The story seems to be linked to the publication of a survey for the book Planet Word (presumably a tie-in to Stephen Fry's BBC series of the same name) and to be fair, the expert they quote, the author of the book JP Davidson, doesn't bemoan the alleged decline, but has this to say:
This could be viewed as regrettable, as there are some great descriptive words that are being lost and these words would make our everyday language much more colourful and fun if we were to use them.
'But it's only natural that with people trying to fit as much information in 140 characters that words are getting shortened and are even becoming redundant as a result.
'The folly is to try and stem the tide of the new whether they emerge from rap, technology, teenspeak, or the multitude of jargons that we invent to make shortcuts and communication more efficient between groups.
This sounds like good sense and isn't in any way as prescriptive as the rest of the Mail's tone (managing of course to tie in some aspect of British identity being eroded as it always does), but the comments from Mail readers start to pour scorn on such descriptive views, arguing (among other things) that the once proud language of Shakespeare is now degenerating into a series of txt-grunts (a kind of Crumbling Castle model for the text generation) and that young people are doing it because they "are even allowed to use text speech in exams now", conveniently (or stupidly) misunderstanding the difference between studying and using. D'oh!
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