Following a recent high-profile meeting with President Trump at the White House, where gifts were exchanged, praise was abundant, and substantial financial commitments secured from the United States, Argentine President Javier Milei promptly returned to face his constituents.
Donning his signature leather jacket and addressing crowds from the back of a pickup truck, Milei – a self-proclaimed anarcho-capitalist economist and former outspoken commentator – traversed throngs of students, farmers, and retirees. He implored them for their backing in Sunday’s critical midterm legislative election, marking what is arguably his most significant challenge to date.
Addressing an audience clad in Lionel Messi soccer jerseys and red ‘MAGA’ caps in Córdoba, Argentina’s second-largest city, Milei passionately declared, “I’m asking you to stand with us. We’re at a turning point in Argentina’s history.”
This election has garnered unusual international scrutiny, largely due to former President Trump’s outspoken endorsement of Milei, a fellow ideologue. Trump explicitly cautioned that a promised $20 billion financial aid package for Argentina hinges on the results of this crucial vote.
Both economists and financial markets are closely observing this vote, viewing it as a critical assessment of Milei’s ambitious strategy to revitalize Argentina’s perennially unstable economy.
Despite intense global interest, the ultimate judgment rests with the Argentine populace. This election offers their first formal opportunity to evaluate President Milei’s performance since his inauguration in 2023.
Milei urgently requires a strong performance in these midterm elections to secure sufficient congressional support for his radical agenda, yet his party’s prospects are far from clear. Across the nation, initial optimism about his stringent cost-cutting measures and the relief from Argentina’s decelerating inflation are now overshadowed by widespread weariness from austerity, sluggish economic growth, increasing job losses, and a series of corruption allegations.
Even in Córdoba, traditionally a conservative bastion, President Milei’s chances of electoral success are now facing significant skepticism.
Along the very streets where Milei recently rallied, shopkeepers have been forced to close their businesses due to plummeting sales. Elderly citizens report being unable to afford essential medications, while doctors and university professors have staged protests against budget cuts. Meanwhile, factory workers stand in solidarity outside now-shuttered industrial plants.
Diego Gómez, a 43-year-old chemical-plant worker from Río Tercero in Córdoba province, expressed his disillusionment, stating, “We voted for him, and now I’m jobless and broke.” He was laid off earlier this year.
Gathered on plastic chairs, sipping mate outside the chemical factory, several workers recalled their initial faith in Milei’s promise to dismantle Argentina’s entrenched and often corrupt political establishment, which had presided over decades of economic instability. However, recent bribery scandals implicating some of the president’s inner circle have eroded their belief that he is truly challenging the elite.
“He has devastated the working class,” Gómez lamented.
Milei is appealing to voters for patience, assuring them that his economic reforms will ultimately yield positive results, especially with the newly secured U.S. assistance. The United States has committed to a $20 billion currency swap for Argentina, and American investors are contemplating an additional $20 billion in loans.
Yet, having secured such a substantial aid package from the world’s wealthiest nation, convincing his electorate to remain patient now appears to be an even more formidable task for Milei.
Darío Maldonado, another former chemical-plant worker who supported Milei in 2023, reflected, “I know you can’t achieve generational change in just one year. But if circumstances weren’t so dire, I would certainly grant him more time.”
Just a few dozen miles south of Río Tercero, along dusty roads where large lizards roam, pensioners in Villa María made their way to a community center for complimentary medical examinations. The majority of retirees in this town subsist on approximately $250 per month, a sum close to the national poverty threshold.
While their lives were never easy, these retirees contend that Milei has exacerbated their struggles by not raising pensions amidst skyrocketing drug and other essential prices.
Graciela Ñañez, a 64-year-old pensioner, voiced her profound concern, stating, “I am very worried about food.” She described her daily struggle to afford basics like yogurt for her grandchildren or even rent graduation attire for their school ceremonies.
Ms. Ñañez admitted to voting for Milei, explaining, “I was angry. I don’t grasp much about politics, but I witnessed the growing misery in Argentina, the poor becoming poorer while the rich prospered, and I blamed the previous administration.”
“But now,” she added, her voice tinged with resignation, “people are once again disillusioned. They are desperate.”
José Rubén Torres, 72, another retiree, fondly recalled a time when he could purchase tickets to support his local soccer team, the Alumni. Now, however, financial constraints force him to stand outside the stadium, peering through a fence to catch fleeting glimpses of the games.
President Milei’s concerted efforts have successfully brought down Argentina’s inflation rate from a staggering 160 percent annually when he assumed office to approximately 30 percent today. This reduction has, in turn, helped decrease the national poverty rate by 10 percentage points, bringing it to 32 percent.
However, economic analysts point out that the middle class has disproportionately shouldered the burden of his austerity measures. Households face steep rises in utility bills, school tuition, and healthcare expenses, compelling many to drastically cut back on essential spending.
Milei’s Tuesday rally in downtown Córdoba took place amidst numerous clothing stores, many of which stood largely deserted. Pablo Heredia, 44, owner of a men’s clothing chain, confirmed that he had already closed one branch and was contemplating shutting another due to dramatically falling sales.
“We used to enjoy dining out and taking holidays; now, I simply have no money,” Heredia expressed grimly.
Across the street, a baby gear store also reported a sharp decline in sales. Yet, 25-year-old shopkeeper Milena Torres maintained her unwavering support for Milei. “Things are incredibly tough,” she stated, “but I truly believe and hope for a better future.”
This is precisely the sentiment Milei hopes to cultivate among more voters. “I never said it was going to be easy,” he reportedly declared into a megaphone on Tuesday, amidst a throng of people eager to shake his hand.
Milei has consistently maintained that his comprehensive economic overhaul – encompassing significant government downsizing, deep budget cuts, and extensive deregulation – is essential to establish a foundation for renewed investment and future prosperity. He asserts this will restore Argentina’s credibility with global markets, following decades marred by excessive spending, defaults, and international bailouts.
Despite the current hardships, many Argentines continue to place their trust in Milei to deliver on his promises.
“I want to keep trying,” affirmed José Luis Acevedo, a real estate developer, while seated by the pool of an apartment complex he is constructing in Córdoba. He acknowledged that his business was currently operating at a loss but expressed readiness to endure present difficulties in hopes of achieving a more stable financial environment capable of supporting a functional mortgage market – a concept virtually unheard of in Argentina.
“I’d rather endure a few challenging years,” he elaborated, “with the hope and clear goal of eventually achieving a time when our currency is strong and stable.”
For decades, Argentina has battled persistent inflation, and its far-reaching consequences were starkly evident throughout Córdoba.
The agricultural landscapes surrounding the city revealed numerous 200-foot-long plastic tubes. These were used by many farmers to store their harvests, a practice born from the belief that their crops served as a more secure financial asset than holding the local currency, pesos, in volatile bank accounts.
“I absolutely do not want to revert to our previous situation,” stated Rafael Cueto, 53, a soy farmer, emphasizing his desire for sustained change.
For many Argentines, looking back conjured memories of pre-purchasing children’s shoes in anticipation of price hikes, or hoarding essentials like gallons of milk. Moira Minue, a Milei supporter at his rally, noted with satisfaction that she can now purchase toys from online retailers, a direct result of the president’s easing of import restrictions.
Meanwhile, José Orta, holding an Argentine flag emblazoned with the defiant words “No colony,” highlighted a growing criticism among some Argentines: that Milei is compromising Argentina’s sovereignty by ‘selling out’ to the United States in exchange for financial aid.
Interestingly, some of the president’s staunchest supporters did not view this prospect negatively at all.
“We aspire to be a capitalist, right-wing nation,” declared Rosa Ortelli, a teacher working with the visually impaired, at Milei’s Tuesday rally. She added, “And if the United States wishes to acquire us, that would be fantastic.”