Economic media coverage has been heavily focused on advocating for deficit reduction, even as deficits decline and the federal government posts a surplus.
A Media Matters analysis on economic news coverage in the month of April found that media continued their long-established focus on deficit reduction. In 45 of 123 total segments discussing policy impacts on the economy, guests or hosts on network and cable news advocated for deficit reduction as a priority.
Calls for deficit reduction beat out mentions of other economic issues, most notably the need for economic growth and job creation, and economic inequality.
The continued focus on deficit reduction is particularly interesting given the fact that, in the month of April, the federal government posted the largest budget surplus in five years. Furthermore, according to the Congressional Budget Office, current and projected deficits are expected to decline in coming years.
Even conservatives have recently acknowledged that deficit reduction is not the country's most pressing economic issue. House Speaker John Boehner (R-OH) and House Budget Committee Chairman Paul Ryan (R-WI), agreeing with President Obama, stated that the country is not facing an immediate debt crisis, a notion shared by prominent Democrats. And John Makin, a scholar at the conservative American Enterprise Institute, remarked that Congress has already enacted enough deficit reduction.
Meanwhile, economists have expressed concerns over media's focus on deficits, instead calling attention to resolving the very real immediate crisis of unemployment. Economist Jared Bernstein recently began a series on the path to full employment, and numerous other economists have advocated increased short-term spending to bolster economic growth and job creation.
Furthermore, former Labor Secretary Robert Reich has even pointed out that focusing on jobs and growth -- not spending cuts -- provides an effective avenue for deficit reduction.