It works. It all works.

On Monday, Argentina's President Javier Milei announced that the South American nation has achieved a first quarter financial surplus for the first time since 2008.

“This is the last stretch of a heroic effort that the Argentines are making — and for the first time in a long time, this time, the effort will be worth it,” Milei said.

“Contrary to the forecasts of most political leaders, professional economists on television and in the media, specialized journalists, and a large part of the Argentine establishment, I would like to announce that the national public sector recorded a financial surplus of more than 275 billion pesos [roughly $310 million] in March,” Milei said, “thus achieving a financial surplus of 0.2 percent of the GDP during the first quarter of the year, after almost 20 years.”

Milei noted that, while the concept of fiscal surplus may appear to be “simply a technical definition that does not affect the lives of Argentines,” it is “nothing less than the only possible starting point to end once and for all the inflationary hell” that Argentina has faced in recent years.

The surplus, while something of an arcane measure, involves Argentina's achieving a budget surplus of 0.2 percent of its GDP.

In February, my colleague Jeff Charles reported that Argentina, under Milei's leadership, had achieved their first monthly budget surplus in over ten years.

Previously on RedState: Javier Milei Delivers Argentina's First Budget Surplus in Over a Decade

This achievement marks a tremendous accomplishment under its new libertarian leader, who ran on a platform of shrinking the government as much as possible.

The government of Argentina has posted its first monthly budget surplus in more than a decade — a major milestone for the new libertarian president, Javier Milei. His economic and budgetary reforms still face an uphill battle in his legislature, however.

With inflation and poverty ravaging much of the country, Mr. Milei’s stated goal of “shock therapy” for the nation has been met with adulation from ideologues young and old, and scorn from union bosses.

The nearly $600 million monthly surplus is the first to occur since August 2012, and the monthly inflation rate even fell in January to 20.6 percent from 25.5 percent. “The zero deficit is not negotiable,” the Economy Minister, Luis Caputo, says on X.

President Milei took to X to make the announcement.

Cadena nacional del Presidente Javier Milei. pic.twitter.com/FNoA98XTT7

— Oficina del Presidente (@OPRArgentina) April 23, 2024

What's interesting about this is the vindication of libertarian fiscal policies are now propelling Argentina back to fiscal responsibility. President Milei, an economist described as a "far-right" candidate by the legacy media (it's important to note that the legacy media generally refers to anyone to the right of Leon Trotsky as "far-right") during his run for Argentina's top spot, famously campaigned with a chainsaw to illustrate the deep cuts he intended to make in Argentina's national government. On taking office, Milei reduced the number of Argentina's cabinet-level agencies from 18 to 9 and signed an order deregulating much of Argentina's economy.

Argentina's previously oppressive inflation is slowing. Things in that country are looking up. There are likely hard times ahead; economic resets of this scale frequently involve things being the darkest just before dawn. But Argentina is moving in the right direction.

President Milei has also put media reforms in place, including the closure of Argentina's state-run media.

See Related: Argentina's Javier Milei Announces Closure of State-Run News Outlet That Operated as 'Propaganda Agency'

Argentina, under the libertarian economic policies of Javier Milei, is starting to show signs of recovery. This should be an object lesson to the rest of the world: For prosperity, for economic growth, and for a vigorous market of goods and ideas, there is no substitute for liberty.

We will watch President Milei's continued career with great interest.

Editor's Note: This article was revised post-publication for clarity.