On Wednesday, as President Obama signed -- er, auto-penned -- the legislation preventing the onset of the "fiscal cliff" passed by Congress the previous day, the establishment press was busy understating its impact. A Friday evening Wall Street Journal editorial (note: not a regular news report) in today's print edition lays out the gory details.

But first, I will cite four examples of coverage which pretended that 99 percent of Americans won't see their income taxes increase in 2013.