Argentina will likely withdraw its application to join BRICS

Argentina will likely withdraw its application to join BRICS

    Tuesday, November 21, 2023   No comments

With a new president who wants to align Argentina with the US, especially if Trump returns to the White House next year, Argentina is likely to halt its pursuit of joining BRICS.

Diana Mondino, the candidate for Argentine Foreign Minister, relayed to Sputnik after the elections that Argentina will not be joining BRICS.

 “I don’t know why there is such interest in BRICS,” Mondino added.

 Mondino further added that joint collaborations with China and Brazil will stop, despite them being Argentina's main trading partners, as she stressed that the country intends to stay in the South American trade bloc Mercosur.

 It is worth noting that Milei is against joining BRICS.

Earlier in August, Argentina, alongside Egypt, Iran, Ethiopia, UAE, and Saudi Arabia were invited to join BRICS.

Argentinian president Fernandez articulated at the time that Buenos Aires is grappling with an economic crisis with high inflation and weak foreign currency reserves, and was looking to join the bloc.

Meanwhile, BRICS nations meet today in a virtual summit to discuss the crisis in Gaza. After the meeting, the President of South Africa read the final statement of the BRICS countries regarding the situation in the Gaza Strip.

The statement expresses condolences to all those affected in Israel and the Gaza Strip, while also accusing Israel of violating international law. Ramaphosa, states that the primary cause of the conflict is Israel's illegal construction of settlements. The President of South Africa calls for the release of hostages taken during the Palestinian-Israeli conflict — a statement from the BRICS countries. The President of South Africa urges the International Criminal Court to initiate an investigation into those who committed war crimes during the Palestinian-Israeli conflict — a statement from the BRICS countries.

Inflation contributes to declining income and increasing poverty in the United States

Inflation contributes to declining income and increasing poverty in the United States

    Tuesday, September 12, 2023   No comments

The US Census Bureau announced that inflation caused a decline in real income by 2.3% in the United States in 2022 despite raising wages, while poverty increased with the cessation of government aid, which was provided during the Corona pandemic.

Liana Fox, a Census Bureau official, explained during an online press conference that “high inflation led to a decline in real average family income,” which amounted to $47,960.

The official poverty rate remained stable compared to last year, at 11.5%, or 37.9 million people, living on less than $14,880 annually, or $29,950 for a family of four.

But another measurement showed a completely different truth. This measure, also published by the Census Bureau, adjusts the income below which a person is considered poor, taking into account government assistance and the cost of child care and medical expenses.

According to this measure, the poverty rate rose for the first time since 2010, increasing from 7.8% to 12.4% between 2021 and 2022.

The child poverty rate doubled, rising to 12.4%, while it was 5.2% in 2021, a historic low.