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We've tried to explain our understanding of this awful phrase, trickle-down economics, on the podcast before,

which is essentially the idea that if you

cut taxes for those at the top, the richest, then eventually the money filters down, the benefits

filter down to those at the bottom of the pile. Liz Tross, in all her actions, appears to be a big

fan of this trickle-down economic plan.

She's in New York right now.

She's been speaking to the media, and this is what she said to Sky News.

What I'm saying is that by keeping taxes low and growing the economy, we will get more tax revenues in.

And actually, that will succeed more tax revenues in. And actually, that will succeed, that will succeed

in the long term in bringing the opportunities that people want to see. Which sounds like

the very definition of trickle-down economics. And just as she's saying that, who should put out a tweet, totally contradicting it,

but the President of the United States, who she is about to meet in a bilateral,

Joe Biden says, I am sick and tired of trickle-down economics. It has never worked. I would

give all the dollars I've got left in my US bank account to be a fly on the

wall at that meeting. We don't know that Joe Biden was speaking specifically about Liz Truss's

politics. Presumably he was talking about things close to home. But right now, you can't imagine

that those two are going to see eye to eye on that much.

And coincidentally, on the news agents today, we've been hearing from Peter Mandelson,

who has his own views on trickle-down economics and, indeed, Liz Truss's wider economic policies.

Peter Mandelson was key architect of New Labour.

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