Biden agrees to "historic reductions in spending" to raise the debt ceiling

I did speak for me too

 

Sandy Shanks said:
House Republicans attempted to hold our economy and the global economy hostage by passing a debt ceiling package that gutted our President's administration. The President, however, forced the Republicans to back down, and he succeeded in overcoming the threat of economic chaos of catastrophic proportions.
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Biden's approval numbers are in the toilet, and I do not understand why. Members of this forum who think our President is doing a bad job do not explain why they feel that way. They bring up the President's son, his age, fables about his senility, and the fact that he tripped over a sandbag.

Our President also gets bad marks for how he is handling the economy. That really throws me for a loop. The only explanation is, Americans do not know beans about how an economy works.

Those who disagree with what I have said so far are invited to explain why.

ABC reports, "The nation’s employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations and evidence of enduring strength in an economy that the Federal Reserve is desperately trying to cool.

"Friday's report from the government reflected the job market's resilience after more than a year of aggressive interest rate increases by the Fed. Many industries, from construction to restaurants to health care, are still adding jobs to keep up with consumer demand and restore their workforces to pre-pandemic levels.

"Overall, the report painted a mostly encouraging picture of the job market. The unemployment rate rose slightly to 3.7%. That is still a five-decade low and amounts to full employment."

Those complaining about the economy generally cite inflation as a basis for their complaint.

With full employment, spending is robust. Here is what most Americans do not know about how economics works.

When an economy has full employment, people are spending money. The hearty spending caused by full employment causes inflation. With prosperity, you get inflation. That is simply a fact of economic life.

How does inflation decrease? When employment decreases, there is less spending. The economy sinks into a recession.

Question: Do those who are giving our President bad marks for his handling of the economy want a recession?

Anyone questioning this analysis must deal with those statements.