Even the New York Times editors can’t help but conclude, after taking a look at first-quarter economic growth data, that “The Numbers Are Grim.” In particular, this is what they find alarming: “the growth estimate remained stuck at an annual rate of 1.8 percent, compared with 3.1 percent at the end of last year….More troubling in the latest figures, consumer spending — the largest component of the economy — was especially slow. Stagnant wages and higher prices for gas and food are squeezing family budgets, while falling home equity hurts consumer confidence. That suggests more bad news to come.”

In this instance, the Times is right: “Growth today is our biggest problem – but also our biggest opportunity,” as Bret Swanson at Forbes observes.