World
Argentina's Milei shuts up critics with miracle turnaround of economy, strong security policies
President Javier Milei of Argentina continues to stun his critics with an economy that has outperformed expectations and continues along an ambitious path for national security, including pursuit of a NATO global partnership.
“The fact that you have a president, head of state, who is defending the free market, who is defending the role of entrepreneurs and businessmen as creators of value and just defending deregulation when the tendency in Latin America and much of the West has been to regulate the economy . . . I think that’s very positive, not only for Argentina, but for the region as a whole and maybe beyond,” Daniel Raisbeck, a policy analyst at the CATO Institute, told Fox News Digital.
Milei won the presidency in November last year and prompted concern from some in the West that he would lead his country down a road to ruin with libertarian policies that would make an already troubled economy even weaker. Voters wanted economic relief from a market hit with some of the highest inflation in the world.
Those attitudes have shifted just months later as Milei has enacted a raft of policy changes: The International Monetary Fund (IMF) agreed to release a tranche of loans due to Argentina under a bailout program thanks to Milei’s government managing to create a fiscal surplus in the previous fiscal quarter and bring inflation down.
ARGENTINA REPORTS ITS FIRST SINGLE-DIGIT INFLATION IN SIX MONTHS AS MARKETS SWOON AND COSTS HIT HOME
President of Argentina Javier Milei gives a speech after his Inauguration Ceremony at National Congress on December 10, 2023, in Buenos Aires, Argentina. (Marcelo Endelli/Getty Images)
Argentina’s inflation in March alone hit 287%, causing poverty to deepen, and citizens to take to the streets with strikes and protests against his policies. The monthly inflation rate was 25% in December when Milei first took office.
Milei then went on to significantly reduce spending with major cuts to public-sector wages as he suspended public works projects and cut subsidies. He also devalued the country’s currency by over 50%, which helped it stabilize in value even as the price of basic goods jumped.
The monthly inflation dropped to 8.8% by April, marking the first single-digit inflation rate in over six months.
Argentina recorded a $589 million budget surplus in January and continued to post a surplus for each of the first four months of 2024, even as the surplus shrank to $299 million in April, Reuters reported. This marks the country’s first quarterly surplus since 2008.
Raisbeck stressed that Milei’s primary measure of cutting spending has proven highly effective, while arguing that the significant deregulation in other parts of the economy has helped it revive over those first months of the new administration.
Javier Milei of La Libertad Avanza lifts a chainsaw next to Buenos Aires province governor candidate Carolina Piparo of La Libertad Avanza during a rally on September 25, 2023, in San Martin, Buenos Aires, Argentina. (Tomas Cuesta/Getty Images)
“Argentina was one of the most regulated economies in the world,” Raisbeck said. “So when you have a very well-thought-out package like the one that they introduced . . . and you get rid of as many of those regulations as you can, then it’s very positive.”
AT LEAST 90 INJURED AFTER PASSENGER TRAIN HITS BOXCAR, DERAILS IN ARGTENTINE CAPITAL
He noted that Milei has not adhered to some of his more aggressive campaign promises, which included a promise to dollarize the economy and shut down the Central Bank, saying that it was a “non-negotiable matter.”
Even days after he won the election, Milei appeared to favor more moderate Cabinet members than many would have expected of a man who jolted the international community with his outsider attitude and plans.
Students protest for more public university funding and against austerity measures proposed by President Javier Milei, featured on the sign, in Buenos Aires, Argentina, Tuesday, April 23, 2024. The posters read in Spanish, “With fascism, there are no rights,” center, and “Why so much fear to educate the people?” and “Defending the university is defending the country.” (AP Photo/Natacha Pisarenko)
The Wall Street Journal, in December 2023, argued that Milei’s tenure “may turn out to be pretty conventional,” with pro-market Economy Minister Luis Caputo leading away from Milei’s more radical plans.
The promised dollarization has been delayed, and Raisbeck explained that Milei’s approach has relied heavily on using the Central Bank to help regulate the economy, though he argued that Milei’s policies remain libertarian due to the deregulation he has pursued in other areas.
A vendor waits for customers at the central market for fruit and vegetables in Buenos Aires, Argentina, Friday, May 10, 2024. (AP Photo/Natacha Pisarenko)
“Everything related to deregulation is very libertarian, and we’ve seen great success already in the housing market, for instance,” Raisbeck said. “So that obviously brought a huge amount of supply that was suppressed because of price controls.”
Milei also brought Argentina back to the international foreground, with a stronger focus on national security and changing up the country’s goals from the previous administration – most notably, he rejected the invitation to join the China and Russia-led economic bloc BRICS.
PERUVIAN LAWMAKERS BEGIN YET ANOTHER EFFORT TO REMOVE PRESIDENT DINA BULARTE FROM OFFICE
A supporter holds a giant dollar bill with the face President elect Javier Milei as people start gathering outside National Congress ahead of his inauguration ceremony on December 10, 2023, in Buenos Aires, Argentina. (Marcelo Endelli/Getty Images)
Milei argued that it was not “opportune” for Argentina to join the bloc as a full member, according to German outlet DW. However, he will continue to develop ties with its members in the meantime.
“They have a good security minister, Patricia Bullrich, who has experience because she was a security minister in the previous government,” Joseph M. Humire, the executive director of the Center for a Secure Free Society, told Fox News Digital. “She has been able to get the ball rolling very quickly, and I think that was the benefit of having her in that position.”
Supporters of presidential candidate Javier Milei gather outside his headquarters during the presidential runoff election in Buenos Aires, Argentina, Sunday, November 19, 2023. (AP Photo/Rodrigo Abd)
Humire explained that Milei’s government has largely focused on clearing out external agitators, particularly those connected to Russian disinformation networks, which remain a paramount concern in most parts of the world as Moscow seeks to expand its influence.
“The external forces are usually the key,” Humire said. “Usually, it’s the Russians. The Russians have probably the biggest disinformation networks to be able to amplify local grievances and turn them into this macro instability, and they did that in Colombia, in Chile.”
“A lot of the specifics of the nation’s security has been in mitigating these agitation networks that create chaos throughout the country, and they have been neutralizing some of these threats while they’re studying others,” he added.
The Associated Press contributed to this report.
World
Pope Leo XIV says he’s ‘very disappointed’ after Illinois approves assisted suicide law
Illinois Gov. JB Pritzker meets with Pope Leo XIV
Illinois Democratic Gov. Jay Robert “JB” Pritzker met with His Holiness Pope Leo XIV, a fellow native of the Land of Lincoln, at the Vatican this week. (Credit: REUTERS — No use Fox Weather/Outkick)
NEWYou can now listen to Fox News articles!
Pope Leo XIV said Tuesday he was “very disappointed” after his home state of Illinois approved a law allowing medically assisted suicide.
Leo, who grew up in Chicago, said he had spoken “explicitly” with Illinois Gov. JB Pritzker while the legislation was on his desk and urged him not to sign the bill into law, saying the measure undermines respect for human life from “the very beginning to the very end.”
“Unfortunately, for different reasons, he decided to sign that bill,” Leo told reporters outside Rome. “I am very disappointed about that.”
The Medical Aid in Dying Act, also referred to as “Deb’s Law,” was signed into law by Pritzker on Dec. 12 and allows eligible terminally ill adult patients to obtain life-ending medication after consultation with their doctors.
NY GOV. HOCHUL TO SIGN BILL TO LEGALIZE PHYSICIAN-ASSISTED SUICIDE: ‘WHO AM I TO DENY YOU?’
Pope Leo XIV met with Illinois Gov. JB Pritzker during an audience at the Apostolic Palace on Nov. 19 in Vatican City, Vatican. (Simone Risoluti – Vatican Media via Vatican Pool/Getty Images)
The measure was named after Deb Robertson, a lifelong Illinois resident with a rare terminal illness who had pushed for the bill’s approval.
The law takes effect in September 2026, giving participating healthcare providers and the Illinois Department of Public Health (IDPH) time to implement required processes and protections.
Leo said Chicago Cardinal Blase Cupich also urged Pritzker not to sign the bill, but his efforts were unsuccessful.
BISHOPS, CATHOLIC GROUPS SLAM CARDINAL CUPICH’S PLAN TO HONOR PRO-ABORTION SEN DICK DURBIN: ‘GREAT SCANDAL’
Pope Leo XIV said he was very disappointed” that Illinois passed a law allowing medically assisted suicide. (Alberto Pizzoli/AFP via Getty Images)
“I would invite all people, especially in these Christmas days, to reflect upon the nature of human life, the goodness of human life,” Leo said. “God became human like us to show us what it means really to live human life, and I hope and pray that the respect for life will once again grow in all moments of human existence, from conception to natural death.”
The state’s six Catholic dioceses have also criticized Pritzker’s decision to sign the bill, saying it puts Illinois “on a dangerous and heartbreaking path.”
Illinois joins a growing list of states allowing medically assisted suicide. Eleven other states and the District of Columbia allow medically assisted suicide, according to the advocacy group, Death with Dignity, and seven other states are considering allowing it.
After signing the bill, Pritzker said the legislation would allow patients with terminal illnesses to “avoid unnecessary pain and suffering at the end of their lives,” and said it would be “thoughtfully implemented” to guide physicians and patients through deeply personal decisions.
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
Illinois Gov. JB Pritzker signed the Medical Aid in Dying Act on Dec. 12, allowing eligible terminally ill adult patients to obtain life-ending medication after consultation with their doctors. (Jacek Boczarski/Anadolu via Getty Images)
Fox News Digital has reached out to Pritzker’s office for comment.
Fox News Digital’s Alexandra Koch and The Associated Press contributed to this report.
World
Europeans show solidarity with Denmark after Trump’s Greenland threat
Published on
Exactly one year after Donald Trump first announced his intention to integrate Greenland into US territory on grounds of “national protection”, he’s back for more.
The US president has appointed Governor of Louisiana, Jeff Landry, as the new US special envoy for Greenland with the stated objective of “integrating Greenland into the United States” and repeated the US needs the territory for its national security.
His comments have been taken seriously by EU heads of state and government, who are presenting a united front against what they describe as American expansionist ambitions towards the autonomous territory, which is part of the Kingdom of Denmark.
France’s President Emmanuel Macron and his Minister for Europe and Foreign Affairs, Jean-Noël Barrot, both responded to the announcement by reaffirming their support for the integrity of Denmark’s territory.
“Greenland belongs to its people. Denmark stands as its guarantor. I join my voice to that of Europeans in expressing our full solidarity.”
On Tuesday, Trump told reporters the United States “needs Greenland for national security, not for minerals or oil, but national security. And if you take a look at Greenland, there are Russian and Chinese ships all over the place. So, we need this for protection.”
He also chastised Denmark for what he described neglecting the territory, “they have spent no money, they have no military protection, they say Denmark arrived there 300 years ago with boats – we were there with boats too, I’m sure. We’ll have to work it all out.”
Adding to the European voices pushing back on the US ambitions and the criticism of Denmark, Commission Ursula von der Leyen insisted that “territorial integrity and sovereignty are fundamental principles of international law”. Despite the tone coming out of Washington, she appeared to refer to the US as an ally in arctic security.
Spanish Prime Minister Pedro Sánchez echoed those remarks. “Respecting sovereignty and territorial integrity is central to the EU and to all nations of the world,” he wrote on X. “Security in the Arctic is a priority in which we seek to work with allies and partners.”
The US and Denmark are part of NATO, which is supposed to ensure mutual defence in the event of aggression against one of its members. That principle has never been tested by conflict between members of the alliance if one were to seize territory from another.
NATO Secretary General Mark Rutte has so far remained silent on the issue. During a press conference with Trump in the White House’s Oval Office in March, he also chose not to comment after a question from a journalist.
“When it comes to Greenland, if it joins the US or not, I will leave that outside of me in this discussion because I don’t want to drag NATO into that,” he said.
World
US economy expands at a surprisingly strong 4.3% annual rate in the third quarter
WASHINGTON (AP) — The U.S. economy grew at a surprisingly strong 4.3% annual rate in the third quarter, the most rapid expansion in two years, as government and consumer spending, as well as exports, all increased.
U.S. gross domestic product from July through September — the economy’s total output of goods and services — rose from its 3.8% growth rate in the April-June quarter, the Commerce Department said Tuesday in a report delayed by the government shutdown. Analysts surveyed by the data firm FactSet forecast growth of 3% in the period.
However, inflation remains higher than the Federal Reserve would like. The Fed’s favored inflation gauge — called the personal consumption expenditures index, or PCE — climbed to a 2.8% annual pace last quarter, up from 2.1% in the second quarter.
A television on the floor at the New York Stock Exchange in New York, display a news conference with Fed chairman Jerome Powell, Wednesday, Dec. 10, 2025. (AP Photo/Seth Wenig)
Excluding volatile food and energy prices, so-called core PCE inflation was 2.9%, up from 2.6% in the April-June quarter.
Economists say that persistent and potentially worsening inflation could make a January interest rate cut from the Fed less likely, even as central bank official remain concerned about a slowing labor market.
“If the economy keeps producing at this level, then there isn’t as much need to worry about a slowing economy,” said Chris Zaccarelli, chief investment officer for Northlight Asset Management, adding that inflation could return as the greatest concern about the economy.
In a slow holiday trading week, U.S. markets on Wall Street turned lower following the GDP report, likely due to growing doubts that another Fed rate cut is coming next month.
Consumer spending, which accounts for about 70% of U.S. economic activity, rose to a 3.5% annual pace last quarter, up from 2.5% in the April-June period.
A person carries a shopping bag in Philadelphia, Wednesday, Dec. 10, 2025. (AP Photo/Matt Rourke, File)
Consumption and investment by the government grew by 2.2% in the quarter after contracting 0.1% in the second quarter. The third quarter figure was boosted by increased expenditures at the state and local levels and federal government defense spending.
Private business investment fell 0.3%, led by declines in investment in housing and in nonresidential buildings such as offices and warehouses. However, that decline was much less than the 13.8% slide in the second quarter.
Within the GDP data, a category that measures the economy’s underlying strength grew at a 3% annual rate from July through September, up slightly from 2.9% in the second quarter. This category includes consumer spending and private investment, but excludes volatile items like exports, inventories and government spending.
Exports grew at an 8.8% rate, while imports, which subtract from GDP, fell another 4.7%.
Tuesday’s report is the first of three estimates the government will make of GDP growth for the third quarter of the year.
Outside of the first quarter, when the economy shrank for the first time in three years as companies rushed to import goods ahead of President Donald Trump’s tariff rollout, the U.S. economy has continued to expand at a healthy rate. That’s despite much higher borrowing rates the Fed imposed in 2022 and 2023 in its drive to curb the inflation that surged as the United States bounced back with unexpected strength from the brief but devastating COVID-19 recession of 2020.
Though inflation remains above the Fed’s 2% target, the central bank cut its benchmark lending rate three times in a row to close out 2025, mostly out of concern for a job market that has steadily lost momentum since spring.
Roofers work atop a house in Anna, Texas, Thursday, Dec. 18, 2025. (AP Photo/LM Otero)
Last week, the government reported that the U.S. economy gained a healthy 64,000 jobs in November but lost 105,000 in October. Notably, the unemployment rate rose to 4.6% last month, the highest since 2021.
The country’s labor market has been stuck in a “low hire, low fire” state, economists say, as businesses stand pat due to uncertainty over Trump’s tariffs and the lingering effects of elevated interest rates. Since March, job creation has fallen to an average 35,000 a month, compared to 71,000 in the year ended in March. Fed Chair Jerome Powell has said that he suspects those numbers will be revised even lower.
-
Iowa1 week agoAddy Brown motivated to step up in Audi Crooks’ absence vs. UNI
-
Maine1 week agoElementary-aged student killed in school bus crash in southern Maine
-
Maryland1 week agoFrigid temperatures to start the week in Maryland
-
New Mexico7 days agoFamily clarifies why they believe missing New Mexico man is dead
-
South Dakota1 week agoNature: Snow in South Dakota
-
Detroit, MI1 week ago‘Love being a pedo’: Metro Detroit doctor, attorney, therapist accused in web of child porn chats
-
Health1 week ago‘Aggressive’ new flu variant sweeps globe as doctors warn of severe symptoms
-
Maine7 days agoFamily in Maine host food pantry for deer | Hand Off