You know things are bad when ..

A major high tech employer such as BT announces that it is cutting 10% of its workforce and the BBC tries to spin it as not all bad news.

After all BT sacked 10% of their workforce last year, so apllying the logic of pro-government spin that has come from the Beeb and the FT this week on the economy, this is good news because .... the annual rate of decline in employment at BT has stopped increasing.

There you almost fell for it.