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LIZ TRUSS EMBRACES TRICKLE DOWN ECONOMICS Reminiscent of US tax cuts imposed under Ronald Reagan in the 1980s, what came to be known as “Reaganomics.” 
British Prime Minister Margaret Thatcher and President Ronald Reagan in 1987. Current Prime Minister Liz Truss, a Thatcher fan, has imposed a highly controversial tax-cut plan that’s been likened to Reaganomics. Photographer: AFP Liz TrussPhotographer: Hollie Adams/Bloomberg Original article: Peter Burgess COMMENTARY The right wing of both US and UK politics advocate for lower taxes and 'trickle down' economics. Bloomberg talks about Ronald Reagan and Margaret Thatcher but should probably also add Donald Trump. Lower taxes does increase wealth accumulation for the rich and especially the very rich but this comes at the expense of those who are lower down the economic pyramid and especially those at the very bottom ... but on the political right, this is not important! Peter Burgess | ||
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Then there’s the UK. Its rapid descent from stability to crisis, helped along by Prime Minister Liz Truss and her version of “Reaganomics,” is threatening to expose the fragility of global efforts to crush inflation, raising the specter of chaos spreading across financial markets. Events like Russia’s default in 1998 and, more recently, Greece’s debt crisis show how single countries can trigger wider financial turmoil.
------------------------------------------ Liz Truss Written by Michael P. Regan and Vildana Hajric September 30, 2022 at 4:00 AM EDT 
Liz Truss ... Photographer: Hollie Adams/Bloomberg UK Prime Minister Liz Truss triggered the latest wave of turbulence in global markets after announcing economic plans that include unfunded tax cuts. The move crushed the value of the pound while sending the already struggling country’s borrowing costs soaring. To Julian Emanuel, chief equity and quantitative strategist at Evercore ISI, the move was reminiscent of US tax cuts imposed under Ronald Reagan in the 1980s, what came to be known as “Reaganomics.” In both cases, the policy was at odds with moves by other nations’ efforts to combat high inflation. Emanuel joined this week’s What Goes Up podcast to discuss the latest bout of volatility across asset classes, and the role the new Tory leader has played in causing it. “It does represent a radical change in policy that is more evocative of Reagan,” he says. “And investors are going to have to get used to it.”
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