Economy

Biden compares Republican economic policies to Britain’s Truss By Stocksak


© Stocksak. FILE PHOTO: U.S. president Joe Biden gives remarks on the U.S. economic situation from an auditorium at the White House campus in Washington. October 26, 2022. REUTERS/Jonathan Ernst/File photo

WASHINGTON, (Stocksak), – U.S. President Joe Biden has compared Republican spending plans if they win control of Congress in November with the economic plan that Liz Truss, Britain’s former Prime Minister, had rolled out. He warned of similar outcomes.

“You’ve read about what happened in England recently and the last Prime minister, she wanted tax cuts for the super rich,” Biden said during a fundraising campaign for Cynthia Axne (Michigan lawmaker).

“It caused economic turmoil in the country. They did it last time, and they want to do that again. And they want to make that tax cut permanent — that $2 trillion,” Biden said.

Some Republicans from the U.S. House Ways and Means Committee have pledged that they would make permanent some of the tax cuts President Donald Trump instituted in 2017.

Truss introduced tax cuts for Britain’s richest citizens. This caused turmoil on the financial markets and rebellion within her party. Truss was forced to resign after 44 day.

Biden has been focusing on the U.S. economy more recently than Democrats, as Democrats are losing support days before the midterm elections which will shape the next two-years of his presidency.

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