He Financial Times published this week a forceful diagnosis about the government of Javier Milei: hit by scandals and with economic slowdown. It is not just any medium. The British newspaper of global reference in economics and finance dedicated an extensive article to describing how the libertarian administration is going through one of its worst moments since it took office, with polls plummeting and social unrest that already resonates beyond the borders.
The numbers cited by the FT are eloquent. The positive image of the President fell from 45% in February to 35% in May. Confidence in his management plummeted 12% in Aprilits fourth consecutive monthly drop, according to the Torcuato Di Tella University index. In parallel, the 61.2% of Argentines expect the economy to worsen next year, against the 43.4% who believed it in January. A difference of almost 18 percentage points in four months that does not bode well for the ruling party in the face of the next elections.
The economic background is the key to the diagnosis. The article notes that Argentines’ relief at controlling triple-digit inflation has turned to frustration as activity collapses in retail, manufacturing and key sectors. Unemployment rose to 7.5% in the last quarter of 2025, the worst figure for that period since 2020, while year-on-year inflation remained at 32.6% in March and real wages continue to fall.
On that table, the scandal of Manuel Adorni It works as a wear accelerator. The FT identifies this as the most damaging factor: the investigation into expenses incompatible with his public salary and his declared savings struck a chord in Argentine society. A government official summarized the internal fear with a phrase that the media reproduced: “The Adorni case is eroding the entire government and overshadowing all the good work we are doing”. Shila Vilkerby Trespuntozero, was surgical: the economy is where the government loses support, and Adorni is just a catalyst. Fabio Rodriguezof M&R Associates, warned that Milei must rebalance his policy and focus on economic activity, and do it soon, if he wants to improve things before the 2027 elections.
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