Joe Biden Helped Cause This Global Downturn. He’s in No Position To Lecture Truss

COMMENTARY Europe

Joe Biden Helped Cause This Global Downturn. He’s in No Position To Lecture Truss

Oct 19, 2022 2 min read
COMMENTARY BY
Nile Gardiner, Ph.D.

Director, Margaret Thatcher Center for Freedom and Bernard and Barbara Lomas Fellow

Nile Gardiner is director of The Heritage Foundation’s Margaret Thatcher Center for Freedom and Bernard and Barbara Lomas Fellow.
U.S. President Joe Biden meets with British Prime Minister Liz Truss at United Nations General Assembly Hall on September 21, 2022 in New York City. Toby Melville / WPA Pool / Getty Images

Key Takeaways

Biden is destroying the U.S. economy with his big-spending, reckless policies, and yet still has the cheek to condemn the British government

The worldwide economic downturn is being led by the most Left-wing presidency in American history, with an insatiable appetite for spending taxpayer money.

In the face of such opposition, Liz Truss should stand her ground and explain the need for more growth, not only in Britain but across the West.

President Biden boasts that America’s economy is “strong as hell”. With U.S. inflation at its highest level in 40 years, Wall Street crashing, and the United States on course for a deep recession, hell is the right description for where the world’s superpower is heading under the Biden presidency. 

No wonder a new poll published by Fox News shows that just one third of Americans believe Biden should be re-elected for a second term. He is destroying the U.S. economy with his big-spending, reckless policies, and yet still has the cheek to condemn the British government over its original plans to cut taxes. He is the last person on Earth who should be offering economic advice to another country. 

While chomping on an ice cream in Oregon over the weekend, the U.S. President took a sneering swipe at the notion of cutting the higher rate tax from 45 per cent to 40 per cent, calling it “a mistake” and equating it to simply “cutting taxes on the super wealthy”. Few people would expect him—a barely coherent man at the best of times—to understand the need to kickstart business and entrepreneurialism, but Biden seemed to delight in kicking the leader of America’s closest friend and ally at a time when the PM is on the ropes and fighting for her survival at home. 

He knew full well the effects such comments would have on the domestic affairs of a close ally. It was unstatesmanlike and petulant. But most of all, against the backdrop of mounting economic turmoil at home, it was also shameless and hypocritical. Of course, the U.S. has a top rate federal tax of just 37 per cent. 

>>> Liz Truss Advances Tax Cuts, Deregulation to Revive U.K.’s Economy

Biden’s big-government approach, pushing America’s national debt ever higher (now at a staggering $31 trillion), has forced the Federal Reserve to rapidly raise interest rates in an effort to cool down the U.S. economy, with far-reaching global implications, including for the U.K. The excessively strong dollar is forcing down currencies everywhere, exporting U.S. inflation and distorting balances of trade. The worldwide economic downturn is being led by the most Left-wing presidency in American history, with an insatiable appetite for spending taxpayer money, most recently under the ludicrous guise of the “Inflation Reduction Act”, to the tune of over $700 billion. 

But don't expect a recognition of this reality. Rather, Biden and his lackies in Congress—particularly Speaker Nancy Pelosi, who seems to hold a special grudge against the British—will continue to snipe at London from across the pond. It forms part of a track record: look at how they have behaved over the contentious issue of the Northern Ireland Protocol, with the White House and Congressional Democrats issuing thinly-veiled threats at Downing Street if it dared to ditch the flawed agreement. Biden thinks nothing of menacing the British if he thinks it will play well domestically to the protectionist lobby, while appeasing Ireland and the European Union. 

It seems, though, that their animosity towards Liz Truss runs deeper still. They view her as a dangerous free-marketer, a radical Thatcherite tax-cutter, and also a possible inspiration for their political adversaries. Her rightful ambition for growth runs contrary to the stay-in-your-lane, managed decline of the International Monetary Fund and other liberal institutions in Washington D.C. From their viewpoint, Truss had to have her wings clipped, and Biden’s team have done their best to help make that happen. 

In the face of such opposition, Liz Truss should stand her ground and explain the need for more growth, not only in Britain but across the West. Moreover, Joe Biden should be told to mind his own business, and back off.

This piece originally appeared in the Telegraph