In a staggering turnaround, Argentina’s libertarian president, Javier Milei, has reversed the country’s free-fall into the economic abyss and led a recovery that is simply astonishing.

In November 2023, Argentina’s inflation rate had soared to 211.4% and the country had a poverty rate of 41.7%; 19.5 million people lived below the poverty line. Ironically, just before the November election, The Guardian wrote about a letter signed by more than 100 economists warning that electing Milei would bring “devastation” to Argentina.

“Through an aggressive program of public spending cuts, eliminating bureaucracy, and reducing public sector jobs, he erased Argentina’s massive fiscal deficit, paving the way for a historic economic recovery,” Emmanuel Rincon noted in The Daily Economy.

By May 2025, the inflation rate had plummeted to 43.5%, and the consumer price index rose 1.5%, marking the lowest levels in five years. Wholesale prices dropped by 0.3% in May, the best number in 17 years.

“These achievements were no fluke,” Rincon wrote. “They stemmed from a clear strategy: fiscal balance, reduced public spending, ending monetary expansion as a financing tool, and economic deregulation.”

Alberto Cavallo, professor at Harvard Business School, pointed out:

The PriceStats PPP index, which compares thousands of identical products (electronics, food, and fuels), shows a sharp decline: the basket is now 1% cheaper than in the USA. … The relative costs with Brazil dropped by more than 20 points since January, due to the combined effect of the peso’s depreciation and the real’s appreciation against the dollar. Today, the basket of identical products is 3% cheaper in Argentina, below the average since 2016.

1/¿Qué está pasando con los precios relativos de bienes en Argentina desde la liberación parcial del cepo? El índice PPP de PriceStats, que compara miles de productos idénticos (electrónica, comida y naftas), muestra una fuerte caída: la canasta es hoy 1% más barata que en USA. pic.twitter.com/uF3ljmuAz3

— Alberto Cavallo (@albertocavallo) July 6, 2025

3/🇧🇷 Los costos relativos con Brasil bajaron más de 20 puntos desde enero, por el efecto combinado de la depreciación del peso y la apreciación del real frente al dólar. Hoy, la canasta de productos idénticos es 3% más barata en Argentina, por debajo del promedio desde 2016. pic.twitter.com/5TQ6qG6JzP

— Alberto Cavallo (@albertocavallo) July 6, 2025

Milei, like President Donald Trump, wants to open up his nation’s economy by utilizing its oil resources through drilling in the Vaca Muerta, a geologic formation located in the Neuquen Basin in northern Patagonia, where major deposits of shale oil and gas are found. “The libertarian leader wants to transform Argentina into a major oil producer and reshape an economy built on farming. It’s an existential project for all involved: Should Milei succeed in generating new oil wealth, he might manage to heave Argentina from its economic quagmire and persuade voters to keep backing his vision,” Bloomberg reported.

At least 82 people have been found dead from the catastrophic flooding that hit Central Texas over the July Fourth holiday, and the search continues for missing victims.

Among the missing are 10 girls who were attending Camp Mystic, a Christian girls’ camp in Kerrville, the small town that took the brunt of the record-breaking flash flooding, FOX 26 Houston reported. Rescuers intensified their search efforts on Monday as the region faced more rain and possible flooding into the early morning hours.

Most of the deaths reported have come from Kerr County, where at least 68 people have died after the Guadalupe River rose more than 30 feet in an hour in some areas. Of the 68 deaths there, 28 were children, including two sisters whose bodies were found 15 miles from where the flood waters washed them away from a cabin near the river, according to the Houston Chronicle. Blair and Brooke Harber, ages 11 and 13, were found clinging to each other while holding rosaries, their aunt said. The aunt, Jennifer Harber, said that Brooke sent a final text to her family at 3:30 a.m., saying, “I love you.”

“Blair and Brooke Harber clung to each other as they were swept away by ravaging floods in Kerr County early Friday with rescuers discovering the bodies of the 11- and 13-year-old sisters from Dallas with rosaries and hands locked together” https://t.co/afEj0trvvc

— Mary Margaret Olohan (@MaryMargOlohan) July 7, 2025

The girls’ parents, RJ and Annie, were staying in a different cabin slightly farther from the river, the WSJ reported. When RJ woke up to pounding rain and flood waters pouring into the cabin, he borrowed a kayak, a life vest, and a flashlight to help alert other sleeping families to the flooding and attempt to reach his daughters. But the water was moving too rapidly, and debris, including floating vehicles and other cabins, was piling up.

“There were cars floating at me and trees floating at me. I knew if I took even one stroke further, it was gonna be a death sentence,” RJ said.

Authorities also confirmed on Sunday that the dead body of a Camp Mystic counselor who had just graduated from high school was found. Chloe Childress “lost her life upholding this selfless and fierce commitment to others,” according to the Kinkaid School, where Childress had attended.

Chloe Childress, a counselor at Camp Mystic, was killed during the devastating flooding in Hunt, Texas, over the holiday weekend, according to a representative of her high school.

Read more: https://t.co/tW5rujrFKn pic.twitter.com/WKNUjMkxs6

— ABC News (@ABC) July 7, 2025

The flooding has also devastated other counties in Central Texas. In Travis County, five deaths have been reported, three people have died in Burnet County, two more deaths were confirmed in Williamson County, and Kendall and Tom Green Counties each reported one death due to the flooding.

Authorities have rescued more than 850 people trapped by floodwaters. One U.S. Coast Guard rescue swimmer, Petty Officer Scott Ruskin, was credited with saving the lives of 165 flood victims.

“This was the first rescue mission of his career and he was the only triage coordinator at the scene,” said Homeland Security Secretary Kristi Noem. “Scott Ruskin is an American hero. His selfless courage embodies the spirit and mission of the @USCG.”

President Donald Trump signed a disaster declaration for Kerr County on Sunday, directing federal resources to support the area’s recovery. Trump also said that he expects to visit the devastated region on Friday.

“We wanted to leave a little time. I would’ve done it today, but we’d just be in their way,” the president said.