World
US President Biden knocks UK PM Truss’s economic plan, says not concerned about dollar strength
PORTLAND: USA Chairperson Joe Biden on Saturday criticized the British Prime Minister Liz TrussHis original economic plan was a mistake and said he was not concerned with the strength of the soaring US dollar.
Truss on Friday fired her finance minister Kwasi Kwarteng and scrapped parts of their economic package after it caused turmoil in financial markets, including a sharp drop in the pound. .
Biden, a Democrat, is a frequent critic of “drip” conservative economic policies, with connections to former President Ronald Reagan and Republicans in the United States.
However, his White House had previously declined to comment on the Truss plan, which initially anticipated the elimination of Britain’s top 45 per cent income tax rate.
“I’m not the only one who thinks it was a mistake,” Biden told reporters while stopping at an ice cream parlor in Oregon, referring to Truss’ proposal.
“I think the idea of tax cuts for the super-rich comes at a time when – anyway, I just think – I don’t agree with the policy, but that’s being put forward by the UK, not me.”
Earlier, on Saturday, Britain’s new Finance Secretary Jeremy Hunt said some of the country’s taxes would go up and tough spending decisions were needed, and suggested that Truss made a mistake trying to try to keep the job for just over a month into the term.
High inflation is affecting the United States and countries around the world, creating a political headache for Biden ahead of the November midterm elections, in which control of the U.S. House of Representatives and Senate States are under threat.
The dollar has skyrocketed against other currencies.
“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 US economy is growing strongly.
“Our economy is as strong as hell – internally,” he said. Inflation is happening all over the world. It’s worse everywhere else than in the United States.
“So the problem is the lack of economic growth and sound policy in other countries, not ours.”
A Labor Department report on Thursday showed that US consumer prices rose more than expected in September due to rising rents and rising food prices.
The president made his comments at the end of a multi-day turn to the West that ended in Oregon, where he sought to give political impetus to Democrat Tina Kotek, who is running for governor.
Truss on Friday fired her finance minister Kwasi Kwarteng and scrapped parts of their economic package after it caused turmoil in financial markets, including a sharp drop in the pound. .
Biden, a Democrat, is a frequent critic of “drip” conservative economic policies, with connections to former President Ronald Reagan and Republicans in the United States.
However, his White House had previously declined to comment on the Truss plan, which initially anticipated the elimination of Britain’s top 45 per cent income tax rate.
“I’m not the only one who thinks it was a mistake,” Biden told reporters while stopping at an ice cream parlor in Oregon, referring to Truss’ proposal.
“I think the idea of tax cuts for the super-rich comes at a time when – anyway, I just think – I don’t agree with the policy, but that’s being put forward by the UK, not me.”
Earlier, on Saturday, Britain’s new Finance Secretary Jeremy Hunt said some of the country’s taxes would go up and tough spending decisions were needed, and suggested that Truss made a mistake trying to try to keep the job for just over a month into the term.
High inflation is affecting the United States and countries around the world, creating a political headache for Biden ahead of the November midterm elections, in which control of the U.S. House of Representatives and Senate States are under threat.
The dollar has skyrocketed against other currencies.
“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 US economy is growing strongly.
“Our economy is as strong as hell – internally,” he said. Inflation is happening all over the world. It’s worse everywhere else than in the United States.
“So the problem is the lack of economic growth and sound policy in other countries, not ours.”
A Labor Department report on Thursday showed that US consumer prices rose more than expected in September due to rising rents and rising food prices.
The president made his comments at the end of a multi-day turn to the West that ended in Oregon, where he sought to give political impetus to Democrat Tina Kotek, who is running for governor.
