During the third week of September, President Elect Andrés Manuel López Obrador continued his “thank you tour”, doubling down on the idea that he has to implement swift changes in many different areas in order to correct all the problems that the market-oriented (“neoliberal” as he calls them) policies created. Despite many opposition figures (particularly from the still incumbent PRI party) in Congress arguing that Mexico is not bankrupt, AMLO suggested that over the last 35 years “Mexico has not grown, poverty has increased and the government’s debt is tenfold what it was with (President) Fox (2000)” among other things. In addition he said during a visit to the state of Baja California Sur that all new mining projects would be reviewed by the people through a referendum, in order to know if the firm responsible for it would receive permission to operate.
The week started with the continuing debate regarding if Mexico is bankrupt. Opposition figures in Congress and more right-wing leaning political pundits argued that the President Elect is misguiding Mexicans by telling them that the country is bankrupt. They indicated that public debt is stable and has been recuperating over the last two years and Mexico has had macroeconomic stability during most of the years AMLO referred to (1982 – 2018). Recognizing that the country still has a lot to do (average growth has been only 1.3% and poverty rates have decreased only a couple of percentages still ranging in the 40 to 50 percent), the country is in much better shape than what AMLO suggests. The proof is that financial institutions and credit rating agencies are optimistic and confident on the country’s economy as a whole, as Mexico’s country risk measure and credit rating are in good levels. Meanwhile, Morena party leaders seconded President Elect López Obrador indicating that there are no resources to pay for many of AMLO’s proposals thanks to how the current and past administrations have acquired debt (over the last 18 years it has increased tenfold over President Fox, Calderon and Peña Nieto administrations). Let’s remember that AMLO has been going around the country thanking people for their vote and promising different social programs that will aide them that all are government spending. He has planned to pay for much of this by slashing the salaries of all officials in the Mexican government (starting with the Executive branch but through Congress making it extensive to other branches and government institutions) and eliminating corruption. However, it is still unclear if they will be able to liberate all the resources they think they can with these measures increasing tensions in Congress during the crafting process of the budget (where majority party Morena is trying to accommodate sufficient resources for all of the things they promised they would do). On another note, during AMLO’s “thank you tour” he has been meeting with the different governors (and governors elect) of the different states of the country. In particular, in a visit to the Baja California peninsula, he first reiterated to the people of Ensenada, Baja California, the creation of a “free trade zone” in the Mexican border (that has been detailed before), but when visiting La Paz, Baja California Sur, he told supporters at a rally that it would be the people deciding on the approval of new mining projects. He said that from now on his government would only give permission to operate to new mining projects if the people decided to do so through a referendum.
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2/10/2023 04:11:45 am
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Manuel Franco
4/24/2023 10:42:55 am
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