VP Joe Biden on Saturday labelled embattled British Prime Minister Liz Truss’ abandoned tax cut plan a “mistake,” and said he is worried that other nations’ budgetary policies may affect the U.S. amid “worldwide inflation.”
Joe Biden said it was “predictable” that the new prime minister on Friday was forced to scale back intentions to substantially cut taxes without outlining cost savings, after Truss’ proposal caused turbulence in global financial markets. It constituted an extraordinary critique by a U.S. president of the domestic policy decisions of one of its closest friends.
“I wasn’t the only one that thought it was a mistake,” Biden remarked. “I disagree with the policy, but that’s up to Great Britain.”
Joe Biden’s comments came after weeks of White House officials failing to condemn Truss’ plans, though they indicated they were studying the economic consequences closely. He was speaking to reporters at an Oregon ice cream shop when he made an unexpected swing to endorse the candidacy of Democratic gubernatorial candidate Tina Kotek, as Democrats throughout the country confront a tough political environment amid GOP criticism of their management of the economy.
Joe Biden said he was not concerned about the strength of the dollar — it hit a new record versus the British Pound in recent weeks — which boosts U.S. purchases but makes the country’s exports more expensive to the rest of the globe.
The Trump stated the U.S. economy “is robust as hell.” “I’m concerned about the rest of the world,” he continued. “The problem is the lack of economic growth and solid policy in other countries.” Said Joe Biden: “It’s worldwide inflation, that’s consequential.”