President Joe Biden on Wednesday again weighed in on former British Prime Minister Liz Truss’ now-scrapped economic plan.
The turmoil that followed the announcement of her “mini-budget,” which included $50 billion worth of unfunded tax cuts, triggered a fall in the value of the pound, increased the country’s borrowing costs and led to the downfall of Truss’ government.
Before ultimately resigning, Truss was forced to U-turn on her policy and fired her treasury chief, Kwasi Kwarteng.
Biden pointed to the botched economic plan as evidence that cutting taxes for the rich doesn’t work, during a virtual appearance at a campaign event for Democratic Rep. Cindy Axne (Iowa).
“You read about what happened in England recently, and the last prime minister, she wanted to cut taxes for the super wealthy — it caused economic chaos in the country,” Biden said, according to The Hill.
Biden warned Republicans would introduce further tax cuts if they win back the House, which in turn…
