Biden Destroys Truss’ Economic Plan

US President Joe Biden has criticized British Prime Minister Liz Truss’ initial economic plans as a mistake and said he is not worried about the strength of the soaring US dollar.

The Truss sacked Finance Minister Kwasi Kwarten on Friday after causing financial market turmoil, including a plunge in the pound, and scrapped some of its stimulus packages.

Biden, a Democrat, has frequently criticized conservative “trickle-down” economic policies associated with former President Ronald Reagan and Republicans in the United States.

However, his White House had previously declined to comment on the truss plan, which foresaw the abolition of Britain’s 45% top income tax rate.

“I wasn’t the only one who thought it was a mistake,” Biden told reporters when he stopped by an ice cream shop in Oregon on Saturday, referring to Truss’ proposal.

“The idea of ​​cutting taxes for the super-rich, I don’t think I would have agreed with that policy anyway, but it’s the UK that makes that decision, not me.”

Britain’s new finance minister, Jeremy Hunt, said early Saturday that some of the country’s taxes would be raised, requiring tough spending decisions, with Truss just over a month out of office. He said he made a mistake because he fought to keep his job in .

High inflation is plaguing the United States and countries around the world, posing a political headache for Biden ahead of November’s midterm elections, when control of the U.S. House and Senate is at stake.

The US dollar surged against other currencies.

“I’m not worried about the strength of the dollar. I’m worried about the rest of the world,” Biden said.

The President said the US economy was strong.

“Our economy is strong as hell. Inside it. Inflation is global. Worse elsewhere than in the United States,” he said.

“So the problem is the lack of economic growth and sound policies in other countries.”

Biden Destroys Truss’ Economic Plan

Source link Biden Destroys Truss’ Economic Plan

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