NEW YORK (PNN) - June 25, 2011 - A drum beat of disappointing data about consumer behavior, factory sales and weak hiring in recent weeks has prompted economists to ratchet down their 2011 economic forecasts to as little as half what they expected at the beginning of the year.

Two months ago, Goldman Sachs projected that the economy would grow at a 4% annual rate in the quarter ending in June. The company now expects the government to report no more than 2% growth when data for the second quarter is released in a few weeks.

Macroeconomic Advisers, a research firm, projected 3.5% growth back in April and is now down to just 2.1% for this quarter.

Both these firms, well respected in their analyses, have cut their forecasts for the second half of the year as well.

Then this week, the Federal Reserve downgraded its projections for the full year, to under 3% growth. It started the year with guidance as high as 3.9%.

Two years into what is officially being called a recovery, the economy continues to be mired in the Second Great Depression. Unfortunately, too few have the courage to face such an unpleasant truth, and so the pretty lies continue, and the end - restoration of a stable economic system - remains far, far away.