Are We Actually in a Journalism Employment Boom, One That Presages a Communications-Led Recovery?
That's the counter-mainstream argument put forward in some detail by biz/econ/interwebs journalist Mike Mandel. Definitely worth a gander.
Link via the Twitter feed of Matthew Yglesias. Nick Gillespie's landmark 1999 piece on the "Culture Boom" here; more Reasony bits on journalism's "golden age" here.