Krugman’s writing presents a big bright blinking caution sign for the press. Despite the so-called good news in individual economic measures, it’s still too early to prognosticate just how and how soon this recession will abate. Editors who are concerned that readers may develop economy-story fatigue after months of bad news would do best to hunker down for the long haul. Given that the illusion of easy money was a contributing factor in this crisis, it is just as irresponsible to promote the narrative of an easy economic recovery, especially when regional reporting suggests that things are still getting worse. Before we declare the recession over, we should wait to see if these blips of good news last.

Katia Bachko is on staff at The New Yorker.