Argentina’s President Javier Milei has achieved a resounding victory in the nation’s midterm elections, marking a crucial success for his radical agenda of spending cuts and free-market reforms. His party, La Libertad Avanza, garnered nearly 41% of the vote, securing a substantial number of seats in both the Senate and the lower house, which will significantly ease his path to implementing his economic policies.
Milei’s win is seen as a vital endorsement of his ‘chainsaw’ approach to public spending, a promise he made upon taking office in 2023. He has since implemented deep budget cuts across various sectors, including education, healthcare, and infrastructure, while also reducing the public sector workforce. Supporters, including international allies like Donald Trump, have lauded these measures for their role in taming rampant inflation and restoring investor confidence.
However, critics point to the harsh consequences of Milei’s austerity, including rising unemployment, a downturn in manufacturing, and a decline in essential public services. Many voters expressed mixed feelings, acknowledging the need for economic reform but also highlighting the significant financial strain on ordinary citizens. “Our salaries are low, they remain the same, while other things are increasing. We still don’t see a change,” shared Juliana, who works with children with disabilities.
The election results provide Milei with a stronger hand in Congress, allowing him to overcome previous legislative hurdles. This victory signals that a significant portion of the electorate remains wary of the economic mismanagement attributed to previous governments, opting instead to support Milei’s promises of fiscal discipline. Financial markets are expected to react positively to this outcome, reinforcing the stability of Milei’s economic experiment and the continued support from international partners. With this renewed mandate, Milei is poised to continue his ambitious reform program, with eyes already turning towards the next presidential election in 2027.