Sounding a familiar theme at the Associated Press ahead of awful economic news, Christopher Rugaber and Martin Crutsinger prepared a column in advance of tomorrow's final report on the economy's first-quarter economic contraction reminding us, with far more certainy than is justified, that "A GRIM US ECONOMIC PICTURE IS BRIGHTENING."
Guys, before you "brighten," you first have to step out of the darkness. According to the wire service's dynamic duo of reporting on the economy (I guess I could add Josh Boak and call them "the three amigos"), tomorrow's report on the nation's first-quarter Gross Domestic Product is expected to show that it contracted by "nearly 2 percent" on an annual basis. AP reports a week ago didn't include "nearly." Bloomberg News is currently predicting a contraction of 1.8 percent. I'd like to be wrong, but I'm concerned that it might be significantly worse. But Rugaber and Crutsinger say, "Don't worry, be happy; the rest of the year will probably be fine" (bolds and numbered tags are mine):