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Friday, February 3, 2023

Biden Criticizes Truss’s Economic Strategy, Shows Concern over the Dollar’s Strength

Truss' plan originally called for eliminating Britain's 45% top income tax rate.

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UNITED KINGDOM: British Prime Minister Liz Truss’ initial economic strategy was deemed a mistake by U.S. President Joe Biden on Saturday. He also stated that he was unconcerned about the strength of the soaring US currency.

After their economic plan caused chaos in the financial markets, including a sharp decline in the pound’s value, Truss sacked her finance minister Kwasi Kwarteng on Friday and shelved portions of it.

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The conservative “trickle-down” economic policies, which are popular in the United States and are associated with Republicans and former President Ronald Reagan, are regularly criticized by Biden, a Democrat.

Truss’ plan originally called for eliminating Britain’s 45% top income tax rate.

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During a stop at an ice cream parlor in Oregon, Biden told reporters, “I wasn’t the only one that thought it was a mistake”.

“I think that the idea of cutting taxes on the super-wealthy at a time when – anyway, I just think – I disagreed with the policy, but that’s up to Great Britain to make that judgment, not me.”

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Truss is fighting to keep her job a little over a month into her term. Earlier on Saturday, Britain’s new finance minister, Jeremy Hunt, indicated some of the country’s taxes would go up, and harsh budget decisions were needed. Hunt claimed Truss had made mistakes.

The United States and other nations are experiencing high inflation, which is giving Vice President Biden political trouble as the November midterm elections, in which the power of the U.S. House of Representatives and the Senate is at risk, approach.

President Biden said, “I’m not concerned about the strength of the dollar. I’m concerned about the rest of the world,” he continued, “Our economy is strong as hell – the internals of it. Inflation is worldwide. It’s worse off everywhere else than it is in the United States,” he said.

Also Read: British PM Truss Sacks Finance Minister Kwasi Kwarteng

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