Buenos Aires, Argentina – President Javier Miley’s approval rating is falling as Argentina’s economic crisis appears to have no end in sight and inflation continues at a monthly rate of around 4% since May.
As analysts forecast annual inflation to fall from last year’s 211% – the highest in decades – Miley’s series of shock economic measures aimed at curbing inflation, including subsidy cuts and price controls, have led many Argentines in poverty.
In the first half of 2024, poverty reached 52.9%, forcing the country’s middle class to cut back on spending, including eating red meat, ditching subscription services, while reportedly turning to gambling to make ends meet.
According to the latest survey by research firm Sentimientos Públicos, nearly seven out of 10 Argentine respondents cut back on eating out; 60% reduced spending on entertainment such as movies and theater; 58% have reduced their spending on clothing and 57% of respondents have spent less on tourist activities. What’s more, 34% have pulled the plug on streaming services like Netflix, according to the survey, titled “Everyday Life Under the Mile.” The nationwide poll of 2,500 people reported a margin of error of +- 3.5%.
Home to some of the highest quality beef in the world, the study also found that over a third of Argentinians surveyed are spending less on meat. A cultural staple in the country, meat consumption is expected to fall to its lowest levels in 110 years, according to the Chamber of Commerce of Rosario, a city in Santa Fe, a major meat-producing province. Experts attribute the decline in meat consumption to both difficult economic conditions and changes in consumer preferences.
The survey also found that 29% of people said they were forced to cut back on charitable spending to help friends and family members who need financial help. In this sense, “family” often refers to pensioners, who have been greatly affected by Mile’s cuts. Sentimientos Públicos found that belt-tightening is 15% greater among people over 65.
For younger Argentinians, the situation is not much better. A third of people aged 16 to 29 have either gambled or considered gambling to pay off debt or earn extra income, the survey found. (The rate rises to 40% when only male respondents are considered, and young men make up a significant portion of Mile’s core political base).
“This poll literally explains Mile’s sliding approval,” said Hernán Vanoli, a sociologist and director of Sentimientos Públicos. Argentina reports. While his unique approach does not measure the current public image, Vanoli claimed that the current president has the support of 35% of Argentines. “They are the ones who believe that this government is leading us to prosperity,” he explained.
“There is another 45% who think this is headed for disaster. And 14% who believe that the situation is bad, but do not see any change from previous governments. Those I call ‘strong skeptics'”, he added. The poll said most of Argentina’s society is skeptical, but 14% of strong skeptics “don’t want Milei to fail, but neither do they support him and won’t do anything if he slips.”
Economic turmoil can damage people’s mental health as well. Seven in 10 respondents said they perceive “a noticeable deterioration in the emotional well-being or mental health of those around them”. This is in line with 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 turmoil could lead to wider anger and protest, Vanoli said it’s possible, “but it can also lead to more depression and anomie.” He said it depends on future decisions. “I don’t see a rage scenario in the near future,” Vanoli noted. “But if the government makes too many mistakes, it can fuel the fire.”
Of course, the country’s crisis is not seen through the same lens across the political spectrum. “Those who voted for Miley in the runoff believe that everything is half as bad as everyone else,” Vanoli asserted.
“If 65% have cut down on eating out, among those who voted against Milei it is 80%, while those who voted for it can go up to 40%.” The perception of deterioration is filtered by ideology,” he added.
