Javier Milei’s Economic Performance
AT A GLANCE
• Argentina’s Javier Milei is fighting for his political life and legacy.
• Milei has begun taming inflation and cutting regulations.
• Why Milei has not yet shut down Argentina’s central bank
• Dependence on the IMF and U.S. government
As of this writing, the president of Argentina, Javier Milei, is fighting for his political life and legacy. For those readers unaware of his background: The bombastic academic had experience as the chief economist for various financial institutions (including HSBC), and gained notoriety with frequent television appearances in the 2010s criticizing the inflationary and socialist policies of Argentina’s ruling class. After winning a runoff election in late 2023, Milei pushed through some strong reforms and enjoyed popularity.
However, on September 7 of this year, Milei’s party was routed in the Buenos Aires provincial election, with the left-wing Justicialist Party garnering 47 percent of the vote, compared to Milei’s La Libertad Avanza party’s receipt of 34 percent. The defeat caused the peso to plunge in global currency markets, with investors fearing that the nationwide elections on October 26 would mark the end of Milei’s program, as he faces an already hostile Congress. Because Argentina’s debt is denominated in foreign currencies, a fall in the peso is disastrous, which explains why Milei recently had to come hat in hand hoping for assistance from the U.S. Treasury. This has already led to ridicule from leftist critics, who are having a field day now that the libertarian hero is seeking a government bailout.
In the present article, I will first highlight some of Milei’s impressive accomplishments, and then explain why he is still in such trouble.
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