Biden criticizes Truss' economic plan

US President Joe Biden on Saturday criticized British Prime Minister Liz Truss's original economic plan as a mistake and said he was not concerned about the strength of the rising US dollar.

Truss fired finance minister Kwasi Kwarteng on Friday and scrapped parts of her economic packages after they sparked turmoil in financial markets, including a sharp fall in the value of sterling. Biden, a Democrat, is a frequent critic of the conservative "trickle down, trickle up" economic policies associated with former President Ronald Reagan and Republicans in the US. However, the White House has previously declined to comment on the Truss plan to abolish the UK's top income tax rate of 45%. "I wasn't the only one who thought it was a mistake," Biden told reporters during a stop at an ice cream parlor in Oregon, referring to Truss' proposal. "I think the idea of cutting taxes on the super-rich - whatever it is, I just think - I don't agree with that policy, but it's up to Great Britain to make that decision, not me." Earlier on Saturday, Britain's new finance minister Jeremy Hunt said some of the country's taxes would rise and tough spending decisions were needed, saying Truss had made mistakes as he struggled to keep his job just over a month into his term. High inflation affecting the US and countries around the world is creating a political headache for Biden ahead of the November midterm elections where control of the US House of Representatives and Senate is at stake. The dollar rose against other currencies. "I'm not worried about the strength of the dollar. I'm worried about the rest of the world," Biden said. The president said the US economy is robust. "Our economy is extremely strong. Inflation is worldwide. Everywhere else the situation is worse than it is in the US," he said. "So the problem is the lack of economic growth and sound policy in other countries, not ours." A report released by the Labor Department on Thursday showed that US consumer prices rose more than expected in September as rents rose and food costs increased. The president made his comments at the end of a several-day western tour that ended in Oregon, where he tried to drum up political support for Tina Kotek, a Democrat running for governor. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!