"Honey, I shrunk the economy!"

As President Obama has rightly stated, "anyone who thinks the US economy isn't doing well is living in a fantasy land." The World Bank, which has just cut its forecast of world growth this year and has cut its US growth forecast particularly sharply, is clearly a denizen of that imaginary place.

The Bank's location was confirmed by this morning's CFA Institute News Brief:

"World Bank shrinks forecasts for economic growth
The World Bank has downgraded its outlook for growth of the global economy this year from 2.9% to 2.4%, which it characterized as insipid. A 0.5-percentage-point cut in its forecast for the wealthiest countries accounts for about half of the reduction. The development lender lowered its US growth forecast from 2.7% to 1.9%.Bloomberg (07 Jun.) "