In the early 20th century, Argentina was one of the richest countries in the world. While Great Britain’s maritime power and its far-flug empire had propelled it to the dominate Position among the world’s industrialized nations, only the United States challenged Argentina for the position of the world’s second most powerful economy. In 1915, Argentina elected a new president Hipolito Irigoyen that formed a party called The Radicals under the banner of “fundamental change” that was an appeal to the middle class. His changes were that the state took control of everything: mandatory pension insurance, mandatory health insurance and support for low-income housing which he said would stimulate the economy. Then came his new Taxes to swamp the Job creators who quickly moved out of the country. Before long, Argentina’s outlays surpassed the value of the Tax revenues,; it quickly became the same as the underfunding of government entitlements as the United States is doing today. Argentina could not print money so it took them less time to fall, as will take America, because we print money.
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