European criticism of the Inflation Reduction Act's narrow definition of friend-shoring isn't a surprise.

But it is strange that most of Europe now believes the IRA is a massive threat to European industry, while even more discriminatory Chinese policies are largely ignored

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TRUSSONOMICS: a thread

In her interview on @BBCr4today, Liz Truss made 3 economic propositions

1) Her tax cuts will decrease inflation

2) Tax cuts boost growth and prevent recession

3) Tax cuts increase government revenues

It would be great if these were true

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1/8. A point which is often lost in discussions of inflation and central bank policy. Inflation is fundamentally the outcome of the distributional conflict, between firms, workers, and taxpayers. It stops only when the various players are forced to accept the outcome.

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