The current economic expansion could “make history” if it lasts through July, but Bloomberg BusinessWeek pooh-poohed its 10th anniversary saying “no one’s partying” in the June 10 issue.
Just in time for tomorrow's first-quarter economic growth announcement from the government, Bloomberg Businessweek's Economics Editor is telling readers: "Don't Sweat America's Upcoming Microscopic GDP Growth."
Besides, Peter Coy writes, people need to get used to the supposedly inescapable fact that "Normal growth for the U.S. economy is just a lot lower than it used to be." Americans shouldn't worry, even if tomorrow's GDP figure shows a small contraction (perhaps indicating that Mr. Coy has been tipped to the fact that it will be). The key, the glib Mr. Coy contends, is to understand that "Happiness is all a matter of lowering expectations."
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.