Elon Musk was gifted a DOGE vending machine by Argentina's President Javier Milei to help him reduce spending.
When Javier Milei entered the race for Argentina's presidency, 108 leading economists said his policies could be a disaster. Three years later, the maverick president continues to prove them wrong.
As the new president of Argentina in December 2023, Milei faced a stagnant economy due to corruption, inflation, excessive money printing and an angry government. At that time, inflation was running at 211%, and exports were only $5 billion per month. And GDP fell by 2.3% in the last quarter of the year, according to government data.
A letter signed by 108 economists from around the world, including Thomas Piketty and former Colombian Finance Minister Jose Antonio Ocampo, which was released before the 2023 elections, warned that Milei's economic platform “is full of risks that make them very dangerous for the Argentine economy and the Argentine people.” They also added in their letter, “However, while apparently simple solutions may be attractive, they are likely to cause significant damage in the real world in the short term, while significantly reducing policy space in the long run.”
Fast forward to 2026, and things are looking much better. Inflation fell to 34% in April, and exports rose to nearly $9 billion that month. And GDP growth rose to 4.4% last year. “The truth is Miley really knows her stuff,” Evan Ellis, a research professor of Latin American studies at the US Army War College Strategic Studies Institute told FOX Business.
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The President of Argentina, Javier Milei, speaking while talking to young people from the Industrial Entrepreneurs Forum of Paraguay (FEIP) organized by the Paraguay Industrial Union (UIP) at the headquarters of the National Secretary of Sports in As. (Daniel Duarte/AFP via Getty Images/Getty Images)
To make that economic recovery happen, Miley used the same policy guidelines that President Ronald Reagan used when he took office in 1981. First, there was what was called fiscal shock therapy. “Milei cut government subsidies, cut public services, which led to a surplus,” Pete Earle, senior director of research at the American Institute for Economic Research, told FOX Business.
“The country has cut deficit financing,” Earle said. “The government reset the exchange rate using the informal dollar, abolished organized labor unions, and started dealing with the outside world by reopening its financial markets, which will result in more competition, which would be better for everyone.”
“He was that strange combination that he knew both the doctrine of reducing government and the need to increase individual freedom. He didn't do things because he wanted votes,” Ellis said.
Then La Libertad Avanza presidential candidate Javier Milei raises a chainsaw next to Buenos Aires regional councilor Carolina Piparo of La Libertad Avanza during a Sept. 25, 2023 in San Martin, Buenos Aires, Argentina. (Photos by Tomas Cuesta / Getty Images)
“Although Milei's economic policies have some similarities to Regan's, she is very different,” Javier Negre, owner of La Derecha Diario newspaper, told FOX Business. Negre, who is close to Milei, said that “Reagan was very stable; Milei is an outsider.”
Who is Milei as a person? He speaks bluntly when he talks to people. “He's disrespectful,” Negre told FOX Business. “He'll tell you what he thinks.” He is also a hard working President. “He is a cheap president and he works 20 hours a day,” said Negre. “He's always calling.”
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The rebirth of Argentina's economy was also helped by a 20 billion rand exchange rate from the Ministry of Finance. The exchange rate helped stabilize Argentina's currency because of its reliability. And of course, that credibility attracted foreign investors and more competition. In the latter half of 2025, capital inflows reached a record high of $18.8 billion.
Under Milei, financial markets were opened to international markets, and exports increased. Notably, oil production in Argentina increased to 882,200 barrels per day this year, a 32% increase from 667,000 barrels per day when Milei took office in December 2023. Likewise, natural gas production increased to 48,748 million cubic meters in 2025, an increase of 119 cubic meters to 4 million cubic meters. 2, 2025 to 5 million Argentina Energy Information website.
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What is important about Milei's economic policies is that they work and can benefit from the same playbook and make the world richer and better. Inflation has come down, and that one change has fed into other things in a positive way,” Earle told FOX Business. “That's one of the biggest gifts in the world, and they're seeing that it's working; It's all very good.”
