A gear plan for a mistake amid global inflation

PORTLAND, Oregon (AFP) – President Joe Biden on Saturday called embattled British Prime Minister Liz Truss. The tax cut plan has been abandoned “Wrong,” and said he was concerned that other countries’ fiscal policies could hurt the United States amid “global inflation.”

Biden said it was “expected” that the new prime minister on Friday would be forced to backtrack on plans to cut taxes sharply without identifying cost savings, after Truss’ proposal caused turmoil in global financial markets. It was an extraordinary criticism by an American president of the domestic policy decisions of one of its closest allies.

“I wasn’t the only one who thought it was wrong,” Biden said. “I don’t agree with the policy, but it’s up to Great Britain.”

Biden’s comments came weeks after White House officials refused to criticize Truss’s plans, though they emphasized that they were watching the economic fallout closely. He was speaking to reporters at an Oregon ice cream shop where he made an abrupt stop to promote the Democratic nomination for governor Tina Kotik, as Democrats across the country face a tough political environment amid criticism from the Republican Party for their handling of the economy.

Biden said he is not concerned about the dollar’s strength – it has set a new record against the British pound in recent weeks – which benefits US imports but makes the country’s exports more expensive for the rest of the world.

The president said the US economy is “strong as hell”.

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

See also  Russia-occupied Kherson cut off due to Ukraine counter-attacks - Britain

“It’s global inflation, it’s dependency,” Biden said.

Leave a Reply

Your email address will not be published.