Folks, you know it and I know it: If there's any speck of good news in the world today, we need to take it, no questions asked:
China's coronavirus lockdowns mean its economic growth may undershoot the US for the first time since 1976, in a role reversal with potential political reverberations in both Beijing and Washington.
The world's second-largest economy will grow just 2% this year, Bloomberg Economics wrote in a report Thursday. By comparison, US gross domestic product will increase 2.8% this year, Bloomberg Economics predicts.
I mean, sure, we all may be teetering on the edge of the second major recession in fewer than 15 years, and inflation is sky-high, and everyday products are becoming more and more unaffordable by the hour...
But on the other hand, 2.8% growth over China's 2%? First time in nearly five decades??
I'll take it! Again, we gotta take what we can get.
The greatest irony of all of this:
While Beijing is applying fiscal, monetary and regulatory stimulus measures, the impact is being blunted by President Xi Jinping's Covid Zero policy, which requires strict curbs on activity when virus outbreaks occur. The US, while struggling to cope with high inflation, is still being propelled by strong hiring and consumer spending.
So China is being hampered by the same stupid lockdown policy it exported to the rest of the world in 2020. You gotta love that cosmic justice.
Everything still seems to be headed in the absolute wrong direction but let's just enjoy this little gloat for a moment. 😌
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