Quote:
Originally Posted by whell
From the article you posted:
Everyone needs a scapegoat in an economic crisis, and much of the world has settled on blaming British Prime Minister Liz Truss’s economic plans. The International Monetary Fund and the Biden Administration have piled on, which conveniently deflects from their failed policies that produced inflation and slow growth. Expect criticism as well from America’s big-government conservatives worried Ms. Truss’s program might succeed.
Cutting the top marginal tax rate by 5% is hardly moving the needle toward supply side economics. But it does start down the path of reducing the power of the political class. As we've seen here, that threat to their power will not be tolerated.
Truss was attempting to replicate the success that Thatcher had with much the same approach. Thatcher had more successes and some failures with her approach, much as Reagan did. But she certainly managed to put Britain's economy back on the map, with growth rates by the end of her tenure quite similar to other strong economies of that time.
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The cause of all of their economic woes (beyond the pandemic) is their stupid Brexit referendum, spurred on by a movement of hard right conservatives
and their Russian patrons. Brexit is to the UK as Trump was to the US - a Russia-backed far right initiative/candidate meant to weaken the countries through incompetence, division and fealty to Putin.