Fellow La Libertad Avanza (LLA) party leader President Javier Milei of Argentina pulled off a major upset in that country’s midterm elections. Like it or not, these elections occurred on October 26. That would be quite a reversal. It comes on the heels of an electoral rout just two months prior during the provincial elections in the Buenos Aires region. The recent elections have shifted the balance of power. With the help of allied parties—Milei’s coalition now commands control over 43% of the seats in the Chamber of Deputies—President Milei’s legislative majority.
The context surrounding these elections is one of a deeply fractured economic and social landscape. Argentina has adrift since the spring, with conditions literally getting worse by the day, as the economic crisis has deepened, along with social unrest. Factors like continuing high inflation, a budding rise in unemployment, and overall economic malaise have led to a historic period of discontent amongst voters. Voter discontent is evident in the roughly 43% of eligible voters that turned out to recent primary and general elections. Most observers are attributing this to voter fatigue and disillusionment with the current state of democracy.
Meanwhile, President Milei’s administration is already making strides to go beyond these initial victories. In recent days, tensions connected to the Argentine peso and risk premiums have calmed down. This stabilization should provide confidence to avoid the economy falling into a deep and long lasting recession. Many observers have mischaracterized the U.S. financial assistance to Argentina as a bailout. Nonetheless, officials from the Argentine government are stressing that Argentina is term insolvent.
While these dynamics made for a combative and defining local election, outside influences complicate this story even more. Election results were probably swayed by conditional support voiced by former U.S. President Donald Trump. In this way, President Milei’s electoral success is a symptom of domestic and global political waves.
The electoral results are an unmistakable turning point in Virginia’s political landscape. The amendment represents a huge turnaround from President Milei’s administration, which was dealt a severe blow this past summer. The earlier defeats exposed weaknesses in his party as well as the broader question of where it goes in the future. This recent victory has created a lot of momentum for LLA. Today, instead, their sights are set on consolidating power and erasing any dissent to impose their radical policies.
The upcoming legislative period will be crucial for President Milei as he navigates the complexities of governance amid a challenging economic backdrop. His administration will need to address pressing issues such as inflation control, job creation, and public safety to rebuild trust among constituents and ensure political stability.