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Juan Milei’s election yesterday against his Peronista opponent to become the next president of Argentina is an important lesson for big government politicians of all parties.
Milei won because the statist policies of Peron’s political descendants have decimated the once flourishing Argentine economy. With inflation at 140% and the poverty rate at 40%, the “objective” conditions were in place for the voters to say, “no mas.” The closest America came to a “Milei” moment was the election of Ronald Reagan in 1980, who campaigned on the slogan, “get government off the backs of the people.” He vowed to shut down the Departments of Education and Energy. Alas, it did not happen.
Murray Rothbard, Mr. Libertarian, dissected the Gipper’s presidency and concluded it was a failure. Government spending—the real measure of the burden on the public- rose substantially under Reagan as did the national debt. In short, Reagan’s rhetorical “limited government” agenda was deep sixed.
Will Milei’s presidency suffer the same fate—strong libertarian rhetoric but the statist quo continues? This is the danger of electing a libertarian head of state. The entrenched interests plus the permanent bureaucracy—the Deep State—will not give up their power without a fight.
However, we know that statism is economic and social poison, and that free markets and private property are the “natural order” to preserve liberty and create prosperity. Thus, “anarcho-capitalism” is the only moral, legitimate, and peaceful way for human beings to organize themselves.
We will be watching the unfolding economic changes and political developments in Argentina as Milei become president next month.
In the meantime, will any of the Republicans embrace Milei’s common-sense ideas or will they pay lip service to liberty, property rights, and a peaceful foreign policy and if elected continue to support economic nationalism—tariffs, trade restrictions, and sanctions—massive federal government spending, endless wars, and the Federal Reserve’s money printing and manipulation of interest rates.
This is the real issue: liberty vs statism. Pick your side. The future of America depends on it.
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This is an update of my 2021 forecast, https://fortune.com/2021/12/09/next-recession-heres-everything-bubble-markets-2021-2022-covid-murray-sabrin/
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Murray Sabrin, PhD, is emeritus professor of finance, Ramapo College of New Jersey. Dr. Sabrin is considered a “public intellectual” for writing about the economy in scholarly and popular publications. His new book, The Finance of Health Care: Wellness and Innovative Approaches to Employee Medical Insurance (Business Expert Press, Oct. 24, 2022), and his other BEP publication, Navigating the Boom/Bust Cycle: An Entrepreneur’s Survival Guide (October 2021), provides decision makers with tools needed to help manage their businesses during the business cycle. Sabrin’s autobiography, From Immigrant to Public Intellectual: An American Story, was published in November, 2022.
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