Warnings From Economists Like Paul Krugman Consistently Overlooked
Blog ››› ››› ALBERT KLEINE
Media outlets have focused heavily on the topics of deficits and debt, while largely ignoring economic growth during their coverage of the debt ceiling debate. However, experts agree that the need for growth is more pressing than problems of debt, and that growth itself can be a deficit reduction tactic.
A Media Matters study of television coverage over the past three weeks found that while pundits and guests focused heavily on discussing the debt ceiling, the topic of economic growth was sorely lacking. Of the total 273 segments analyzed, only 33 mentioned economic growth.
Instead of touching upon economic growth, Media Matters found that guests and hosts spent most of their discussions focusing on other issues, such as the role of entitlement spending and political leverage in negotiations between parties.
While the debt ceiling issue is certainly important - and failing to raise it would have a negative impact on the overall economy - many economists have eschewed the focus on debt, arguing instead that economic growth should be the primary concern.
Nobel Prize-winning economist Paul Krugman has long argued that the media and political focus on debt is misguided, and that recent increases in debt were necessary to prevent the economy from entering another recession. Jared Bernstein, senior fellow at the Center on Budget and Policy Priorities, further argues that the focus on deficits and debt distracts policymakers from the very real problem of sustained high unemployment and a weak economy.
In fact, Krugman echoed Bernstein's point on the January 28 edition of MSNBC's Morning Joe: