Argentina’s soaring poverty levels don’t seem to be hurting Milei – but the honeymoon won't last

Argentina's gamble with libertarianism generates unprecedented poverty levels.

Argentina, a nation once ranked among the wealthiest in the world, has found itself grappling with severe economic challenges over the past 25 years. Then, one year ago today, provocative libertarian economist Javier Milei was inaugurated as its new president.

Known for his flamboyant persona and radical views, Milei is one of the most polarising figures in global politics, celebrated by some as a visionary reformer and dismissed by others as “El Loco” (“the mad one”). His rise reflects both the depth of Argentina's economic despair and the nation’s hunger for radical change.

He had pledged to take a “chainsaw” to the state and promote a free-market approach. While in office, he has pursued sweeping reforms, unapologetically slashing government spending and privatising key sectors.

Milei's first year has been marked by economic upheaval, contentious cultural battles, and a polarised public, with soaring poverty rates juxtaposed against falling inflation and the first fiscal surpluses in…