Austerity does not tend to foster economic growth

I mean, that’s precisely the point. Growth isn’t really the priority right now, because that also tends to increase inflation. The loose aim of Milei’s plan is to return things to an actually accurate economic baseline by cutting extremely distortionary government spending and subsidies and allowing the peso to fall to its true actual value, and only then pivoting to focus on real and sustainable growth that’s actually backed by legitimate increases in efficiency and production rather than government money printers and IMF loans that only make the problem worse.

I won’t pretend that this approach doesn’t have some harsh consequences on people that will be disproportionately born by the poor or that there aren’t any other options, but there is a legitimate economic basis for the idea. Whether it’s worth it or is fair and just is another question.