Argentina's Javier Milei is buoyed by the polls

It was an indisputable victory. By winning more than 40% of the vote in the October 26 legislative elections, far ahead of the Peronist opposition, Argentinian President Javier Milei's party secured the means to remain in power. Two years after the shock of his election, the libertarian firebrand, known for his incendiary rhetoric, has demonstrated that he and his radical economic vision will continue to be a force to be reckoned with. Some voters certainly wanted to show their support for the harsh austerity program that Milei insisted was a necessary precondition for Argentina's desperately-needed economic revival. United States President Donald Trump's offer to tie a $20 billion injection to support the Argentine peso to his ally's electoral victory may also have worked in Milei's favor. Of course, his success is not without its caveats. The low turnout - 66% in a country where voting is compulsory - reflects a growing disaffection with politics that should not be overlooked. But the president has mainly benefited from the continued rejection of Kirchnerism, the offshoot of Peronism embodied first by Nestor Kirchner and then his wife, Cristina Fernandez, whose conviction for fraud and lifelong ban from holding office were definitively upheld in June. Far from being an omen, the sweeping Peronist victory in September in Buenos Aires Province seemed instead to serve as a wake-up call that played to the president's advantage. By focusing its message on blanket criticism of Milei's strong-arm policies, the center-left opposition has paradoxically highlighted his chief achievement: the sharp reduction of chronic inflation. Inflation, which now hovers around 30% compared to 200% before he took office, is still significant. Yet Argentines can see tangible results in their daily lives from Milei's drastic economic measures. Cutting inflation has sharply reduced the risk of poverty, which has been a blind spot in policies over the past two years. This tack has already garnered support for the country from the International Monetary Fund and the World Bank in April. By doubling his party's number of parliamentary seats, Milei is now better positioned to face an opposition that has dealt him a series of stinging defeats in the last few months. To deliver on his plans to use the two years remaining before the 2027 presidential election to deregulate the labor market and lead a fiscal overhaul, the president - whose party does not have an absolute majority in parliament - will need to win the support of right-wing and center-right groups. That task now appears within reach. Argentina is not out of trouble yet - far from it. Consumption, investment and exports are all falling; gross domestic product is down; unemployment is rising, largely due to deep cuts to public spending that are undermining the health, education and research systems. These figures are there as a reminder.