Editorial: Cry for Argentina

tcpalm.com Another crackpot Peronist is in charge, and the economic outlook is bleak.

May 30, 2003

Argentina's new president is off to a not-very-promising start. That's not great news for what should be one of Latin America's most prosperous and dynamic countries.

Nestor Kirchner was sworn in Sunday, the sixth in the last 18 months.

During that time, Argentina has defaulted on $141 billion in debt, unemployment is at 18 percent and about half of the population lives in poverty.

Kirchner is a Peronist, a member of the party that got Argentina in this fix through reckless government spending. After getting 22 percent of the vote in a first-round ballot, he won the presidency by default when his unpopular opponent dropped out.

During the campaign, he blamed American-style economic reforms for much of his nation's woes. At his swearing-in, he promised to defend domestic jobs and industry, which sounds a lot like protectionism.

Applauding heartily were invited guests Fidel Castro of Cuba and Hugo Chavez of Venezuela, neither an exemplar of growth and prosperity. One would think South America had had enough of zany leftist experiments.

The Argentine people deserve so much better than they've gotten from their government. Maybe Kirchner will be a surprise and turn the nation around. If he does, it will be just that — a surprise.