Before the government released its first estimate of first-quarter economic growth in late April, the establishment press, particularly Bloomberg News and the Associated Press, salivated at the chance to report the then-predicted "robust" annualized growth of 3 percent and to describe how the economy had "accelerated" from the previous quarter's pathetic 0.4 percent. When that first estimate came in at only 2.5 percent, most news organizations at least had the integrity to pronounce the news disappointing. But not Martin Crutsinger and Christopher Rugaber at the AP, aka the Administration's Press, who opened their coverage by saying that "the American economy quickened its pace early this year despite deep government cutbacks."
The government's second estimate in May was little changed at 2.4 percent. But Wednesday's third and final estimate (pending annual revisions going back several years, the next of which will appear in July) came in at 1.8 percent, a 40 percent drop from so-called experts' original predictions (1.2-point difference divided by the original 3.0 percent). The AP's reaction was to produce a terse three-paragraph blurb which was gone from its national web site within 24 hours, followed by a late afternoon report which blamed higher Social Security taxes and "federal spending cuts":