In Milei’s first six months in office, public debt grew from $370 billion to $442 billion, a staggering increase of 19.4%. Borrowing $72 billion in 6 months can make any economic statistics look good, but the problem of course is in the long-term consequences. It is possible to make short-term growth, poverty, unemployment, or inflation numbers look good by printing and borrowing money, thus transferring the cost of a short-term glow up to the future, where they are paid with exorbitant interest. Those of us who thought things could not possibly get worse might need to reconsider.

Remember that in his election campaign, Milei specifically campaigned on a platform of abolishing the central bank, even saying that that was non-negotiable. Yet as soon as he went into office, all such talk was ignored, and replaced with elaborate stories about how shutting down the central bank would be very politically unpopular. In this, Milei has fully adopted the same statist rhetoric that is always used to justify inflation by governments: the short-term pain of stopping inflation would be so bad, that it's better to continue down the path of inflation and ignore the long-term consequences. The reality is that the Argentine central bank is bankrupt, and the sooner this reality is acknowledged, the quicker it can be overcome. Trying to save the central bank can only be done by piling up debt obligations that will make the future problems even worse. In this, Milei is no different from all his predecessors who sought short-term relief at the expense of the future.