John Oliver took apart the British trickle-down tax cuts for the wealthy and British Prime Minister Liz Truss.
Truss’s plan controversially entails massive tax cuts mostly to the wealthy on the assumption that it will eventually boost the economy for everybody. It is basically trickle-down bullsh*t again.
Right after those tax cuts were announced, UK financial markets were plunged into chaos. The pound hit a record low against the dollar, and the Bank of England was forced to step in to prevent pension funds collapsing. Making matters even worse, Truss then disappeared from public view for days to the point where one British newspaper ran with the front page, “Missing Have You Seen This PM?”
This has been a truly spectacular start to the Liz Truss era. She somehow managed to throw the UK market into turmoil, disappear, and enrage her own party all in less than a month.
The Republican solution to inflation is already being attempted in the UK, where they are already threatening to run Liz Truss out of office on a rail. Trickle down economics is not an answer to the problems of the current economy.
The difference between the Tories and the Republicans is that the Tories are willing to toss their radicals out of their party. Republicans elevate those who push the terrible ideas, while conservatives in the UK attempt to remove them.
Oliver was right. Trickle-down is BS and most definitely not the answer to the current economic issues.
Jason 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