This essay was published today in the Daly News from Center for the Advancement of the Steady State Economy.
Economic news last Friday was quite positive. Annualized U.S. GDP growth was less than one percent in the first half of 2011.
However, I would hazard a guess that, oh, some 99.9 percent of the world considered this bad news. It was characterized in the New York Times as a “snail’s pace.” Journalists and commentators around the world are predictably typing out words like weak, anemic, malaise, gloomy, bleak, doldrums and stagnation.
So why would I celebrate? Do I get perverse, morbid pleasure at seeing my fellow humans unemployed, upside down in their mortgages, or dining at soup kitchens? I do not. The fallout of the recession is real, it’s painful, and it’s sad. But steady or declining GDP is not bad news. Nor is the drop in consumer spending reported Tuesday.