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 on the financial markets, including a sharp decline in the value of the pound, Truss sacked her finance minister Kwasi Kwarteng on Friday and shelved portions of it.
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.
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.
Although the Truss plan originally called for eliminating Britain’s 45% top income tax rate, His White House had previously declined to comment on the matter.
“I wasn’t the only one that thought it was a mistake,” Biden told reporters during a stop at an ice cream shop in Oregon, referring to the Truss proposal.
“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.”
Truss is fighting to keep her job little over a month into her term, and 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 Senate is at risk, approach.
In comparison to other currencies, the dollar has surged.
“I’m not concerned about the strength of the dollar. I’m concerned about the rest of the world,” Biden said.
The president said the U.S. economy was robust.
“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.
“So the problem is the lack of economic growth and sound policy in other countries, not so much ours.”
According to a Labor Department study released on Thursday, the cost of living in the United States climbed more than anticipated in September as a result of rising rents and food costs.
The president delivered his remarks at the conclusion of a multi-day western journey that ended in Oregon, where he aimed to support Democratic candidate for governor Tina Kotek politically.
