President Joe Biden compared the Republican plan for the U.S. economy to that of former British Prime Minister Liz Truss and warned that it might lead to the same ‘chaos’ in the market.
In the run-up to the midterm elections, Biden has been slamming the GOP. Voters rank the economy as their top worry, so the president has shifted his attention to it, highlighting his accomplishments and criticizing Republicans.
During a virtual fundraiser on Wednesday night, Biden stated that Republicans want to extend the expiring 2024 tax cuts enacted by Donald Trump. According to Democrats, these tax cuts will benefit the wealthy.
Biden stated that it would result in the same economic disaster as in Britain.
You may have recently read about what happened in England, and how the previous prime minister intended to lower taxes on the ultra-wealthy, causing economic instability in the country. That is what they did previously, and they want to do it again. And they want to make this $2 trillion tax cut permanent, he continued.
Economists told DailyMail.com that despite the absence of an imminent threat of a catastrophe comparable to that of the United Kingdom, the United States is teetering on the brink of a recession that could be just as politically lethal for Vice President Joe Biden, especially given the rising national debt.
Some Republicans on the House Ways and Means Committee, which regulates taxes, have committed to making permanent a portion of the 2017 tax cuts enacted by Trump.
Truss, like Biden, faced the fatal combination of growing prices and interest rates.
Her fate was sealed when traders responded to her new fiscal agenda by dumping the pound and other British assets, causing mortgage rates to soar and the Bank of England to intervene to support British bonds.
It secured her fate as the Prime Minister with the shortest tenure in British history, just 44 days.
Biden was initially critical of Truss’s proposals. Early in October, he referred to them as a’mistake.’
Biden dismissed concerns that the economic upheaval in the United Kingdom may spread to the United States last week.
He stated, “No, I do not believe they are that consequential.”