Argentina's inflation makes the NY Times front page

Quilombo

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One thing that isn't mentioned in the article is the 85% rate that can be obtained for CD (Plazo Fijo) accounts.
Doesn't do you any good if inflation is 90%+ though.

Two people I have worked with have sent me this article this weekend, saying it's basically what I told them when asking what it was like to live here.
 

carride

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Doesn't do you any good if inflation is 90%+ though.

Two people I have worked with have sent me this article this weekend, saying it's basically what I told them when asking what it was like to live here.
"Many economists expect inflation here, already at 64 percent this year, to hit 90 percent by December." As stated in this NYTimes article as well as all the business papers this month, so not at 90% quite yet.
 

Ries

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The hourly wage in dollars in the USA is not really the point- its the comparison between cost of livings, vs salaries, that I find interesting. As of about 2 months ago, the average wage earner in Buenos Aires would have to spend 47% of their salary to rent an apartment at current market price in BA.
And, guess what- the average wage earner in New York City has to spend- wait for it- 47% of their salary to rent an apartment in NYC.
And this ratio applies to a lot of US cities as well.
The higher salaries are offset by much much higher prices. I have a son in NYC right now, and he has to hustle to pay the rent, in an apt shared with others. It aint the land of milk and honey, streets paved with gold, that many Argentines imagine.
Of course, there is more poverty in BA than there used to be, and of course, I am not saying the economic situation in Argentina is not dire.
BUT- for those of you who havent been living in the US lately, the poverty in the US is bad and getting worse. Spending power of salaries is not good. The inflation, globally, is pretty horrible, and while Argentina has many many problems, it is far from unique in them- most of them are present, in varying degrees, all over the globe.
 

chris

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Doesn't do you any good if inflation is 90%+ though.

Two people I have worked with have sent me this article this weekend, saying it's basically what I told them when asking what it was like to live here.
Yes it does. It keeps you at least from losing money. Plus inflation is not yet 90%
 

chris

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The hourly wage in dollars in the USA is not really the point- its the comparison between cost of livings, vs salaries, that I find interesting. As of about 2 months ago, the average wage earner in Buenos Aires would have to spend 47% of their salary to rent an apartment at current market price in BA.
And, guess what- the average wage earner in New York City has to spend- wait for it- 47% of their salary to rent an apartment in NYC.
And this ratio applies to a lot of US cities as well.
The higher salaries are offset by much much higher prices. I have a son in NYC right now, and he has to hustle to pay the rent, in an apt shared with others. It aint the land of milk and honey, streets paved with gold, that many Argentines imagine.
Of course, there is more poverty in BA than there used to be, and of course, I am not saying the economic situation in Argentina is not dire.
BUT- for those of you who havent been living in the US lately, the poverty in the US is bad and getting worse. Spending power of salaries is not good. The inflation, globally, is pretty horrible, and while Argentina has many many problems, it is far from unique in them- most of them are present, in varying degrees, all over the globe.
Most people live in the New Jersey, Connecticut or New York suburbs, pay less and get more space, better schools and better living conditions. Also people have access to mortgages. Admittedly housing inflation is making it harder for middle income earners to buy. Also a lot of people have been leaving New York for states like Florida. People who can work from home aren't compelled to live in Manhattan or even the NYC area. They can go where quality of life is better and cheaper.
 

Millie

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There is an observation that I would like to add to this, which is, in the wonderful three years since I first started living here, what I noticed is caring people who have been through much collectively but who never hesitate to let you pay them back at the corner kiosko if you forget your wallet, who let you bring home the sweater to try on before even giving a deposit for it ..who help their neighbors,
and families who support each other very strongly,,,
Argentina is a state of mind and a feeling.. and living here, I feel more in touch with the range of human emotions than I ever did in the U.S.
It really feels like home to me. Yes things are difficult here … for sure .. but we will make it through . I feel strong human connection here.
The economy counts… of course !.. the ability to buy food… pay rent etc etc .. sure .All of those things are essential.
I will never feel alone here, and that’s the best feeling in the world.
 

QuilmesSlo

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I would propose that (i) Peronism (and inflation) will never be vanquished in a permanent manner, and (ii) Argentina will get through this crisis.

Too much going against it, and too much going for it.
 

Traveler

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On my computer the headline always centers on inflation in the US coupled with supply issues.
 

cafeamericano

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The hourly wage in dollars in the USA is not really the point- its the comparison between cost of livings, vs salaries, that I find interesting. As of about 2 months ago, the average wage earner in Buenos Aires would have to spend 47% of their salary to rent an apartment at current market price in BA.
And, guess what- the average wage earner in New York City has to spend- wait for it- 47% of their salary to rent an apartment in NYC.
And this ratio applies to a lot of US cities as well.
The higher salaries are offset by much much higher prices. I have a son in NYC right now, and he has to hustle to pay the rent, in an apt shared with others. It aint the land of milk and honey, streets paved with gold, that many Argentines imagine.
Of course, there is more poverty in BA than there used to be, and of course, I am not saying the economic situation in Argentina is not dire.
BUT- for those of you who havent been living in the US lately, the poverty in the US is bad and getting worse. Spending power of salaries is not good. The inflation, globally, is pretty horrible, and while Argentina has many many problems, it is far from unique in them- most of them are present, in varying degrees, all over the globe.

The statistics tell a different story. That doesn’t mean poverty isn’t a problem in the US. However the rate in the US is well below that of Argentina and other than an understandable pickup during the pandemic, it has generally been falling. It’s also disingenuous to compare social classes between the countries. While I’m not here to make light of the tragic circumstances that someone in poverty in the US experiences, being poor in Argentina is drastically worse than in the US. In theory the poor in Argentina would have access to social services that people in the US might not, lightening the burden in Argentina compared to the US. However, given the fundamentally dysfunctional nature of Argentina, the US social safety net is significantly more robust than the Argentine (again talking about in practice - not intentions/in theory)
 

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