> odd kind of depression

Not so much if you compare it to the original “Great Depression” https://en.m.wikipedia.org/wiki/Long_Depression

Of course assuming that 5% even means anything. Look up the Soviet official growth figures from the late 70s and 80s

You can easily get 5% growth and worse living standards.

Expand your balance sheet to pay everyone to dig a hole.

GDP goes up.

As long as you ignore debt, GDP doesn't really mean anything.

Look at China's debt.

Is that 5% growth? Or is that a piece of paper with a number "5" in it? There is a difference.

Li Keqiang, China’s former premier, doesn’t even look at gdp. It’s for ‘reference only’.

https://www.reuters.com/article/idUSTRE6B527D/