Imagine if, in 1987, a Federal Reserve official could have pointed to a poorly performing economy and said, "Gee, this supply-side economics hasn't worked out very well." The press would surely have treated the story as a front-page item and ensured that it got air time on the Big Three networks' then-dominant nightly news broadcasts. Of course, there was no such credible report, because the economy under Ronald Reagan was so obviously robust.

Fast-forwarding 28 years, the author of a July Federal Reserve white paper on the Fed's Keynesian-based "quantitative easing" program contends that "There is no work, to my knowledge, that establishes a link from QE to the ultimate goals of the Fed—inflation and real economic activity." In other words, there is no evidence that $4.5 trillion in funny money with which the economy has been saddled has accomplished anything. In the establishment press, only CNBC's Jeff Cox has covered it (bolds are mine):

Several commenters at my econ-related posts during the past several months here at NewsBusters and my home blog have noted how Washington's mix of high deficits, over-regulation, and quantitative easing never seem to get any kind of blame for the economy in establishment press coverage.

One could hardly find a better example of that deliberate avoidance than Josh Boak's writeup today at the Associated Press, aka the Administration's Press, on how "Home ownership ... is increasingly on hold for younger Americans." While he identified several symptoms which could easily be traced to Obama administration and Federal Reserve policies, Boak never tagged anyone who might be responsible, instead acting as if all these adverse conditions just sort of happened and ... oh well, here we are.

It "seems" that a bit of doubt seeped into an economy-related Associated Press report today. An hour later, it was gone.

An early report by Josh Boak with a 10:22 a.m. time stamp found at a subscribing outlet's site described job growth in the past 12 months as "seemingly robust." An hour later, in an expansion of that early report primarily covering today's government release on July retail sales, Boak, in collaboration with Anne D'Innocenzio, described it as "solid."

Christopher Rugaber at the Associated Press and the "expert" he quoted in his writeup on the government's awful Employment Cost Index report seemed to be taking their cues from Steven Wright's deadpan comedy act. The problem, of course, is that they were writing and saying isn't funny at all.

Rugaber, with his "expert" help, assembled an impressive array of understatements and misstatements in the wake of the smallest reported quarterly increase in U.S. worker pay on record. His worst characterization: "[T]he job market is not yet back to full health."

The Conference Board's July Consumer Confidence report released earlier today threw a heavy dose of cold water on the idea that the economy might finally achieve a broad-based, genuine recovery this year.

Despite month after month of "all is well" reporting — and excuse-making when all hasn't been well — from the U.S. business press, the American public has apparently finally figured out that all is far from well. July's overall reading of 90.9 was 8.9 points lower than June's 99.8, the biggest single-month drop in almost four years — something Reuters and Bloomberg News noted, but which, as would be expected, the Associated Press, the nation's de facto news gatekeeper, failed to report.