Argentina's President Javier Milei has been the best thing to happen to that country in a long while. Since he took office in December of 2023, that nation's inflation rate peaked at nearly 300 percent, but is now down to around 30 percent, but a huge improvement. The country has been showing moderate economic growth. Things in the South American nation are looking up; the citizenry would seem to think so, as Milei just won re-election by a strong plurality in Argentina's multi-party system.
This is good news for Argentina, and it's also a strong indication that Milei's libertarian economic policies work.
Argentine President Javier Milei on Monday urged moderate opposition lawmakers to back his reform agenda during the next two years of his term, after his party cruised to victory in midterm legislative elections, sending local markets soaring.
Milei's La Libertad Avanza party won 40.68% of the votes, compared with 31.69% for the Peronist coalition, official results showed. The president said the important thing now was to get reforms approved.
"The worst is behind us," Milei told local television channel A24. "I'm going to seek the votes I'm missing (in Congress) to implement these reforms," he added, referring to potential alliances with lawmakers and governors.
There will be some shakeups, of course, when the new government is seated in December, but both Argentine and international markets seem to be reacting well to El Presidente Milei's victory:
Milei reaffirmed plans to push through labor, pension and tax reforms after strengthening his bloc's presence in a Congress previously dominated by the opposition.
Argentina's peso strengthened 10% to 1,355 per U.S. dollar in early Monday trading after the midterm election, while the country's main stock index jumped nearly 20%.
Milei confirmed he will make changes to his cabinet, many of which "forced" as some ministers will now be Congress members, but noted he has time until the new lawmakers take office on Dec. 10.
President Milei, we might remember, is seen internationally and by American Democrats as a Trump ally.
Read More: Trump and Milei Take Aim at the Left - and Celebrate a Week of Wins
President Milei's policies have been described as "anarcho-capitalist," but that's a canard. He has pushed to downsize Argentina's government, to cut government spending, to bring an end to the country's runaway inflation and shrinking peso, as well as to eliminate socialist measures like price and wage controls. He has engaged in the deregulation of key industries. These are pretty mainstream American conservative positions, and as we've seen in the last two years, it appears to be working.
In his victory speech, President Milei said:
"I am the king of a lost world," Milei exulted as his supporters cheered in downtown Buenos Aires on Sunday. "Today we have passed the turning point. Today we begin the construction of a great Argentina."
Javier Milei and Argentina would appear to be on track to do just that, and in the doing, may serve as an example to the rest of the region, including perhaps a post-Maduro Nicaragua. Meanwhile, we should watch President Milei's next term with great interest.
Afuera!
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