Biden criticizes UK PM Truss’s economic strategy: On Saturday, British Prime Minister Liz Truss’ first economic strategy was slammed by US President Joe Biden as a mistake. However, he also said that he was unconcerned about the strength of the surging US dollar.
On Friday, Truss fired her finance minister, Kwasi Kwarteng, and scrapped parts of their economic plan as financial markets erupted and the pound plummeted.
Biden, a Democrat, often criticizes Republican “trickle down” economic views.
Although the Truss proposal originally called for eliminating Britain’s 45% top income tax rate, the White House has previously refused to comment.
During a trip to an Oregon ice cream parlor, Biden told reporters, “I wasn’t the only one who felt it was a mistake” about the Truss idea.
“I disagree with the policy, but it’s up to Great Britain to decide, not me,” the speaker said.
“I believe that the concept of slashing taxes on the exceedingly affluent at a time when – anyhow, I think –
Truss is fighting to save her job a little over a month into her tenure. Earlier on Saturday, Britain’s new finance minister, Jeremy Hunt, indicated some of the country’s taxes would go up, and difficult budget choices required.
Hunt said Truss had made errors.
High inflation in the US and other countries is a political issue for Vice President Biden in November’s midterm elections.
In comparison to other currencies, the dollar has surged.
“The strength of the dollar is not something that worries me. However, I have worries about the rest of the globe, “added Biden.
The U.S. economy, according to the president, is vital.
“Internally, our economy is stout as nails. There is global inflation.
Everywhere else is worse off than the United States, “added he.
Therefore, the issue is not as much with us as with other nations’ lack of economic progress and wise policies.
Rents and food prices increased in September, according to a Labor Department research issued Thursday.
After a multi-day western trip, the president spoke in Oregon to promote Democratic gubernatorial candidate Tina Kotek.