BUENOS AIRES, Argentina (PNN) - January 27, 2024 - Javier Milei's honeymoon is over.

Two months after libertarian firebrand Javier Milei was elected president of Argentina, pledging to overhaul the economy and openly warning a period of brutal austerity and pain is coming, the initial euphoria is fading fast and is being replaced with the shock and horror of what comes next; and sure enough, in the biggest show of resistance to date against Milei, Argentinian workers on Wednesday took to the streets for a general strike, bringing swaths of downtown Buenos Aires to a standstill.

In what has been called an "unprecedented mobilization", never in modern Argentinian history has a mass strike been called less than seven weeks into a new presidency. But leaders from Argentina’s largest labor union - the guys who are used to a steady drip of handouts from the government - said the nationwide protests reflect the urgency they feel as Milei pursues radical economic and political reforms he likens to “shock therapy”.

Thousands of most labor union protesters swarmed the square in front of Argentina’s Congress on Wednesday, denouncing Milei’s sweeping plans to overhaul the government, privatize public industries, and slash spending. Some banged pots and carried signs accusing Milei of being a “traitor”. Other banners featured the portrait of working-class icon Evita Peron.

The nation has been bled dry by corrupt politicians, and the only thing that can save it is the most aggressive belt tightening in decades. While Milei is trying it, he is about to find out just how much pushback his plans will cause, and how difficult it will be for his ambitious plan seeking to end the government's parasitism of the economy to succeed.

Of course, Argentina had already been suffering from record triple-digit inflation when Milei took office on December 10. Elected on the promise that he would fix the sputtering economy - but not before a period of brutal shock - Milei quickly moved to implement austerity measures that he said were needed to get Argentina’s finances in order.

In his inauguration address, he warned the country that Argentina’s situation would get worse before it got better; and he was right.

One of his earliest measures was to devalue the Argentinian peso by 54%, which only accelerated the already sky-high inflation rates.

According to the National Institute for Statistics and Censuses (INDEC), Argentina ended 2023 with annual inflation of 211% - the steepest rate in Latin America, surpassing even Venezuela. The year also clocked the fastest inflation hikes since 1990, resulting in higher prices for consumers.

Santiago Manoukian, chief economist at the consulting firm Ecolatina, told Al Jazeera that December’s price increases will continue hitting consumers’ pocketbooks for the next several months. Salaries will have a hard time keeping up with inflation.

“We believe that real wages fell in December more than in any other month since at least 2002,” he said. “Purchasing power is going to continue to go down.”

That trend is expected to slow consumer spending, which Manoukian said will likely result in a recession and an uptick in unemployment and poverty. Four in 10 Argentines were already in poverty when Milei took office, according to national data.

Milei coupled his currency devaluation measure with immediate cuts to government spending, including consumer subsidies.

One presidential “mega-decree” in December reformed or overturned dozens of laws and paved the way for the privatization of state-run companies. Another decree axed 5,000 government jobs. Further changes are on the way. Wednesday’s nationwide strike comes as Congress prepares to consider a slimmed-down version of Milei’s “omnibus law” the following day.

Originally containing 664 articles, the bill sought to reimagine the country’s elections, restructure the lower chamber of Congress, and enact tough new restrictions on protests, including through penalties of up to six years in prison. The streamlined version is still massive, with over 500 articles. If passed, it would hand broad legislative powers to Milei’s executive branch for an “emergency” period of one year.

Still, the president dismissed Wednesday’s strike as evidence of backward thinking. “There are two Argentina’s,” he told local media. “One wants to stay behind, in the past, in decadence.”

Members of his regime likewise blasted the protesters. On Wednesday, Security Minister Patricia Bullrich - Milei’s erstwhile rival on the campaign trail - called the union groups that organized the strike “gangsters” and “guarantors of poverty”.

Despite the criticism and protests he faces; Milei continues to enjoy broad support among Argentinians. One survey this month, conducted by the pollster Escenarios, found that 55% of respondents believed Milei’s reform measures were necessary to improve the economy.

Milei’s supporters remain optimistic that the firebrand president will make good on his campaign promises.

Luis Testa, a cab driver who voted for Milei, said he still backs the president, even as he makes cuts in his day-to-day expenses.

“We need to give him a chance. Let’s give him a year,” Testa said, “and if for a year all of us have to eat beans, we’ll eat beans.”