In recent hours, Javier Milei has received a flurry of reports that could very well raise his goosebumplesque spine: Argentines are beginning to show signs of discontent that did not seem to touch the polls even as the country wrestles with a deep economic and social crisis reminiscent of the worst days of the pandemic. According to the long-standing satisfaction index produced by the Universidad de San Andrés, a center rarely labeled as left-leaning by the president, 63 percent of those surveyed are unhappy with the current situation. Only 33 percent approve of Milei’s administration. In May, the share of those who felt satisfied stood at 41 percent.
Separately, the Government Confidence Index (GCI) published by the Torcuato Di Tella University (UTDT) recorded a 3.7-point drop since June. Milei’s presidency scored 2.7 points, a figure lower than what Mauricio Macri and the Peronist Alberto Fernández achieved after seven months in office. Zuban Córdoba, a consultancy that correctly forecast Milei’s 2023 victory, found a positive image rating of 43.6 percent for the former television pundit-turned-head-of-state, roughly equal to that of Buenos Aires Governor Axel Kicillof, a Peronist. According to Gustavo Córdoba, the reason Milei’s popularity has not plunged further amid financial and exchange-rate turbulence is that Argentines still lack a strong national alternative to the far-right. Except for Kicillof, who measures the same as the president, former President Macri faces a 63 percent disapproval. There remains some hope for recovery in the economy, even if doubts persist. Federico Sturzenegger, the neoliberal economist who recently joined the government as a standout figure, serves as Minister of Deregulation with a mandate to implement the law approved by Congress; he is met with a 60 percent disapproval from respondents.
Another survey by CB Public Opinion Consultancy shows Milei still holds sway among the relatively affluent suburban municipalities of Greater Buenos Aires, where more than seven million residents live. Cheers from the northern districts turn to discontent in the southern and western parts of the metropolitan area, illustrating a city-wide split in sentiment.
The Economic Factor
[–>
The rising anger is tied to a challenging economic backdrop: nearly half the population faces poverty, and six months of data show a sharp hit to job security across private and public sectors. The peso has devalued by roughly 118 percent in the period, the economy remains in recession, and the government’s description of the adjustment as a cruel cut has become a household term. These conditions feed labor-market stress and erode confidence in the near-term outlook.
The Center for Work and Development Studies at UNSAM notes that, in a weak-growth environment, wages failed to keep pace with rising prices. Argentines have effectively lost a substantial portion of their purchasing power. Inflation began the year around the mid-twenties, with a significant deceleration later, but the trend remains a central worry for supporters of the government who cling to the hope of improvement as a turning point approaches.
The financial daily Ambito Financiero reports that between Milei’s December 10 oath and early July, more than 38,000 proactive crisis-prevention procedures were filed. This mechanism is used by firms to avert layoffs, a figure about 40 percent higher than in previous years for the comparable window.
[–>
The Confederación Argentina de la Mediana Empresa (CAME) reported a 19.2 percent decline in activity for smaller businesses. A survey by the Asociación de Empresarios y Empresarias Nacionales para el Desarrollo Argentino indicates that around 50 small and medium enterprises close their doors each day, totaling about 10,000 in six months. The International Monetary Fund (IMF) projects the economy will shrink by 3.5 percent in 2024 before returning to growth in 2025.