WE'RE ALL DRIVING ROCKET SHIPS/AND TALKING WITH OUR MINDS/AND WEARING TURQUOISE JEWELRY/AND STANDING IN SOUP LINES. At the Wall Street Journal, Stephen Moore resurrects the Megan McArdle theory that the economy is doing great because we have the internet, cell phones, and other mod cons.

As borrowers must, Moore throws in some modish touches: the college brats he attempts to lecture are "almost all Barack Obama enthusiasts." And Obama complains that workers are getting screwed. But while Mr. Hope & Change talks about downers like pillaged pension plans and lost jobs, Moore looks on the the sunny side: "The single largest increase in expenditures for low-income households over the past 20 years was for audio and visual entertainment systems -- up 119%." And Drew Carey found a cop who has jet skis. And we have diet pet food and the damn students all have iPods ('Well, duh,' one of them scoffed, 'who doesn't have an iPod these days?'), case closed.

Moore picked a hell of a time to try this routine -- and a hell of a venue:

The US economy has already fallen into a recession, according to a majority of economists surveyed by The Wall Street Journal published Thursday.

“The evidence is now beyond a reasonable doubt,” said Scott Anderson of the bank Wells Fargo. Anderson was among the 71 percent of 55 economists asked to assess the state of the economy who agreed it is already in recession.

The survey conducted from March 7 to March 11 demonstrated a shift in the views of economists from a survey that took place five weeks ago. The economists now believe the economy will only add an average of 9,000 jobs monthly over the next 12 months, down from 48,500 in a previous survey.

Twenty economists said they expect pay rolls to shrink.

Of course, as they desperately search through a decreasing number of job opportunities, the kids can avail the free wi-fi offered in many of our public parks.