Joe Biden Makes U-turn on Bottom up Economic Approach

United States President Joe Biden has changed his mind on the trickle-down economic model.

In a response to UK’s Liz Truss’s original economic policies, Biden has termed the model “a mistake”.

In an unusual intervention, he said the economic turmoil that followed the government’s mini-budget had been “predictable”.

Mr Biden was asked by reporters about the prime minister’s attempt to boost growth with unfunded tax cuts – what the reporter called the “trickle-down plan that she has had to back away from”.

The president replied: “Well, it’s predictable. I wasn’t the only one that thought it was a mistake.”

He added: “I think that the idea of cutting taxes on the super wealthy at a time when – anyway, I just think – I disagreed with the policy, but that’s up to Great Britain to make that judgment, not me.”

Mr Biden has long been critical of the economic theory at the heart of the prime minister’s policy, namely that cutting taxes on businesses and the rich generates growth that allows wealth to “trickle down” to all sectors of society.