Economists who slammed her fiscal boldness may have overreacted
I know an unpopular economic policy when I see one. And the consensus among economists about the tax cuts and deregulations announced last week by UK Prime Minister Liz Truss is almost universally negative. Harvard economist and former US Treasury Secretary Larry Summers noted: “I think Britain will be remembered for having pursued the worst macroeconomic policies of any major country in a long time." Another eminent economist, Willem Buiter described it as “totally, totally nuts." Nobel laureate Paul Krugman is sceptical. As Harvard professor and former director of the National Economic Council of the US, Jason Furman summed it up: “I’ve rarely seen an economic policy that is as uniformly panned by economic experts and financial markets."