Truss plans a ‘mistake’ amid ‘global inflation’

PORTLAND, Ore. – President Joe Biden called embattled British Prime Minister Liz Truss on Saturday. Abandoned tax cut plan a “mistake” and said he was concerned that other nations’ fiscal policies could hurt the US amid “global inflation”.

Biden said it was “predictable” that the incoming prime minister on Friday was forced to roll back plans to aggressively cut taxes without identifying cost savings after Truss’ proposal caused turmoil in global financial markets. It was an unusual criticism by a US president of the domestic policy decisions of one of his closest allies.

“I wasn’t the only one who thought it was a mistake,” Biden said. “I don’t agree with the politics, but that’s on the UK.”

Biden’s comments came after weeks of White House officials refusing to criticize Truss’ plans, despite stressing they would be monitoring the economic fallout closely. He spoke to reporters at an ice cream parlor in Oregon, where he made an unannounced stop to campaign for Democratic gubernatorial candidate Tina Kotek as Democrats across the country face a difficult political environment amid criticism of the GOP’s handling of the economy are.

Biden said he wasn’t concerned about the dollar’s strength — it set a new record against the British pound in recent weeks — which is benefiting US imports but making the country’s exports more expensive to the rest of the world.

The President said the US economy is “fucking strong”.

“I worry about the rest of the world,” he added. “The problem is the lack of economic growth and sound policies in other countries.”

Biden said, “It’s global inflation, that’s a consequence.”

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https://www.local10.com/news/politics/2022/10/15/biden-truss-plan-a-mistake-amid-worldwide-inflation/ Truss plans a ‘mistake’ amid ‘global inflation’

Sarah Y. Kim

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