December 5, 2022
Biden having a chocolate chip ice cream

No Truss from Biden

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US President Joe Biden criticises British Prime Minister Liz Truss economic recovery plan

President Joe Biden has strongly criticised British Minister Liz Truss economic recovery plan, Saturday while chomping chocolate chip ice cream during a campaign stop in Portland Oregon.

Truss on Friday fired her finance minister Kwasi Kwarteng and scrapped parts of their economic package after it sparked financial market turmoil, including a steep dive in the value of the pound.

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

“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 which initially foresaw scrapping Britain’s 45% top income tax rate.

“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.”

Earlier on Saturday, Jeremy Hunt the newly appointed Chancellor of the Exchequer gave no truss either saying Truss has made mistakes which roiled the markets and it was necessary to raise some taxes and cut spending.

High inflation is afflicting the United States and countries worldwide, creating a political headache for Biden ahead of the November midterm elections in which control of the U.S. House of Representatives and Senate are at stake.

The dollar has soared against other currencies. A strong dollar makes American exports and services expensive fr the rest of the world.

“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.”

A Labor Department report on Thursday showed U.S. consumer prices increased more than expected in September as rents surged and the cost of food rose.

Source Reuters

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