"Growth" is now clearly a meaningless concept. On the necessities side -- food, fuel etc. -- inflation is counted as "growth". (No more food or fuel is being produced or used.) This is balanced against deflation and recession in the discretionary economy, and is interpreted as positive growth. These are two different phenomena and cannot be added together in a meaningful way. Yet achieving this growth is what economics is supposed to be all about. Just another reason why the so-called science of economics is literally nonsense and innumerate to boot.

Cheer up. Borrowing has never been cheaper.