In the ultimate test of media spin today, NPR took the news of crawling economic growth and turned it into a plus:
Yeah… Raise your hand if you believe slow economic growth is a good thing. Anyone?
Nope, it’s just NPR who thinks that idea is remotely logical:
Growth rates have been modest at best compared with the 4-plus percent growth in the years well before the U.S. began slouching toward its worst post-World War II recession.
On Friday, the government reported that the economy grew at a 2.2 percent pace in the first quarter, down from the 3 percent rate at the end of 2011. The Federal Reserve this week said it expects growth to “remain moderate over coming quarters and then to pick up gradually.”
Common sense says high growth rates are good and slower, more modest ones are not so good. But is that always the case? After all, the “irrational exuberance” of the early 2000s helped bring on the recession as people borrowed and spent their way to prosperity.
That’s an awfully convenient theory for President Obama who is struggling to explain how the U.S. economy continues to grow at a less-than-stellar pace.