Assuming that we are in a recession, is it really all that bad?
For example, we now have GDP growth of 1.5% yearly, wage growth of 2% and CPI growth of 2%. Unemployment still same as ever, 5%.
In the past we might have had 4% GDP, 5% wage and 3.5% CPI.
As far as I can tell, the only real change for households is that real income growth is 0 (or slightly negative) instead of 1.5% like it was previously. Okay, not great, but on an individual level it means almost nothing.
Plus having less economic activity is better for the planet and might show that we're focussing more on sustainable spending instead of lavish spending on flat screen TVs. Less spending = less demand for retail services = lower prices = better value and less crap.
Plus lower inflation and lower asset price increases are better for those of us investing for yield who don't want asset crashes or bubbles along the way.
Can someone who knows something about economics point out the things I'm missing? Thanks.