Federal Reserve Chairman Ben Bernanke said this past Wednesday that "It now appears likely that real gross domestic product will not grow much, if at all, over the first half of 2008 and could even contract slightly."

I don't want to sound cruel or insensitive to those who will lose their jobs in this downturn (I lost mine last year), but I assert that a "slight" GDP contraction is not that bad (and a much better result than a government planned and ran economy). This is the result of our free market economy that we all benefit by on a daily basis. This is Adam Smith's invisible hand at work - and it works for our good. All the free world has seen an increase in wealth and comfort due to the free market forces. They have caused a loss of jobs in one area but an increase in others. In America for example, our manufacturing jobs are being sent abroad but yet we are still experiencing unheard of unemployment levels. The free market economy may hurt a little as it finds the right balance, but we all are far better off because of it.

Our economy grows when there are buyers for products and when there are too many products for the buyers the economy lags and some jobs get lost. The Federal Reserve reacts by lowering interest rates when inflation is contained; this encourages investment which causes growth and creates jobs until there are too many products on the shelves at which point the economy contracts - and thus it moves - but it always moves up.

We shouldn't be too overly concerned about "slight" GDP contraction. We should always be wise, live good lives, have our own houses in order, live within our means and trust that all will work out. It is my opinion that slight GDP contraction is made to look like the sky is falling because it is an election year and everyone wants to blame everyone else and everyone wants to have a better program for saving the economy than anyone else and look like they are doing more for it than anyone else.

Just because we all can't buy brand new everything this year doesn't mean the world is coming to an end. Let's be real: the free market forces at work will find the right balance and we will all be better off because of it.