Argentina’s Libertarian Wave Surges Forward as Milei Gains Legislative Power

The recent midterm elections in Argentina marked a decisive moment for President Javier Milei and his vision for a smaller government. His party, La Libertad Avanza (LLA), achieved remarkable gains, tripling its representation in Congress and reinforcing Milei’s agenda for sweeping reforms. This victory underscores a significant shift in the country’s political landscape, highlighting a growing preference among voters for deregulation and fiscal discipline.

On June 9, 2024, voters delivered a clear message by granting LLA 101 out of 257 seats in the Chamber of Deputies, a substantial increase from 37. In the Senate, the party surged from six seats to 20. These numbers provide Milei with the legislative strength needed to support his austerity measures and reform efforts without facing obstruction. His recent remarks reflect the conviction driving his supporters: “LONG LIVE FREEDOM, D*MN IT!”

The results challenge a narrative that the mainstream media and political insiders had long propagated. Voter turnout stood at a relatively low 67.9%, yet the message was unmistakable. The once-powerful Peronist movement suffered a significant setback, dropping to just 31.6% of the vote. The electorate is clearly fed up with corruption and economic instability, issues that were exacerbated by the criminal conviction of former President Cristina Kirchner.

Supporters express a deep sense of joy at this turnout, comparing it to moments of national triumph. Facundo Campos, a mechanic from Buenos Aires, equated the experience to celebrating a World Cup victory. Adriana Cotoneo articulated the sentiments of many when she described the vote as “a rescue operation for our country.” There is no doubt that Milei’s supporters are embracing change with fervor.

Since stepping into office in December 2023, Milei has implemented drastic changes that he has branded as “shock therapy.” This has involved halting public hiring, cutting subsidies, freezing pensions, and eliminating 50,000 public-sector jobs, all aimed at taming the rampant inflation that once reached an alarming 289% annually. Early results show inflation has dropped to 32% by May 2024, and for the first time in years, Argentina’s budget reflects a fiscal surplus. However, these measures come with a social cost: real wages have declined by 20%, and pensions have fallen over 30% in value.

Despite the turbulence these changes have wrought, many citizens seem willing to endure short-term hardships for the promise of long-term financial stability. Some economists argue that the austerity measures are making life more difficult for many families. Yet, the electorate stands firm behind Milei. After the elections, he proclaimed, “Today we reached a turning point. Today begins the construction of a great Argentina.”

The United States is keenly observing the Milei administration’s approach. Earlier this year, a $40 billion bailout package was extended to stabilize the Argentine peso, contingent on Milei’s continuation in office. Following the June elections, President Trump offered his endorsement of Milei’s leadership, praising his efforts in steering the nation through tumultuous economic waters. Meanwhile, in the lead-up to the elections, the U.S. Treasury intervened to bolster the peso, alleviating fears of a currency crash.

However, not everything has been smooth sailing for Milei. Internal tensions have emerged within the LLA. Reports indicate that several lawmakers expressed discontent with Milei’s governance, citing ethical concerns and deviations from the party’s founding principles. Marcela Pagano, a former supporter, voiced her frustrations, claiming the project has “strayed from its path” due to perceived hypocrisy linked to corruption allegations involving Milei and his inner circle.

Still, the electorate’s backing in June granted Milei essential leverage in Congress during uncertain times. Indicators suggest a potential shift in favor of recovery, as inflation dropped to a mere 2.1% in September. The currency markets, once unstable, have steadied thanks to coordinated efforts from both the central bank and U.S. interventions. Although protests from unions and the Peronist opposition have waned, the challenges facing still vulnerable populations remain very real.

Looking ahead, the struggle for Argentina’s future continues. A parliamentary election is slated for October 2025, and recent losses in Buenos Aires signify a potential challenge to Milei’s urban agenda. Observers remain wary. If unemployment rises and living costs continue to soar without significant improvement, that popular support may be at risk.

For the time being, Milei’s administration enjoys the support demonstrated in the recent elections. With a fortified legislative position, he’s been given the green light to pursue his agenda. The clarity of the election results is loud and clear: Argentina is choosing freedom over the constraints of the past.

The sentiment encapsulated in a recent viral tweet succinctly captures this moment: “Small government wins!”