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Biden said the dumped U.K. tax cut plan was a 'mistake' amid 'worldwide inflation'

Biden said the dumped U.K. tax cut plan was a 'mistake'

October 18, 2022: -On Saturday, President Joe Biden hailed embattled British Prime Minister Liz Truss’ abandoned tax cut plan a “mistake” and added that he is worried that other nations’ financial policies may hurt the U.S. amid “worldwide inflation.”

Biden said it was “predictable” that the recent prime minister on Friday was forced to walk back his willingness to aggressively cut taxes without identifying cost savings following Truss’ proposal, causing turmoil in global financial markets. It is marking an unusual criticism by a U.S. president of the domestic policy decisions of one of its closest allies.

“I wasn’t the one that thought it was a mistake,” Biden added. “I disagree with the policy, but that’s up to Great Britain.”

After weeks of White House officers who declined to criticize Truss’ plans, Biden’s comments, though they emphasized they were monitoring the economic fallout closely. He speaks to reporters at an Oregon ice cream shop where he made a statement that Democratic gubernatorial candidate Tina Kotek’s candidacy as Democrats all over the country faces a challenging political environment between GOP criticism of their handling of the economy.

Biden said he was not worried about the power of the dollar, and it set a recent record against the British Pound in the latest weeks, which benefits U.S. imports but makes its exports more expensive to the rest of the world. The president added that the U.S. economy “is strong as hell.”

“I’m concerned regarding the rest of the world,” he further said. “The problem is the lack of financial growth and sound policy in different countries.” “It’s worldwide inflation that’s meaningful,” Biden added.

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