BUENOS AIRES—Something unfamiliar is spreading through Argentina these days, alongside dengue and rumors about Lionel Messi’s health ahead of the summertime Copa America: optimism.
Typically, Argentina is where optimism goes to die. There are booms as well as busts, but over the past decade or so, its topsy-turvy economy has been mostly sluggish and often careening toward crisis. The country has defaulted on its debt nine times. Things were particularly grim in the runup to last year’s presidential election. The economy contracted in 2023, and inflation exceeded 200 percent. Surveys revealed profound anxiety over the future.
In an act of desperation that many Argentines described as a salto al vacio, or a jump into the void, voters elected a political outsider who campaigned with a chainsaw to symbolize his promise to cut government spending and dismantle the state. Given the dire straits, Javier Milei’s election victory was not all that surprising. What was unexpected is what happened next: He has kept his dramatic promises and so far has maintained public support as well.