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Record-Breaking Accomplishments On Jobs And Unemployment Under Biden
(www.forbes.com)
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this post was submitted on 08 Jun 2024
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politics
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A recession is not affected by the formula for inflation. In fact, there have been recessions with high inflation (the 1980 recession) and recessions with low inflation (the 2007 recession). There have even been recessions with negative inflation (the Great Depression).
A recession occurs when the total income of a country decreases. This leads to a vicious cycle of less spending, which causes more unemployment, which causes further decreases in total income.
Inflation measures change in prices, not income. When incomes increase along with prices, there is no vicious cycle and no recession. And as we know, incomes are increasing.
Yes, increasing prices are bad. But increasing unemployment is far worse, especially if you want to advance the rights of workers. And unemployment is the bullet that Biden helped us dodge.