Budget Politics in Really Hard Times:
Budget Politics in Really Hard Times:
Fiscal Squeeze During and After Argentina’s Great Depression
This chapter examines the politics of fiscal squeeze during the Argentine Great Depression (1999–2002) and subsequent economic recovery (2003–07). Argentina’s dramatic transition from poster child to basket case has received much attention, but little systematic research has been conducted on the logic, determinants and implications of the key budget decisions taken before, during and after the financial collapse of 2001. This chapter fills the gap in two ways. First, it assesses fiscal policymaking during both the recession and economic crisis period and the subsequent recovery, focusing on the timing, size and composition of deficit-cutting measures (spending cuts and tax increases). Secondly, it analyses the politics of fiscal adjustment, including the strategies adopted by governments to legitimise the fiscal squeeze. The Argentine case provides insights into the political effort going into budget consolidation in really hard times and offers a counterpoint to received views about the possibilities and limits of austerity.
Keywords: Argentina, fiscal squeeze, fiscal policymaking, economic crisis, budget consolidation, spending cuts, tax increases, hard times, austerity
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