I suspect if Republicans take over Congress, they will attempt tax cuts for rich. It's their Robitussin of politics. The only position for which they are unwavering. Liz Truss resigned, but in a meeting late last week she was told to resign.
Kwasi Kwarteng: Liz Truss fires finance minister and ditches big tax cut | CNN Business
British Prime Minister Liz Truss resigns after economic plan sparked turmoil (nbcnews.com)
The more complicated take on it is that Truss tried to copy Reagan, with his deliberate creation of a massive budget deficit, intended to create an unavoidable need for future spending cuts , aka 'starving the beast'.
But it didn't work because the UK is in a different, and weaker, position to the US when it comes to such things, due to the dollar being a global currency, which makes the US better able to do it that way round and run big deficits. Brexit probably made the UK's position even weaker. Hence the immediate assault on the pound and increases in interest rates forcing Truss to have to U-turn. It was pretty dim of her and Kwasi (not sure if that is supposed to rhyme with "crazy" or with "kamikaze") not to realise that would happen.
My memory of it all is hazy but I don't think Thatcher did it that way round - in any case she also had the ability to raise money by flogging off all the state assets, plus North Sea Oil. Thatcherism and Reaganism weren't quite the same (I think I read something about thge difference being summed up as Chicago School vs Austrian school). Largely because of the special status of the dollar meaning the US didn't have to run a balanced budget.
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