UK Prime Minister Liz Truss tried to cut taxes for the wealthy and corporations in the current economy and plunged her party into chaos that resulted in her resignation.
Truss said during her resignation speech:
I came into office at a time of great economic and international instability. Families and businesses were worried about how to pay their bills. Putin’s illegal war in Ukraine threatens the security of our whole continent and our country has been held back for too long by low economic growth.
I was elected by the Conservative Party with a mandate to change this. We delivered on energy bills and on cutting National Insurance. And we set out a vision for a low tax high growth economy that would take advantage of the freedoms of Brexit.
I recognise, though, given the situation I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty The King to notify him that I am resigning as leader of the Conservative Party.
House And Senate Republicans Are Planning To Follow Truss And Cut Taxes For The Wealthy And Corporations
What Truss did in was a massive plan to cut taxes for the wealthy and corporations in the UK that would have sent the economy spiraling further downward.
In the United States, Mitch McConnell and Kevin McCarthy are plotting to hold the economy hostage if their party wins back control of the House and Senate to ransom President Biden into making the Trump tax cuts for the wealthy and corporations permanent.
Economists agree that cutting taxes for the wealthy and corporations at this time would raise inflation and send the US economy into a recession.
Truss’s spectacular failure as Prime Minister is a lesson for House and Senate Republicans. Cutting taxes for the wealthy and corporations at this time is a bad idea that will only be rejected by the country and lead to Republican defeat.
Mr. Easley is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association