Forget everything you've been told by President Obama about the economy getting "stronger" or heard on the nightly news about the "solid" recovery.
The economy is slowing down and getting weaker, and millions of Americans, as a result, are suffering.
It isn't getting the attention it deserves from the national news media, who seem to play up all the "good" numbers while ignoring the weaker economic data.
CBS News anchor Scott Pelley regularly covers modest housing starts (that still are at basement levels) and rising home prices as if they prove the economy is booming. It isn't.
The cold reality is that the Commerce Department this week slashed its previous 2.4 percent first-quarter economic growth estimate to a meager 1.8 percent annual rate. This follows a pathetic 0.4 percent growth rate in the last three months of 2012.
Virtually all of the categories that go into measuring GDP growth rate were lower. Consumer spending was revised downward from the exaggerated 3.4 percent estimate to a more modest 2.6 percent.
Slower growth means fewer jobs created, that the unemployment rate will remain at very high levels for the foreseeable future, and that businesses large and small will be struggling to survive.
It's not going to get better under this administration's anti-growth policies. "Many analysts think growth has slowed in the April-June quarter to an annual rate of 2 percent or less," the Associated Press reported this week.
Don't take my word for it -- listen to Nobel Prize-winning economist and New York Times columnist Paul Krugman, who this week used even tougher language to describe the Obama economy.
Terms like "modest recovery," "slow recovery," or even "recession", do not begin to describe what we're actually going through. "We're still very much living through what amounts to a low-grade depression," says the liberal economist who was one of Obama's earliest supporters.
It isn't the first time Krugman has sharply criticized the Obama economy. Last year, as the 2012 campaign was getting underway, the Princeton professor wrote that "Things are not O.K. -- not remotely O.K. This is still a terrible economy..."
Krugman took Fed Chairman Ben Bernanke to task in one of his columns for suggesting that the economy was on the mend and that the Fed would soon be reducing its bond-buying stimulus efforts.
He fears, as many other economists do, that "this is very much the wrong signal to be sending given the state of the economy" and that "the Fed's bad messaging reduces the chances that we're going to exit that depression any time soon."
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