I think the fundamental problem is that the press chooses to tell the the economic story from a top down perspective. The administration would like the press to tell the story this way since it portrays the administration favorably and there is ample historical evidence that the economy will recover on its own. I think the press and the President are hoping we will see an economic rebound similar to the levels we saw before the 2008 meltdown. It is a hopeful story and the press continues to be very accommodating to the President. However there is also ample evidence that the economy will not recover as quickly as hoped for. According to recent polls business leaders see the economy significantly different than the political class. Business leaders view the economy from a bottoms up perspective and they see a lot of problems in their business environment. Several industries are in disaster mode and many of the “healthy” industries are looking at year to year sales drops of over 20%. If consumers continue to increase their the financial prudence and permanently reduce their discretionary spending, there will continue to be large dislocations in the job market as the economy adjusts to reduced consumer demand. In some industries customer demand has completely disappeared. I counted 13 sectors of the economy facing severe to moderate job losses. The problems in some industries are so severe that they will only be solved by job migration. With so many people looking for jobs in different industries and in different regions of the country, it is likely that it will be a long time before business leaders will see their sales rebound to 2008 levels. It is extremely unlikely we will reach 2008 sales levels until we reach 2008 employment levels. This the blind spot of the Obama administration. The prudent thing for business leaders is to hunker down and look for significant sales increases before hiring back the laid off employees. Until the press turns on the President and starts demanding accountability for job growth policies, it is unlikely the press will pay any attention to the shortfall in tax revenues.