We got more bad economic news today. The Commerce Department reported that the economy grew by 1.5 percent in the second quarter of 2012.
These figures are often revised, and perhaps this announcement will be modified in the future. And 1.5 percent growth is better than flat-lining, or actual economic contraction, but that’s about the extent of the positive things you can say about this news. Such economic growth is measly by any measure. It’s not enough expansion to create real employment opportunities for the new people entering the job market — good luck finding work if you are someone who graduated from college this year — and it basically means that the economy is in a stall. We’ll just have to hope that the stall ends with upward movement, and not a nose dive into new, double-dip recessionary territory.
I know some people think that Republicans are rooting for economic failure. I’d like to think that isn’t the case — people are really suffering, and are growing increasingly worried — but I also think it is irrelevant. Whether Republicans are hoping for economic failure or not, economic failure is what we currently have. If there are rays of hope on the national horizon, outside of pockets of growth like the natural gas-fueled boom occurring in eastern Ohio, I haven’t seen them.