As both a political analyst and an economist who worked in Argentina during its catastrophic hyperinflation of the late 1980s, I find the parallels increasingly unsettling. The slow erosion of trust in official inflation data compounds the problem; when investors, households, and global creditors doubt government numbers, policy credibility collapses. Historical Comparison: Argentina’s WarningIn Argentina, I watched the population sleepwalk into financial ruin, lulled by artificially low inflation figures, fiscal policy that relied too much on boosting revenues rather than controlling spending, the lack of an independent central bank, huge wealth and income inequalities, and massive capital flight. Though the U.S. and Argentina economies are vastly different, some similarities we see in the U.S. today are ominous. The lesson from Argentina is clear: complacency is not a cushion, it’s a trapdoor.