Milei’s Unlikely Rise to the Presidency
When Javier Milei burst onto Argentina’s political stage with a chainsaw and an unapologetically libertarian message, few analysts believed voters in a country steeped in statist tradition would take him seriously. Yet in late 2023, he swept into office, promising to slash the “socialist cancer” he said infected the nation’s institutions.
Year-One Results: The Numbers Don’t Lie
Despite lacking a congressional majority, Milei’s first 12 months produced measurable gains:
- Inflation: May 2025’s CPI rose just 1.5 %—a five-year low—after triple-digit annual inflation in 2023. :contentReference
- Fiscal Balance: The federal budget swung from chronic deficits to a surplus for the first time in nearly two decades.
- Country-Risk Spread: Sovereign-bond spreads plummeted, signaling renewed investor confidence. :contentReference
- Peso Stabilization: The gap between the official and parallel exchange rates narrowed sharply. :contentReference
- Regulation Rollback: Hundreds of decrees dismantled price controls and licensing hurdles. :contentReference
Inflation at a Five-Year Low
Slashing public spending and lifting currency controls quickly cooled monthly price growth from 25 % in December 2023 to under 3 % by late 2024, and to just 1.5 % in May 2025
The First Fiscal Surplus Since 2008
Aggressive austerity—laying off 33,000 public employees and scrapping redundant ministries—flipped Argentina’s books into the black, winning a fresh $20 billion IMF deal and lifting growth forecasts. :contentReference
Why Both Left and Right Want Milei to Fail
Progressive parties know that every percentage point drop in poverty discredits decades of dirigiste orthodoxy. Meanwhile, mainstream conservative parties across Europe and the U.S.—deeply wedded to welfare-state spending—fear Milei’s success will spotlight their own statist instincts.
Is Milei Really “Lying”?
Critics say Milei overpromises, claiming Argentina will need 35 years to reach first-world prosperity. He insists that with two consecutive terms, Argentines could see middle-income status far sooner. Whether hyperbole or strategic understatement, the trajectory so far suggests that “impossible” timelines keep shrinking.
What to Watch Next
- Midterm elections in October 2025—will voters reward the pain of austerity?
- Next round of deregulation bills: privatizing state energy giant YPF and lifting trade barriers.
- Currency competition bill: legalizing the U.S. dollar and other currencies for contracts.
Final Thoughts
Milei brands his fight “against the entire political caste.” A year in, the numbers increasingly favor his narrative. Let him work and—if the trends hold—Argentines won’t have to wait for their grandchildren to enjoy prosperity; they may feel it before the decade ends.