Buenos Aires, Argentina — President Javier Milei’s approval rating is sliding as Argentina’s economic crisis seems to have no end in sight and inflation persists at a monthly rate of around 4% since May.
While analysts forecast annual inflation dropping from last year’s 211% — the highest in decades — a number of Milei’s economic shock measures meant to curb inflation, including slashing subsidies and price controls, have flung many Argentines into poverty.
In the first half of 2024 poverty hit a staggering 52.9%, forcing the country’s middle class to cut out expenses, including eating red meat, dropping subscription services, while also reportedly resorting to gambling to make ends meet.
According to the latest poll from research firm Sentimientos Públicos, nearly seven out of 10 Argentine respondents cut down on dining out; 60% reduced spending on entertainment like movies and theater; 58% reduced their spending on clothing and 57% of respondents spent less on tourism activities. What’s more, 34% have pulled the cord on streaming services like Netflix, according to the poll, titled “Daily Life Under Milei.” The nationwide survey of 2,500 people reported a margin of error of +- 3.5%.
Home to some of the world’s highest quality beef, the study also found that over one third of Argentines polled are spending less on meat. A cultural staple in the country, meat consumption is expected to fall to its lowest levels in the past 110 years, according to the Chamber of Commerce of Rosario, a city in Santa Fe, a major meat producing province. Experts attribute the drop in meat consumption to both tough economic conditions, as well as shifts in consumer preferences.
The poll also found that 29% of people said they were forced to reduce spending on charity to help friends and family members who need economic assistance. In this sense, “family” often refers to retirees, which have been heavily affected by Milei’s cuts. Sentimientos Públicos found that the tightening of the belt is 15% greater among people over 65 years of age.
For younger Argentines, the situation isn’t much better. One third of people aged 16 to 29 have either gambled or considered gambling to pay off debt or earn additional income, the poll stated. (The rate increases to 40% when considering only male respondents, and young males make up a considerable part of Milei’s core political base).
“This poll literally explains Milei’s sliding approval,” Hernán Vanoli, a sociologist and director of Sentimientos Públicos, told Argentina Reports. While its unique approach doesn’t measure actual public image, Vanoli claimed the current president holds the support of 35% of Argentines. “Those are the ones who believe this government is leading us to prosperity,” he explained.
“There’s another 45% who think this is headed for disaster. And 14% who believe that the situation is bad but see no difference from prior governments. Those I call ‘hardcore skeptics,’” he added. The pollster said most of Argentina’s society are skeptics, but the 14% of hardcore skeptics “don’t want Milei to fail, but neither do they support him, and won’t do anything if he slips.”
The economic turmoil could be taking a toll on people’s mental health as well. Seven in 10 respondents said they perceive “a notable worsening of emotional well-being or mental health among those around them.” This aligns with the 23% who have had to reduce spending on psychological therapy and mental health services, while another 21% have cut back on medications.
When asked if these feelings of emotional unrest could lead to wider outrage and protest, Vanoli said that it is possible, “but it might also lead to more depression and anomie.” He said it depends on future decisions. “I don’t see a scenario of fury in the near future,” Vanoli noted. “But if the government makes many mistakes, it could fuel the fire.”
Of course, the country’s crisis isn’t seen through the same lens across the political spectrum. “Those who voted for Milei in the runoff believe everything is half as bad as everyone else,” claimed Vanoli.
“If 65% have cut back on dining out, among those who voted against Milei it’s 80%, while those who voted for him can go as low as 40%. The perception of the deterioration is filtered by ideology,” he added.
