Argentina’s Election Showdown: A Struggle Between Capitalist Austerity and Far-Right Populism
On Sunday, October 22, 2023, Argentinians headed to the polls amid an increasingly desperate economic situation. With nearly 40% of the population living in poverty, triple-digit inflation, and overwhelming state debt, the election occurred in a climate of intense discontent. These conditions reflect Argentina’s position in the broader global crisis of capitalism, where a backward, export-dependent economy remains unable to address the deep structural issues plaguing the country.
In a surprising turn of events, Sergio Massa, Argentina’s current Minister of Economy, emerged as the frontrunner, securing a lead in the vote count. He will now face a far-right libertarian candidate, Javier Milei, in a run-off on November 19. Despite Massa’s weakened political standing due to his management of the ongoing economic crisis, his lead demonstrates the deep frustration of the working class and popular sectors with the traditional capitalist parties that have governed the country since its transition to democracy 40 years ago.
The Candidates: Massa and Milei
Sergio Massa, representing the Peronist coalition “Unión por la Patria” (Union for the Homeland), captured 37% of the vote, though this represents a significant decline from the 2019 elections, when the same coalition won in the first round with 48%. On the other side, Javier Milei, the far-right libertarian candidate from “La Libertad Avanza” (Liberty Advances), managed to secure 30% of the vote, positioning himself as the primary challenger to the current political establishment. Milei has gained popularity by channeling public anger toward the entrenched political class, even co-opting revolutionary slogans like “¡Que se vayan todos!” (Kick them all out!), a phrase from Argentina’s 2001 uprising.
Milei’s platform is a blend of extreme free-market economics and social conservatism, pushing for policies such as dollarization of the Argentine economy and the dismantling of the state apparatus. Yet, his support does not stem from widespread approval of his economic program but rather from his aggressive attacks on the “political caste.” His promises of drastic cuts and privatizations are reminiscent of the policies implemented during Argentina’s military dictatorship and under President Carlos Menem in the 1990s, policies that had disastrous consequences for the working class.
The Disillusionment of Argentina’s Working Class
The real story of this election lies not just in the candidates but in the disillusionment of the Argentine working class with the traditional political structures. The historically low voter turnout—77.6%—in a country where voting is mandatory, underscores the lack of faith in any of the candidates to address the deep economic crisis facing the nation. Many voters, particularly those from the working class, either stayed home or cast blank votes, expressing their rejection of the capitalist parties that have overseen the country’s decline.
While Massa has gained support as the “lesser evil,” especially from workers fearful of Milei’s far-right agenda, it is clear that his administration offers no genuine alternative to the austerity looming on the horizon.
Argentina’s crushing $403 billion debt—equivalent to 88% of its GDP—leaves little room for the kinds of social reforms historically associated with Peronism. Instead, Massa, who has built alliances with international financial institutions and Argentina’s bourgeoisie, is seen as the candidate most likely to implement the austerity needed to satisfy Argentina’s creditors.
The Role of Imperialism and the National Bourgeoisie
Massa’s candidacy has received tacit support from international banks, financial institutions, and foreign powers, including the United States. Washington’s ambassador in Buenos Aires, Marc Stanley, has been vocal in his support for a “government of national unity,” which would unite Argentina’s exploiters against the working class. Massa, with his reputation as a pragmatic “man of the markets,” is viewed as the best option to push through the austerity measures demanded by the International Monetary Fund (IMF) and foreign capital.
In contrast, Milei’s unpredictability, coupled with his extremist economic proposals—such as breaking off trade relations with China and Brazil, Argentina’s largest export markets—has made the national bourgeoisie and international imperialist powers wary of his candidacy. While Milei’s rhetoric of slashing the state appeals to certain sections of the petty bourgeoisie, the ruling class understands that a Milei presidency could provoke open class warfare, given the strength of Argentina’s trade unions and organized labor.
The Left’s Response and the Path Forward
The electoral left, represented by the Frente de Izquierda y de los Trabajadores – Unidad (Workers’ Left Front – Unity, FIT-U), garnered only 2.7% of the vote, highlighting its inability to present itself as a viable alternative for the millions of workers who chose not to vote for any of the capitalist candidates. While the FIT-U added a fifth deputy to its parliamentary bloc, its failure to break from a strategy of adaptation to the bourgeois state has left it disconnected from the broader working-class movement.
For revolutionaries in Argentina, the upcoming run-off between Massa and Milei presents no real alternative. Both candidates represent different faces of the same capitalist system—one promising austerity through negotiation with the IMF, and the other through extreme right-wing reforms that would deepen the misery of the working class. Instead, the task at hand is to build a mass revolutionary party capable of leading the working class in its struggles against both capitalist candidates and the system they represent.
Austerity and Struggle on the Horizon
As Argentina heads towards the run-off election in November, it is clear that no matter who wins, the working class will face a period of deep austerity. The economic crisis is too profound to be solved by either candidate within the framework of capitalism. Massa may be seen as a safer option by international capital and the national bourgeoisie, but his policies will inevitably lead to attacks on workers’ living standards.
The Argentine working class, despite the weaknesses of its current leadership, has a proud history of resistance. As the crisis deepens, it is likely that workers will be forced into action, defending their historical gains against the austerity programs of either Massa or Milei. The real challenge will be to build the revolutionary leadership necessary to turn these defensive struggles into an offensive movement against capitalism and imperialism.