President of Argentina Despite the doom and gloom predictions of economists, academics and political opponents, Javier Milein's radical economic policies led to an economic miracle. Milei was the first foreign leader to meet with President-elect Trump in November, and she was also greeted by Elon Musk at the X and at Musk's headquarters in Texas.

Miley's star continues to rise.

“What President Miley has done economically in Argentina is nothing short of a miracle,” Joseph Humire, executive director of the Center for a Secure Free Society, told FOX Business.

“In less than a year, he was able to stop the country from going into hyperinflation in the first place, because when he took office in December 2023, the country was within days or weeks of going into hyperinflation. So he took some action right away. focused on reducing and then, until mid-2024, it was the initial recipe to be able to stabilize Argentina's economy.”

ARGENTINA'S MILEY TAKEN AS MODEL FOR MUSKIN'S 'EMPTY', TAKES THE CUT

Argentine President Javier Miley poses with Tesla's Elon Musk, left, at the Gigafactory Texas April 12, 2024 in Austin, Texas. (Presidency of the Nation of Argentina/Handout/Getty Images/Getty Images)

Milei's administration implemented severe austerity measures, including significant cuts in public spending and subsidies. These moves led to a significant drop in monthly inflation, from 25.5% in December 2023 to 2.7% in October 2024. The Argentine peso has strengthened against the black market dollar, indicating growing confidence in the national currency. This assessment reflects the positive reception of Miley's economic policy by the financial markets.

Martin Menem, president of Argentina's Chamber of Deputies and vice president of Miley's political party, La Libertad Avanza, told FOX Business: “Today we have a fiscal surplus. We have lowered inflation. The economy is expanding. Credit is coming back. Poverty Real wages are falling month by month, investors are all with these, expectations are growing and we are getting closer every day to our goal, which is to restore the well-being of Argentines.

“We're doing unprecedented things to get these results that we've never had. The results show that President Miley's way is working. We're here to end the deficit-driven recession, and we're going to work every day to deregulate the economy to get back on the path to growth.”

Despite these successes, challenges remain. The austerity measures have led to an increase in unemployment and poverty, affecting more than half of the population. In addition, economy It was projected to decline by 3% in 2024, indicating that structural challenges remain despite positive results from stabilization efforts. These are some of the reasons why pundits and economists still question Miley's achievements, comparing them to what they see as conflicting narratives and policies.

A woman holds a sign reading 'Miley psychoanalyze yourself' as part of a nationwide protest to defend public education against President Miley's drastic budget cuts on April 23, 2024 in Buenos Aires, Argentina. (Ricardo Ceppi/Getty Images/Getty Images)

FOX Business contacted two sources who signed the letter, which was signed by 108 economists. Economist Pablo Bortz told FOX Business, “After re-reading the letter we signed, I maintain my position regarding the letter, noting that the government has abandoned the idea of ​​dollarization.”

Economist Matias Vernengo, another signatory, said: “I maintain my position in the letter I signed because I believe it is essentially true. Inflation has accelerated since the devaluation of Mileni. The persistence of relative stability in the nominal exchange rate remains to be seen.”

Economist Roberto Cachanosky, who was not part of the letter, told FOX Business: “The most contradictory thing about Miley's speech and her policy is that she always says in her speech that the state is her enemy. It should not interfere. Prices should be free in the economy and the state should be robbed by taxes.

“Furthermore, as a deputy, he said taxes prevent slavery. The reality is that his pro-market speech culminated in the BCRA (Central Bank of Argentina), which not only intervenes in the interest rate and abandons currency controls, but the currency during this year continued his control, which is the real confiscation of exporters.

JAVIER MILEY OF ARGENTINA POVERTY ALLOCATES PER CAPITA INFLATION.

La Libertad Avanza presidential candidate Javier Milei raises a chain next to Carolina Piparo, La Libertad Avanza candidate for governor of Buenos Aires province, during a rally on September 20. 25, 2023, San Martin, Buenos Aires, Argentina. (Thomas Cuesta/Getty Images/Getty Images)

The government of Milei announced the government of Argentina The first budget surplus in 14 years On Friday, the self-styled libertarian scored an even bigger victory. However, criticism of some of his policies remains.

Political analyst Antonella Marty told FOX Business: “Despite promises of reform, the long-talked-about reform targeting the so-called 'political caste' under President Javier Miley has failed to materialize. Instead, his administration has been filled with highly qualified officials, family members, and people promoting a moral and ideological agenda. social media workers are tasked to do, and the messianic tone is based on a personalist model where dissent is not tolerated.

“The brunt of the government's reforms has fallen on the private sector, which has faced disproportionately heavier taxes and lower real wages. Since Milei took office, the private sector has lost 166,000 jobs, while the public sector has cut 64,000 jobs. Domestically, for consumption and poverty, dark scenario, for example, meat consumption – a cultural staple – has decreased by 11% and 71% of families can no longer afford traditional asados, electricity, water and gas The rising costs of utilities, including

Argentine President Javier Miley (Image credit via Daniel Bockwoldt/Getty Images/Getty Images)

Economist Diego Giacomini recently told FOX Business: “Milei said that the day the exchange rate differential and inflation tend to zero, he will restore competitiveness to the private sector over time by opening the CEPO (allowing the free movement of capital). Today, the exchange rate differential is at 3% and the last according to information, we are already there and he has not yet opened the CEPO.

“In the end, economics will be no different than Javier Milei. As someone who uses and exploits the word freedom, absolutely everything he does in ethical, philosophical, philosophic-political terms is the antithesis of classical liberalism. So when things go wrong economically and socially, classical liberalism is to blame. “There will be liberalism and freedom. This is very serious.”

While some experts have suggested that President Mileni's policies have defied some initial economic criticism by achieving significant fiscal and monetary improvements, the social costs and ongoing economic problems point to a complex and nuanced outcome.

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He met with Miley, who is in Washington this weekend for Trump's inauguration elected president At the America First Policy Institute gala in November, Trump congratulated the Argentine “for what you've done for Argentina. … Make Argentina great again.”

“I think President Miley has pulled off what many thought was impossible. He was able to turn the economy around, at least in a positive direction,” Humire said. “There's a lot to do. He needs to get rid of currency controls, attract more investment and increase the purchasing power of the Argentine peso. It's very difficult to come into office with a high approval rating and then maintain a high approval rating. By the end of the first year, most presidents around the world have sunk a little.”

Reuters contributed to this report.