Increase in interest would be a good economic sign

Dallas Morning News: Bring on those higher interest rates, please.
Now, before you choke on your morning coffee, hear us out.
For more than three years, low interest rates have provided a safety net for consumers. Low rates have made it easy for people to borrow and spend, and they have provided the stimulus that has kept the economy from slipping into intensive care.
So why are we cheering for higher rates?
For one simple reason: Slightly higher rates will be a sign that the economic recovery has come of age.
For many Americans, the recovery still is elusive. The economy has produced some jobs -- but certainly not enough or necessarily the right kind.
While many businesses have benefited from the increased productivity of fewer workers doing more work, they don't feel confident yet to add many new employees; consumer demand hasn't been strong enough.
Help needed
Therein lies the problem. The recovery is far from mature, and there's reason to believe that the stimulative effects of tax cuts and home mortgage refinancings may be running their course.
With such a razor-thin margin for error, the Federal Reserve fears that a premature hike in interest rates could spark more home foreclosures, higher credit card rates for debt-burdened consumers and falling stock prices.
That's why the Fed has held rates at 1 percent, a 45-year low, despite not-so-subtle suggestions from Fed Chairman Alan Greenspan that rates eventually will need to rise.
He's right. The current low rates aren't sustainable. At some point, hopefully sooner rather than later, the recovery must create jobs, salary increases and demand for goods and services.
That's why we ought to be cheering for higher interest rates. The day the rates go up is the day we'll know the recovery not only can walk but sprint.