Less than two years ago, the people of Argentina were living in a socialist nightmare. The country was broke, and its citizens were unable to pay their bills or even feed themselves. The state controlled everything, and the government was out of money.
The country’s presidential election featured socialist Sergio Massa facing off against Javier Milei, an outsider known for his TV appearances in which he expressed unapologetic enthusiasm for free-market economics while criticizing socialist policies.
Days before the election, The Guardian published an article bringing attention to 100 economists warning that electing Milei would devastate the economy. (That sounds familiar.) In the letter, they declared that reducing government spending would cause more poverty and inequality, and taking the economy out of state hands would lead to chaos.
Like Donald Trump, the media portrayed Milei as crazy, unhinged, and unpredictable. Regardless, the people of Argentina elected him as their next president. On Milei’s first day in office, his country had no money and was on the brink of societal collapse, but fortunately for the Argentinian people, Milei marched forward with his plan and kept his promises.
The Daily Wire reports on the amazing transformation: “In November 2023, Argentina’s inflation rate had soared to 211.4% and the country had a poverty rate of 41.7%; 19.5 million people lived below the poverty line. … By May 2025, the inflation rate had plummeted to 43.5%, and the consumer price index rose 1.5%, marking the lowest levels in five years. Wholesale prices dropped by 0.3% in May, the best number in 17 years.”
What’s happening in Argentina is being characterized as a miracle, especially considering the dire circumstances Milei inherited. At the time, Argentina was on the brink of collapse. Gripped by runaway inflation and widespread poverty, there was no hope. Milei sees unlimited potential for Argentina as a rising economic power. His plan includes making his country an agricultural breadbasket and tapping into the shale deposits in the Patagonia region. It took a Trump figure to smash the socialist paradigm and show Argentinians, and the world, what’s possible. And it happened quickly.
Newsweek also noted Milei’s miracle-working. “In a stunning reversal, Argentina’s economy posted a 7.6 percent year-over-year growth rate in the second quarter of 2025 — its strongest in nearly two decades — fueled by deregulation, sharp cuts to public spending and the loosening of currency controls. Retail sales, manufacturing and finance all surged, helping consumer spending jump nearly 3 percent from the previous quarter,” Jesus Mesa writes. “Since assuming office in December 2023, the firebrand libertarian economist has slashed government expenditures and secured a $20 billion deal with the International Monetary Fund (IMF). His administration promised to dismantle decades of state intervention in favor of free markets — policies that many observers warned would deepen recession and spark social unrest.”
More accolades roll in at The Washington Stand, where Joshua Arnold writes, “Such a dramatic recovery was only made possible through radical reforms. In one month, Milei balanced the bloated budget, cutting it by 30% and eliminating half of the government’s cabinet departments. He dismantled artificial controls on foreign exchange and reined in the money supply.” Arnold adds, “In perhaps the most remarkable victory, Milei repealed Argentina’s rent-control law. As a result, the supply of rental housing tripled in the capital city, Buenos Aires, and the median price fell by 10%. Yes, you read that correctly. After Milei repealed a law designed to keep rental prices low, rental prices fell.”
National Review reminds people of the facts of how economic principles work. “Milei knows that these are not miracles,” NR’s editors write. “They may feel miraculous for people who have been suffering, but they are exactly what economic principles suggest would happen when government controls are removed and people are made free to buy, sell, produce, and consume as they see fit. People have known about this since at least the time of Adam Smith, yet they continue to be surprised when it works.”
What a contrast to what’s happening here at home, where this year both New York City and Minneapolis are poised to elect socialist mayors promising some of the very same policies that destroyed Argentina, including rent controls and government control of companies.
Republicans could learn a thing or two from Milei as they remain unable to articulate the differences between socialism and capitalism here in America.
Milei transformed political will and courage into tangible results, seemingly overnight. We ought to do the same here. “The US economy needs real remedies,” The Daily Economy stresses. “Slashing government spending, cutting taxes, reducing bureaucracy, and deregulating. If Milei could implement an effective stabilization program in Argentina — with a far weaker private sector and infinitely worse conditions — there’s no reason Trump, with majorities in both chambers, couldn’t do the same. All it takes is political will.”
Under Milei’s leadership, Argentina transformed from an embarrassing socialist dystopia to a beacon of freedom. The takeaway is that socialist policies can be purged, restoring the power of freedom, which unleashes a torrent of creativity and innovation, and generates wealth and prosperity for all people.
