Argentina’s political landscape shifted dramatically on October 26, 2025, as President Javier Milei’s La Libertad Avanza (LLA) party swept the midterm elections, capturing more than 40% of the national vote and securing victories in 15 of the country’s 24 electoral districts. The results, widely reported by BBC and Americas Quarterly, surpassed expectations and delivered Milei the strongest mandate yet for his radical economic overhaul, popularly dubbed the "chainsaw plan."
For Milei, this landslide marks not only a personal triumph but also a crucial turning point for his libertarian agenda. The LLA’s gains in Congress—13 of 24 Senate seats and 64 of the 127 lower-house seats up for grabs—mean the president now has a much firmer grip on legislative proceedings. Before this election, his party had just seven Senate seats and 37 in the lower house, making it nearly impossible to push through his signature reforms without opposition roadblocks. Now, according to BBC, “he’ll be able to change the country in a year,” as one jubilant supporter, Dionisio, put it.
Yet, the story is more nuanced than a simple tale of victory. Turnout was just 67.9%—the lowest for any national election since Argentina’s return to democracy in 1983. Political analyst Steven E. Hendrix told Americas Quarterly that this figure “underscores both fatigue and faltering hope,” highlighting a population weary of repeated crises and wary of political promises. Some voters, like business owner Dardo, expressed reluctant support: “I think we’re on the right path, but the middle and working classes are suffering too much.” Others, like political science student Thiago, questioned whether the means justified the fiscal ends: “There’s a lack of investment in hospitals, infrastructure, in people with disabilities. There’s a certain false hope.”
Milei’s first two years in office have been nothing if not dramatic. He campaigned with a literal chainsaw, vowing to slash state spending and deregulate the economy. Since taking office in 2023, he’s cut budgets for education, pensions, health, infrastructure, and subsidies, and laid off tens of thousands of public sector workers. Supporters and allies, including former U.S. President Donald Trump, have hailed him for taming runaway inflation—which hit triple digits before Milei took office—cutting the deficit, and restoring investor confidence. In a congratulatory social media post, Trump declared, “He’s making us all look good.”
However, these victories have come at a cost. Critics, as reported by BBC, point to job losses, a decline in manufacturing, deteriorating public services, and an imminent recession. Veronica, a retired police officer, lamented, “You see a lot of poverty. It’s very hard: for retirees, for people with children with disabilities, for young people. There’s a lot of unemployment. Many factories have closed.” Juliana, who works with children with disabilities, is worried that the president’s strengthened position in Congress could put vulnerable populations at further risk: “Our salaries are low, it remains the same, while other things are increasing. We still don’t see a change.”
Despite the pain, many Argentines appear willing to endure short-term hardship for a promise of long-term stability. According to Alejandro Catterberg, a political analyst quoted by Americas Quarterly, “President Milei has shown that his administration continues to enjoy popular support and that he is gaining momentum for a new round of reforms.” Catterberg noted that Milei’s victory speech was notably moderate, calling for consensus with governors and a new era of cooperation in Congress—a marked shift from his earlier combative style. “He has a clear path to build majorities in Congress if he restores dialogue with actors who—especially after this victory—have renewed incentives to return to the negotiating table,” Catterberg observed.
The opposition, particularly the Peronist Partido Justicialista (PJ), suffered its worst showing in years. Once dominant, the PJ’s internal rifts have resurfaced, especially after their defeat in Buenos Aires province—a traditional stronghold. The party’s waning influence leaves Milei’s government less encumbered, but not entirely unopposed. The LLA reached its own one-third threshold in Congress, which strengthens its negotiating position but still leaves it short of an outright majority. Coalition-building with centrist and provincial blocs will remain essential for advancing reforms.
Internationally, the stakes are just as high. The United States, under the Trump administration, finalized a currency-stabilization deal worth at least $20 billion days before the vote, tying U.S. credibility—and a potential $40 billion lifeline for Argentina’s embattled peso—to Milei’s continued political success. According to Americas Quarterly, Washington views Argentina as a key counterweight to China’s growing influence in Latin America and a test case for market-driven recovery. Trump himself had warned, “If he wins, we’re staying with him. If he doesn’t win, we’re gone.”
Financial markets responded positively to Milei’s win, expecting the result to bolster investor confidence and keep U.S. support in place. Pilar Tavella, Head of Macro and Sovereign Strategy at Balanz, told Americas Quarterly that “Argentina can reap the benefits of its stabilization efforts and its newly strengthened political footing by taking two bold, crucial steps.” She recommended a political strategy of building agreements with friendly opposition parties and further flexibilizing the foreign exchange framework to facilitate faster reserve accumulation. Tavella added that “the preconditions for a more flexible exchange rate framework are significantly stronger than when the Milei administration started its work.”
Milei’s self-styled “anarcho-capitalist” vision and his “chainsaw plan” have turned Argentina into a global experiment in radical fiscal austerity. For now, the election results suggest that disruptive economic policies can still command democratic legitimacy—at least in the short term. But as Hendrix cautioned, “Milei’s challenge now is to translate momentum into coalition. His next 18 months will determine whether Argentina’s libertarian revolution deepens through democratic compromise or fractures under the weight of its speed.”
As the dust settles, the question hanging over Argentina is stark: Will Milei’s reforms finally break the cycle of crisis, or will the social costs and political opposition prove too great? For now, Argentines seem prepared to give their unconventional president more time, but patience—like political capital—can be a fleeting thing.
