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The brazilian economy is not getting bad. Since the 80s it has been ever bad. Lula sold an illusion to the world and to the own poor people in Brazil. It's true the fact that the brazilian economy had improvements in the last decade, but not more than other regular country. The Workers Party, to which Lla and Dilma Rousseff belong, are constituted by fomer commies and they are intransigent against liberal politics towards the economy. Brazilians pay high taxes but most of this amount goes for keeping the state bureaucracy.
A lot of tourists are surprised by how expensive Brazil is. Lula expanded opportunites (and handouts) for many (but not all) poor, but also spent a lot and squandered the progress Cardoso had engineered. Corruption (which certainly didn't start with Lula) continued unabated, which of course didn't help. There was a big vote-buying scandal when Lula was president, but manyof his supporters excused it by saying he was unaware of what was going on (like supporters of Ronald Reagan did).
It surprises me that Dilma gets credit for cleaning up her cabinet by accepting the resignations of ministers whose corruption was uncovered mainly by the press. In some cases she stuck with the minister until public indignation made her positon untenable (again, like Reagan). Public debt is an ongoing problem. Private debt, too, with credit card interest rates that would shock many people in other countries, especially the U.S. PT will likely stay in power for years. The fact that the oppositon keeps nominating old, tired, corrupt dinosaurs like Sarney doesn't help. Bloomberg News reported today that the newly hot economy in the Americas is Mexico. The note about the low wages many make in Brazil is spot-on. Plus the public health and public education systems are, in most locations, sad.
I spend a lot of time in Brazil so hope the eoconomy improves. 3 years ago I bought some Petrobas stock on the NYSE. Today it is worth less than 1/3 what I bought it for.
Businesses cut their investment by a further 2%, while consumer spending growth was a sluggish 0.9%.
The weak private-sector spending counteracted a big round of stimulus spending unleashed by the government, including tax cuts for businesses.
"It was horrible," said Jankiel Santos, chief economist at BES Investimento in Sao Paulo. "The government is certainly going to be worried about this. The expectation is that they are going to come out with more stimulus measures."
In September, the government cut its growth forecast for the year to 2% - a figure that was still seen as too optimistic by markets even before the latest data release.
Growth for 2012 now looks set to be closer to 1%, compared with 2.7% last year and 7.5% in 2010.
A lot of tourists are surprised by how expensive Brazil is. Lula expanded opportunites (and handouts) for many (but not all) poor, but also spent a lot and squandered the progress Cardoso had engineered. Corruption (which certainly didn't start with Lula) continued unabated, which of course didn't help. There was a big vote-buying scandal when Lula was president, but manyof his supporters excused it by saying he was unaware of what was going on (like supporters of Ronald Reagan did).
It surprises me that Dilma gets credit for cleaning up her cabinet by accepting the resignations of ministers whose corruption was uncovered mainly by the press. In some cases she stuck with the minister until public indignation made her positon untenable (again, like Reagan). Public debt is an ongoing problem. Private debt, too, with credit card interest rates that would shock many people in other countries, especially the U.S. PT will likely stay in power for years. The fact that the oppositon keeps nominating old, tired, corrupt dinosaurs like Sarney doesn't help. Bloomberg News reported today that the newly hot economy in the Americas is Mexico. The note about the low wages many make in Brazil is spot-on. Plus the public health and public education systems are, in most locations, sad.
I spend a lot of time in Brazil so hope the eoconomy improves. 3 years ago I bought some Petrobas stock on the NYSE. Today it is worth less than 1/3 what I bought it for.
Sarney is not opposition. In fact, he supports anyone serving in the government. The problem with the opposition is that they don't have speech, they appear to be afraid of the Workers Party. They do not say "we are going to change the politics". Instead, they say "we are going to do everything that the Workers' Party does, but better than them". The WP said once that the economic liberalism is bad and depicted Fernando Henrique Cardoso as the devil in person. And the opposition did not really oppose.
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