At the Council of the Americas in Buenos Aires, President Javier Milei celebrated wholesale inflation at 0.8%, backed his deregulation czar Federico Sturzenegger, and lashed out at economists, journalists, and textile industry leaders. He insists the economy is 'disinflating' and that wages haven't fallen, even as his own officials privately admit growing public discontent.

After nine days of silence, Milei steps out to double down on his cultural and economic war

On Thursday, August 20, Argentine President Javier Milei reappeared in front of the Council of the Americas, a prestigious Washington D.C.-based business forum, at the luxurious Alvear Palace Hotel in Buenos Aires. In a nearly one-hour speech, the libertarian leader defended his economic shock therapy, praised his so-called 'minister of the future' Federico Sturzo, and repeated a classic promise: he will throw a rock concert with his band to celebrate when inflation finally hits zero.

The speech, reportedly written by Milei's own hand, blended official statistics with sharp attacks on 'subsidy-seeking' businessmen, critical journalists, and economists.

Key numbers from the speech

  • Wholesale inflation (July): 0.8%—the lowest monthly print since May 2025.
  • Country risk: Milei claimed it stands at 80 basis points. Actually, that a higher-risk indicator hovered near 500–517 points on that very day.
  • Unemployment: He put it at 7.8%, denying what he calls 'lying narratives' about wage erosion.
  • Deregulation: He boasted that Sturzo's ministry eliminated '17,000 regulations.'

Sturzo, economists, and 'green handkerchiefs'

President Milei said he feels no pity for those who criticize his version of zanine: 'Maybe because Argentina was a decadent country for 100 years, economists’ tools are rusty,' he joked. He also lashed out at journalists and sectors that report a drop in consumer spending, suggesting they are 'afraid to compete.'

When someone criticized Federico Sturzo, Milei called critics 'shitty human beings' and 'prebendaries' (a term for state-subsidized cronies). He then added: 'The sons of bitches who live off state privilege must go bankrupt.' Those words made some in the audience visibly uncomfortable.

Even insiders admit trouble

On the same Monday, Santiago Bausili, president of Argentina’s central bank (BCRA), had admitted the economy was growing more slowly than expected. Economy Minister Luis Caputo echoed that: 'We’re not fine, but we’re on the right track.' Patricia Bullrich, president’s main ally in the Senate, sent a tweet pushing for 'faster results so change is felt in everyday life'—but soon softened her tone.

Behind the scenes, official data show families under strain: arrears on loans skyrocketed from 2.5% (October 2024) to 12.7% (May 2026), and 5.8 million people are behind on payments. On that same day, trade unions (CGT) and social organizations marched to the Economy Ministry to protest household debt.

Political ties: with PRO still 'green'

Milei also admitted that a coalition with the PRO party (led by former president Mauricio Macri) is still 'green,' though recent dinners have melted the ice between them. The president's sister, Karina Milei, and legislative allies prefer to wait until February to close any deal, while Bullrich and Santiago Caputo push for early alliances.

Meanwhile, the administration is moving to eliminate primary elections (PASO) with support from the centrist UCR and PRO.

In short, the message from the Alvear Palace is clear: Milei will not soften his program. He bets on reaching 2027 with visible growth. But as he said himself in an earlier speech: 'If freedom doesn't show its fruits, citizens forget its value.'

Source: original reporting from Imago based on official statements, and economic data from private institutions as published by Infobae and La Nación.