A WSJ ARTICLE THAT LIMBAUGH AND HANNITY WON'T TALK ABOUT

(h/t Barry Ritholtz)

They won't talk about it because it contradicts their economic propaganda:

Federal Spending Cutbacks Slow Recovery 

Sharp Drop in Military, Stimulus Spending Take a Toll on Economic Rebound

By BEN CASSELMAN and CONOR DOUGHERTY
Updated July 30, 2012, 9:24 a.m. ET
WALL STREET JOURNAL

Falling military spending and the end of federal stimulus programs are further slowing the already weak U.S. economic recovery.

Recent economic data show that long before the fiscal cliff hits, federal spending already is falling—and taking a toll on the recovery. Federal spending and investment fell at an annual rate of 0.4% in the second quarter and has fallen 3.3% in the past year. Federal employment has fallen by more than 52,000 jobs in the past year and for the first time is lower than when the recovery began.

Such figures understate the full effect of the cuts, as lower federal spending hits military and civilian contractors and cuts into federally backed infrastructure spending at the state and local level. Taken together, the cuts are partially offsetting private-sector growth that, while slow, has been consistent.

"It's unbelievable how much the economy is getting hurt already by the sharp drop in federal spending," said Joe LaVorgna, chief U.S. economist for Deutsche Bank.