Why Trussonomics Failed
British Prime Minister Liz Truss resigned last week after a mere 45 days in office. Truss, disgraced by the consequences of her own economic prescriptions, had the shortest term of any British prime minister in history. She offered an extreme version of trickle-down economics, which critics dubbed Trussonomics. Influenced by right-wing think tanks such as the Adam Smith Institute and the Institute of Economic Affairs, she pushed a “mini-budget” centered on major tax cuts for the wealthiest in Britain with no plan on how to compensate for the loss in revenues. Now, her conservative colleague Rishi Sunak has been inaugurated as the new Prime Minister, becoming the first non-white PM in the nation’s history. Sunak is “richer than the royals,” which bodes ill for his approach to addressing economic concerns as well.
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