There but for the grace of the currency gods stays the U.S. dollar. While British Prime Minister Liz Truss’s tax proposals cut her time in office short, U.S. fiscal policy for years hasn’t been that much different. If it weren’t for the greenback’s status as the world’s reserve currency, the laws of economics would apply to America, too.
after she proposed a major tax cut for the wealthy, in an effort to jolt the economy. Her ideological mentors in America have long argued that such tax cuts pay for themselves, and they are nothing new stateside. In 2017, during former U.S. President Donald Trump’s administration, Congress passed the Tax Cuts and Jobs Act under the assumption that it would stimulate spending and boost jobs.
Still at least by some measures, the United States looks worse than Truss’s country. It ran a deficit of around 11% of gross domestic product last year, twice that of the UK. And the U.S. government’s gross debt now tops 120% of GDP - against roughly 100% for the UK.
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