister of Economy compared March of this year against March last year and, clearly, it will give you an increase. It is a statistical lie.” With these words, Cacanosky made it clear that the alleged recovery that the government presents as economic achievement has no real support: it is a technical rebound compared to a very low starting point. Criticism points to the way in which the ruling selects the data that conforms to build a successful narrative that, in practice, does not translate into palpable improvements for most citizens.
But his analysis went further. For Cachanosky, the heart of the current economic program is not based on exports or investments, but on an explicit attempt to force domestic consumption by appealing to people’s savings. “They need people to disappoint to increase consumption and activity. If the type that has the blank dollars does not use the credit card to buy in dollars, why does the one who has the silver under the mattress or in the safety box or in the safety box is going to get those savings it has to consume?” He said in dialogue with Coworking, in Delta 90.3.
The logic behind this criticism is overwhelming. In a context in which the real exchange rate harms exporters – “exports, with this rate of exchange, have no capacity” – and investments do not arrive – “on the side of the investments, you have very little, almost nothing” -, the only component of the GDP that could be activated is consumption. But that rebound would not be given for greater purchasing power or for salary improvements, but for the pressure for homes to spend their personal reserves. Cachanosky warns that this has limits and consequences: “If people begin to get the dollars out of the mattress and buy things, you will have two currencies circulating: the weight and now a larger monetary mass, which are the dollars. If the offer of goods does not grow at the same rate that grows the offer of dollars in the market to buy, you will have inflationary pressure and real change.”
The economist was also categorical when referring to the way in which the government manages its own human resources and technical cadres. In reference to repeated renunciations and layoffs within different state agencies, he stated: “If you climb in aggressiveness you will have a problem to put together teams. The government threw more than 100 people and not in a good way.” And he deepened his concern: “The question is: if you mistreat the people who collaborate with you, how do you get the best to feel in the minister or secretary armchair if at any time they can be ejected by anything they say?”
The statements in Delta 90.3 They function as a call for attention, not only for the ruling party, but also for those who – from the business or political field – hope that the “fiscal order” and the “adjustment without anesthesia” automatically lead to stability and growth. For Cachanosky, that hope is unfounded if real conditions are not built for a sustainable economy.
By rn
