The poorest neighborhoods abandoned Peronism and voted for Milei, according to an analysis by The Wall Street Journal

The newspaper The Wall Street Journal (WSJ) analyzed the Argentine legislative elections, where La Libertad Avanza achieved a resounding victory that surprised international analysts. In its article titled “The slums abandoned Peronism and gave Milei the victory,” the American outlet stated that the working class, historically Peronist, led an unprecedented political shift.

The breakdown of the popular vote and the end of the Peronist stronghold

WSJ emphasized that Peronism's defeat in the poorest suburbs of Greater Buenos Aires —considered the electoral heart of the Justicialist Party since the mid-20th century— represents “a radical shift” in Argentine political history.

“The people whom Eva Perón considered the heart of the nation stayed home,” the outlet stated. “It was a harsh rebuke to the movement that ruled Argentina for 80 years. At the same time, the middle class mobilized to rescue Milei's free-market revolution.”

According to the newspaper, the most humble sectors grew tired of the populist discourse and constant economic deterioration, which led many to abstain or even support Milei as a protest against the old system that had impoverished them.

The text notes that mayors and local political operators in the suburbs “did little or nothing to mobilize their bases,” since they had secured their positions in the local elections in September, which revealed the internal exhaustion of the Peronist political apparatus.

WSJ interpreted the electoral shift as a sign of cultural change among workers and popular sectors, who now see in Milei “a promise of effort, merit, and personal progress,” as opposed to a model they consider exhausted.

“Milei gave voters a clear choice: continue with his shock therapy to cure Argentina's ills or return to the economic ruin of the Peronist past,” WSJ published. According to the outlet, the idea of regaining individual control and betting on formal employment ended up being more convincing than welfare promises.

Economic impact and market reaction

After the victory of La Libertad Avanza, the markets reacted enthusiastically. “On Monday, investors rushed to buy Argentine assets: stocks and bonds soared, and the peso strengthened against the dollar,” WSJ reported.

It was highlighted that the recovery of confidence responds to the libertarian government's commitment to stability and the fight against inflation, a key issue for voters.

The article concluded that the loss of popular support in poor neighborhoods and among the working class represents a historic turning point for Peronism and significant backing for the libertarian government's economic project.