Shock therapy involves a shock: Argentine leftists seem to have misunderstood the words newly elected libertarian President Javier Milei was saying. In his inauguration speech, Milei assured Argentines that the economic situation would get better—but to brace for turbulence in the short run.
Argentina's inflation rate is over 200 percent, above even nearby Venezuela's. The country owes $45 billion to the IMF. Roughly 40 percent of the population lives in poverty. There's no option but to attempt to dig the country out of the hole by implementing severe austerity measures. But that doesn't mean the people—who remain, in many cases, disturbingly unaware of how they have been swindled for decades by Peronist leaders—are supportive of Milei's plan.
