Inflation is down, poverty is falling and Argentina’s economy is growing as Javier Milei pushes reforms many skeptics said would fail

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Javier Milei recently passed the two-year mark as president of Argentina. While his personal popularity has been bumpy in recent months—the Americas Society/Council of the Americas suggested his approval rating was a little under 40 per cent this fall—the political climate is still very much in his favour.

His party, La Libertad Avanza, won almost 41 per cent of the vote in the October midterm elections, earning 13 of 24 Senate seats and 64 of the 127 contested lower-house seats.

Few would have expected a libertarian economist who supports small government, lower taxes, more individual rights and freedoms, private enterprise, trade liberalization and anarcho-capitalism to become a success in Argentine politics. The proof has been in the political pudding for quite some time, however.

“As of September, the economy is growing at five per cent on a yearly basis,” the Cato Institute’s Marcos Falcone wrote on Dec. 10. “Poverty, which exceeded 40 per cent before Milei took office and peaked at 52.9 per cent in the first half of 2024, is now down to 31.6 per cent. Monthly inflation, which often surpassed 10 per cent in the pre-Milei era and reached 25 per cent in December 2023, now hovers around two per cent. Both exports and imports are rising rapidly.”

Argentina’s Javier Milei broke the economic rulebook. Argentinians are reaping the benefits.
Courtesy Javier Milei Facebook page

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