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Biden Criticizes Truss’s Economic Plan, Says He’s Not Worried About Dollar Strength

Biden Criticizes Truss's Economic Plan, Says He's Not Worried About Dollar Strength
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PORTLAND, Ore., Oct 15 (Reuters) – U.S. President Joe Biden on Saturday criticized British Prime Minister Liz Truss’s original economic plan, saying he was not worried about the strength of the U.S. dollar.

truss on friday switched on his finance minister, Kwasi Kwarteng, and scrapped parts of his economic package after it caused financial market turmoil, including a sharp drop in the value of the pound.

Biden, a Democrat, frequently criticizes the “leakage” conservative economic policies associated in the United States with former President Ronald Reagan and Republicans.

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However, his White House had previously declined to comment on the Truss plan, which initially envisioned scrapping Britain’s 45% top income tax rate.

“I wasn’t the only one who thought it was a mistake,” Biden told reporters during a stop at an ice cream parlor in Oregon, referring to Truss’s proposal.

“I think the idea of ​​cutting taxes on the super-rich at a time when I just think anyway, I don’t agree with the policy, but it’s up to Britain to make that judgement, not me.”

Earlier on Saturday, Britain’s new finance minister jeremy hunt said some of the country’s taxes would rise and tough spending decisions would be needed, saying Truss had made mistakes as she struggled to keep her job just over a month into her term.

High inflation is hitting the United States and countries around the world, creating a political headache for Biden ahead of November’s midterm elections in which control of the US House and Senate is at stake. .

The dollar has soared against other currencies.

“I’m not worried about the strength of the dollar. I’m worried about the rest of the world,” Biden said.

The president said the US economy was strong.

“Our economy is strong as hell, the internal parts of it. Inflation is global. It is worse anywhere else than it is in the United States,” she said.

“So the problem is the lack of economic growth and sound policies in other countries, not so much in ours.”

A report from the Department of Labor on Thursday He showed US consumer prices increased more than expected in September due to rising rents and food costs.

The president made his comments at the end of a multi-day Western tour that ended in Oregon, where he sought to give Democrats a political boost. tina kotekwho is running for governor.

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Reporting from Jeff Mason in Portland, Oregon; Additional reporting by Mike Stone in Washington; Edited by Sandra Mahler and Tom Hogue

Our standards: The Thomson Reuters Trust Principles.

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