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Because Everyone Is Always Complaining About Milei.

I admit it: My first reactions were: This guy has no idea what he’s doing. Absolutely unacceptable. A capitalist with no social conscience, and so on. Then Kemmerich, the short-lived minister-president, made a post that was pure populism. I thought: Let me fire off a quick response. But then I wanted to get it right and did a little research. And as in real life, there is light and shadow here. This is expressly not an endorsement of “trying more Milei.” In many respects, we differ from Argentina more than an olm differs from a rocket. In soccer too, but that is another matter. For my part, I have always said: We should not pass judgment until at least five years have elapsed. And I have to say: That is true. I am curious. We know this from soccer: a superb first half, followed by a defeat after all. My view of Milei and Argentina: Milei has significantly stabilized Argentina at the macroeconomic level. That is probably not propaganda, but is supported by inflation, fiscal, and growth data. Yet he has so far created neither a broad employment miracle nor a stable investment economy. The social costs of the initial adjustment phase were enormous, external stability remains fragile, and his governing style is partly damaging institutions that are crucial to sustainable growth. My, of course, entirely subjective assessment of what Milei has achieved after around two and a half years: Fighting inflation: clearly Pro Public finances: clearly Pro, but some of the cuts were poor in quality Growth: cautiously Pro Poverty trend: now Pro, after a brutal interim collapse Labor market: more Con than Pro Wage trend: mixed External sector and reserves: Con or fragile Structural reforms: mixed to Pro Institutions and governing style: Con