'It's Possible Here Too:' RFK Jr Lauds Argentina's Milei For Ushering In Budget Surplus, Says He Would 'Drain The Swamp' And Fire US Bureaucrats For Racking Up $34 Trillion Of Debt

Robert F. Kennedy Jr., who is contesting the 2024 presidential election as an independent, has a panacea for the fiscal woes of the country. On Sunday, the presidential candidate proposed that the U.S. take a leaf out of Argentina’s playbook that has brought the South American nation some degree of success.

What Happened: Kennedy lauded the Javier Milei government for achieving the first budget surplus in over 12 years, after being in office for just nine weeks. He noted that the government turned a $1.2 trillion deficit into a $400-billion surplus.

“It’s possible here too,” said Kennedy, referring to the situation in the U.S. He also issued a stark warning to those in the bureaucracy, blaming them for the ballooning debt levels of the country.

“Unlike my predecessors, I'll actually drain the swamp and fire the bureaucrats who've racked up $34 trillion of debt,” he said.

Why It’s Important: As Kennedy pointed out, the U.S. debt currently stands at a staggering $34.34 trillion. The Congressional Budget Office estimates that the federal budget deficit will swell from $1.6 trillion in fiscal year 2024 to $2.6 trillion in 2034. As a percent of GDP, the fiscal deficit is expected to grow from 5.6% in 2024 to 6.1% in 2025.

CBO also issued a dire prediction about the federal debt. “From 2024 to 2034, increases in mandatory spending and interest costs outpace declines in discretionary spending and growth in revenues and the economy, driving up debt,” it said in a report released in February. “That trend persists, pushing federal debt to 172 percent of GDP in 2054.”

Peter G. Peterson Foundation, a non-profit organization that works to find fiscal solutions to help secure the country’s economic growth, said the debt pile the country has raked up is mainly due to predictable structural factors such as “aging baby-boom generation, rising healthcare costs and a tax system that does not bring in enough money to pay for what the government has promised its citizens,”

With the U.S. in an election year, both political parties have divergent views on tackling the looming debt crisis. While Democrats call for raising taxes to bridge the gap, their Republican counterparts have been vociferously calling for spending cuts.

Milei’s success in Argentina is a function of some hard actions. The austerity measures announced by his government included terminating of every public employee employed for less than a year, canceling government publicity and related spending for projects, reduction of energy and transport subsidies, and devaluation of the peso, among other things.

All are not on board with Milei on this. Detractors have voiced opposition to his austerity measures. The removal of subsidies has led to higher transportation and drug prices for the common man. The long-term ramifications of these stringent measures are yet to be gauged even as the supporters of the libertarian president, who assumed office in December, sing his laurels.

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