Legacy and challenge for Claudia Sheinbaum | Article by Alberto Vizcarra Ozuna

Alberto Vizcarra Ozuna

Although the candidates and the presidential candidate of the republic disputed control over executive managementstrictly speaking, this is approaches to economic policy were similar, did not contradict the macroeconomic norms that have been imposed on the country over the past four decades. Consequently, the dispute was about power, not about future of the nation.

And the rules of the game of those who impose the lines macroeconomic, that’s what they have: among themselves, as candidates and as parties, accuse each other of whatever you want, mainly of corruption and lies. But for no reason do they question the agenda set private financial powers which determine directions of monetary policy, budget And commercial that the country suffered after the great debt crisis that occurred in 1982.

In those conditions Claudia Sheinbaum and the parties that nominated her for the post of president of the republic achieved landslide election victorywith more votes than López Obrador received in the 2018 presidential election. Thus, the party in government, BRUNETTE and their allies received status supermajority in Congress Union and in the Senate of the Republic.

Formally Sheinbaum governmentwhich will begin on October 1 this year can be considered strong presidencywith sufficient consensus to implement policies that could lead the country out of its long economic stagnation in which it remains to this day, which is the result of an unconditional commitment to macroeconomic directions dictated by financial interests Wall Street and Londonwhich, through large private investment funds such as Black Rock and others. of this kind, dominate speculative markets and are Mexican government debt holders; and many other countries that, enslaved by these forces, subordinate their fiscal exercises to what the insatiable speculative dynamics of these markets dictate.
Although the elected candidate sent a signal to markets by ensuring that thick lines macroeconomic policy remains (fiscal austerity, fiscal discipline and autonomy of the Bank of Mexico) and that he did so on the same night that the electoral authorities announced his overwhelming victory, The interests that control the markets decided to send him A “electric shock“, arranging financial onslaught against the pesotaking advantage of the roughness of parliamentary coordination, MORENA announced the use of the qualified majority achieved in Congress to approve in September a set of constitutional reforms, including those related to the judicial system.

reforms thus announced They are not in the interests of financial powers. this puts pressure on the emerging government to ensure they do not encroach on its areas of control. What are they doing care is that you could use this qualified majority For make constitutional changes What allow restore sovereignty over monetary policy, restoring the Bank of Mexico’s commitment to the country’s growth and economic development. They are also concerned that the supermajority exercises sovereign power to set budget policy and that spending is no longer subject to control. subordinate V rental rates growth investment funds that own the country’s government debt.

Rather, pressure from markets is aimed at ensuring that supply Minister of FinanceThe 2025 General Preliminary Policy Criteria announced in May this year has been fully met, requiring aggressive spending cuts that could exceed 8 percent relative to the 2024 budget. The scheme is clear: no government investment in works infrastructure great importance and what all productive sectors of the economy sufferminus prompt payment for debt service, speculators and to financial sector for whom “transformation“, according to the government, was paradise.

The content of the package presented in advance by the Minister of Finance and the permanence of Ramirez de la O in the agency are very well determined inheritance from Lopez Obrador to the expected government of Claudia Sheinbaum. If the first woman elected to the presidency of the republic submits, as Lopez Obrador did, economic policy from unconditional coexistence with diktat speculative investment fundswe could sooner or later enter budget crisis on a scale similar to the nineties, which represented large losses for the national economy and a heavy debt burden for the state budget.

It is clear that the task is not to defeat the opposition, but to restore economic sovereigntyputting at the waist of speculative funds who expect the expansion of neoliberal populism carried out by the government of Andrés Manuel López Obrador.

Ciudad Obregon, Sonora, June 12, 2024