President Biden Terms Truss’s Economic Policies ‘a Mistake’ and US Economy ‘Strong as Hell’

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Economic UK Liz Truss

“I’m concerned about the rest of the world.” “The problem is that other countries don’t have enough economic growth or sound policies.” Biden said,  “It’s worldwide inflation that’s consequential.”

Economic UK Liz Truss
U.S. President Joe Biden (L) poses for photos after he delivered remarks on lowering costs for American families at Irvine Valley College in Orange County on October 14, 2022 in Irvine, California. [Mario Tama/Getty Images]

Biden: Truss Economic plan a ‘mistake’ amid ‘Worldwide inflation.’

Joe Biden, the president of the United States, said that Liz Truss’s original economic proposals were “a mistake.”

In an unprecedented move, he said that the economic turmoil that followed the government’s mini-budget was “predictable.”

Reporters asked Mr. Biden at an ice cream shop in Oregon about the prime minister’s plan to increase growth through unfunded tax cuts, which the reporter called the “trickle-down plan that she has had to back away from.”

“Well, it’s predictable,” the president responded. I wasn’t the only one who thought it was a mistake.”

“I think that the idea of cutting taxes on the very rich at a time when – well, I just think – I didn’t agree with the policy, but that’s up to Great Britain, not me,” he said.

Mr. Biden has been a critic of the economic theory at the heart of the prime minister’s policy for a long time. This theory says that cutting taxes on businesses and the wealthy creates growth and allows wealth to “trickle down” to all parts of society.

But it is unusual for the president of the United States to be so critical of the leader of one of America’s closest allies.

Economic UK Liz Truss
UK Prime Minister Liz Truss in10 Downing Street on October 14, 2022 in London, England. [Daniel Leal – WPA Pool/Getty Images]

Economic turmoil joke

Mr. Biden has been criticized for not doing enough to support UK-US relations and instead focusing on Dublin, Paris, and Berlin when it comes to transatlantic relations.

But he is not the only person in the world confused by how Britain is run and the decisions its politicians make.

Kyriakos Mitsotakis, the prime minister of Greece, has also made jokes about the UK’s economic problems.

Foreign ministers and diplomats say Britain’s political turmoil has diplomatic and economic consequences.

Some world leaders are even willing to joke in public about Britain. For example, Greek Prime Minister Kyriakos Mitsotakis talked to the Sunday Times about the IMF’s worries about the state of the British economy.

“We’re here to help if you need IMF experience!”  He joked, referring to Greece’s financial instability and international support.

Diplomats from countries with bad economies joke that their currency is stronger than the pound.

Also, foreign diplomats like Miguel Berger, the German ambassador in London, who said he was worried about the government’s plans for the economy, feel free to break one of the first rules of diplomacy.

Economic UK Liz Truss
A view from the exchange office as Dollar continues to appreciate against other currencies after the US Federal Reserve (Fed) signals that it will continue its “hawk” monetary policy to combat inflation on September 27, 2022. [Rasid Necati Aslim/Anadolu Agency/Getty Images]

Trickle-down economics

Liz Truss says that she will finish her “mission” to get the economy of Britain to grow.

“We are a laughingstock,” said one British diplomat. People approach me and ask, ‘What’s happening in your country?’ It’s all kind of interesting in a sad way. But when I want to talk about something important, they say, “Let’s wait until things have settled down and there’s a plan.”

Foreign diplomats and ministers have said they want to see “the Britain of old,” which was calm and steady on the world stage.

Diplomats thought Britain was one of those countries that followed due process and the rule of law and tended to be on the right side of any argument.

A European foreign minister told me this past weekend, “Wake up, Britain! The world is burning up. We need you.”

David Lammy, the shadow foreign secretary, says that the recent problems have made Britain’s economy a joke around the turmoil.

“President Biden knows that trickle-down economics is dangerous folly,” the MP went on. “His words prove that the Conservatives have hurt our reputation.”

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