Joe Biden says Liz Truss' economic policies were a 'mistake'

Joe Biden says Liz Truss' economic policies were a 'mistake'
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Ben Chapman

By Ben Chapman


Published: 17/10/2022

- 09:56

Updated: 14/02/2023

- 10:35

Liz Truss fired her Chancellor Kwasi Kwarteng on Friday

U.S. PresidentJoeBidenon Saturday criticised British Prime MinisterLizTruss's original economic plan as a mistake and said he was not concerned about the strength of the soaring U.S. dollar.

Trusson Friday firedher Chancellor 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.

His White House, though, had previously declined to comment on theTrussplan, which initially foresaw scrapping Britain's 45% top income tax rate.

"I wasn't the only one that thought it was a mistake,"Bidentold reporters during a stop at an ice cream shop in Oregon, referring to theTrussproposal.

"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 Britain's new finance minister Jeremy Hunt saidsome of the country's taxes would go up and tough spending decisions were needed, sayingTrusshad made mistakes as she battles to keep her job just over a month into her term.

Criticism for Liz Truss has extended to the US Presidential office.
Criticism for Liz Truss has extended to the US Presidential office.
Alistair Grant

High inflation is afflicting the United States and countries worldwide, creating a political headache forBidenahead 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.

"I'm not concerned about the strength of the dollar. I'm concerned about the rest of the world,"Bidensaid.

Joe Biden says Liz Truss has made a 'mistake' with her tranche of economic measures.
Joe Biden says Liz Truss has made a 'mistake' with her tranche of economic measures.
Toby Melville

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 showedU.S. consumer prices increased more than expected in September as rents surged and the cost of food rose.

The president made his comments at the end of a multi-day western swing that concluded in Oregon, where he sought to give a political boost to Democrat Tina Kotek, who is running for governor.

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