Don't tinker with economy

The nation's economy is struggling. That much is beyond question.

But amid rapidly escalating prices for food and fuel, and rapidly deflating prices for real estate, it's important to stand back and look at what hasn't happened.

This week, the Commerce Department reported that the economy grew by 0.6 percent during the first quarter. That's hardly robust, but it is growth. Many experts had expected negative growth. The accepted definition of a recession is two consecutive quarters of negative growth. That may yet come, but it hasn't started yet.

Also, consumer spending was up 0.4 percent in March. Economists were quick to note that this reflected higher prices for the things people need, not a willingness of people to go out and buy more stuff. However, when inflation was taken into account, spending still rose, if only by 0.1 percent.

The nation's unemployment rate is anywhere from 5 percent to 5.2 percent, depending on who is doing the measuring. That's not an alarming figure at all, despite the obvious pain inflicted on people who lost jobs in recent months.

And it's significant to note that the Dow Jones Industrial Average closed above 13,000 on Friday, the first time it has done that since the earliest days of January. The market isn't collapsing.

Of course, there is plenty of bad news to counter these relatively rosy figures. A lot of indicators are pointing downward. The economy is in serious distress. But, at least so far, the trouble is nowhere near Great Depression proportions. And that reality ought to sink in among politicians.

Left alone, the economy can correct itself. The more Washington wants to tinker, the worse things can get.

Gas-tax holidays, windfall profits taxes, bailouts for people with risky loans, a rejection of free trade in favor of protectionist nonsense and a repeal of the Bush tax cuts all would push the economy even deeper into the doldrums. Each has its champions in Congress. Even the tax rebate checks that have begun arriving at the homes of taxpayers are bound to have little positive effect, other than giving people a small one-shot infusion of cash.

Utahns should be particularly concerned. Forbes magazine this week said Salt Lake City is among the nation's most recession-proof cities. But even that won't be much protection if the government wants to help.