US President Joe Biden on Saturday (local time) called embattled British Prime Minister Liz Truss’ abandoned tax cut plan a “mistake,” and said he is worried that other nations’ fiscal policies may hurt the US amid “worldwide inflation. ”
After Truss’ proposal sparked turbulence in the world financial markets, Biden said it was “expected” that the new prime minister was compelled to scale back intentions to aggressively cut taxes without providing cost savings.
It was a rare instance of a US president criticising one of the country’s closest friends’ internal policy choices.
“I wasn’t the only one who believed it was an error, “added Biden.
“Although I disagree with the policy, Great Britain should decide.
After weeks of refraining from criticising Truss’ plans, White House officials finally spoke out, stressing that they were keenly monitoring the economic consequences.
He was addressing the media at an ice cream parlour in Oregon where he had unexpectedly stopped to support Democratic gubernatorial candidate Tina Kotek. Democrats nationwide are dealing with a challenging political climate as a result of Republican criticism of their handling of the economy.
Biden stated that he was unconcerned about the dollar’s strength, which has recently set a new record against the British Pound and favours US imports while increasing the cost of exports to the rest of the world.
The US economy, according to the president, “is robust as hell.”
He said, “I’m worried about the rest of the globe.”
“The problem is the lack of economic growth and sound policy in other countries. “It’s worldwide inflation, that’s consequential. ”.
Biden calls the Truss plan a “mistake” amid rising inflation globally
About Author
