By Martin Hart-Landsberg
August 2, 2011 -- Reports from the Economic Front, posted at Links International Journal of Socialist Renewal with Martin Hart-Landsberg's permission -- The US Congress has finally agreed on a deficit reduction plan that President Barack Obama supports.As a result, the debt ceiling is being lifted, which means that the Treasury can once again borrow to meet its financial obligations.
Avoiding a debt default is a good thing.However, the agreement is bad and even more importantly the debate itself has reinforced understandings of the US economy that are destructive of majority interests.