Brazilian economy in shambles

Brazilian economy in shambles

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By: Jya Holloway

A month after the World Cup final match took place at the Maracanã, Brasileros began asking the question: “How do we move forward?”  Brazil was once an economic powerhouse.  From 2002-2011 it was the fastest growing economy under the presidential advisement of Luiz Inacio Lula Da Silva.  Current president, Dilma Rousseff, has made countless promises to boost the economy as well as social and political freedoms of lower class Brazilians; however, with a financial deficit due to the FIFA World Cup and upcoming 2016 Olympic games, there is doubt that she will be reelected this October.

With the amount of problems Brazil faces and the questionable image of the financial crisis of Brazil, there are many things left unsaid.  The lower class is taxed higher, receives less education, and is given less in return.  This led to protests whenever government officials released information on the World Cup’s estimated 11.7 billion USD cost and 240 billion USD in expenses for the 2016 Olympics.

Protestors took the streets of Sao Paulo, Rio, as well as social media, with phrases like “We don’t need the World Cup. We need hospitals and education.” Brazil’s press let it slip that 3.6 million USD were used as contributions to stadiums, roads, and airports which were taken from taxpayers. Government officials released statements that “It is unclear what percentage of profits was stolen, if they were actually stolen.” This raises the question of where are these misplaced funds going, not to mention the money lost in a cyber crime that supposedly amounted to 3.75 billion USD of stolen transactions for merchandise, tickets, packages, etc.

Image via ibtimes.com

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