With the presidential primary season in full swing, prime-time cable and broadcast evening news coverage of the economy focused on the candidates' policy priorities in the second half of 2015. News coverage of economic inequality fell considerably after hitting an all-time high in the first half of the year.
From the December 10 edition of MSNBC's The Last Word with Lawrence O'Donnell:
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Media Matters analyzed cable news coverage of economic issues during the first half of 2015 on CNN, Fox News, and MSNBC, and found that appearances by racial and ethnic minority guests in related segments amounted to less than a quarter of all guest appearances.
Cable and network TV news devoted more segments to coverage of economic issues during the first half of 2015 compared to the last six months of 2014, an increase driven by heightened public interest in the debate over economic inequality and a flurry of economic policy proposals from nearly two dozen 2016 presidential candidates.
Most of the largest newspapers in the Northeast corridor did not publish a single piece covering this winter's major snowstorms in the context of global warming, despite strong scientific evidence that climate change creates the conditions for heavier snowstorms. The major broadcast networks and cable news channels also provided scant mention of climate change in their discussions of the snowstorms, with the notable exception of MSNBC, which provided extensive coverage of the topic. On the opposite end of the spectrum, Fox News, the Boston Herald and the Providence Journal featured content that used the snowstorms to deny climate science.
Coverage of the economy on weeknight television news shows during the last six months of 2014 continued to focus heavily on policies meant to boost job creation and economic growth, but discussions overwhelmingly lacked input from actual economists. Additionally, a Media Matters analysis uncovered a relative decline in the number of segments promoting the conservative media myths that Obamacare and increasing the minimum wage hurt the labor market.
Media Matters conducted an analysis of education coverage on weeknight cable news programs so far in 2014 to determine how many of the shows' guests who discussed the topic were educators. The analysis found that across MSNBC, Fox News, and CNN, educators made up only 9 percent of guests during education segments.
From the June 12 edition of MSNBC's The Last Word with Lawrence O'Donnell:
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Broadcast and cable evening news coverage touched upon a variety of economic topics, including deficit reduction, economic growth, and entitlement reform throughout the second quarter of 2013. A Media Matters analysis shows that many segments lacked proper context or input from economists, while some topics went largely underreported.
Throughout the first half of 2013, broadcast and cable nightly news overwhelmingly discussed Social Security in an unbalanced and negative light by repeatedly insisting that the program is insolvent, must be cut, or poses a risk to long-term fiscal security.
In the weeks leading up to an automatic doubling of federal student loan interest rates, broadcast and cable nightly and weekend news devoted little time explaining the effects of the rate hike and the expiration of other programs designed to help American students, graduates and families with increasingly high education costs.
In 2007, Congress passed a law to reduce interest rates on federal subsidized student loans, the Stafford Loan program, to 3.4 percent. The law was intended to reduce college costs and increase access to higher education. The Budget Control Act of 2011 ended several provisions of previous law; foremost setting an expiration date of July 1, 2013, for Stafford Loan interest rates. Today, those rates automatically double to their previous 6.8 percent.
Media Matters research found the looming student loan deadline has been largely ignored by major news networks in the past several weeks. Since May 23, the date the House of Representatives passed a party line student loan plan of its own, primetime and weekend television news has offered just 13 brief segments on student loan issues.
Absent from media analysis has been any real discussion of economists' recommendations for dealing with student debt. Many economists, including Nobel Prize winners Joseph Stiglitz and Paul Krugman, have supported various efforts to defray college costs, expand federal funding, and provide restructuring and refinancing options for student and family borrowers.
In May, the Consumer Financial Protection Bureau released a report on student loan affordability. It found that expanded refinancing options for student debt could have a simulative effect on economic growth, household formation and homeownership among borrowers. The Federal Reserve Bank of New York had previously found that student debt was a driving force in decreasing home and automotive purchases among recent graduates.
The rate increase set to take effect on July 1 will directly affect millions of Americans while making college less affordable for prospective students. The Congressional Research Service estimated that the higher rate could cost average borrowers more than $1,000 to take out a subsidized federal loan. College graduates are saddled with an enormous debt burden - more than $1 trillion through 2013, according to The New York Times.
Media Matters conducted a Nexis search of transcripts of Sunday and evening (defined as 5 p.m. through 11 p.m.) programs on CNN, Fox News, MSNBC, and network broadcast news from May 23 through June 30. We identified and reviewed all segments that included any of the following keywords: student loan, college loan, student debt, college debt, student, debt, loan, and college.
The following programs were included in the data: World News with Diane Sawyer, This Week with George Stephanopoulos, Evening News (CBS), Face the Nation, Nightly News with Brian Williams, Meet the Press with David Gregory, Fox News Sunday, The Situation Room, Erin Burnett OutFront, Anderson Cooper 360, Piers Morgan Live, The Five, Special Report with Bret Baier, The O'Reilly Factor, Hannity, On the Record with Greta Van Susteren, Hardball with Chris Matthews, Politics Nation with Al Sharpton, All In with Chris Hayes, The Rachel Maddow Show, and The Last Word with Lawrence O'Donnell. For shows that air re-runs (such as Anderson Cooper 360 and Hardball with Chris Matthews), only the first airing was included in data retrieval.
Media Matters only included segments that had substantial discussion of increasing student debt or the July 1 interest rate deadline. We did not include teasers or clips of news events, and re-broadcasts of news packages that were already counted on their initial broadcast in the 5p.m. to 11p.m. window.
Media coverage of the automatic spending cuts commonly known as sequestration has tapered off since the policies went into effect on March 1. This drop in coverage comes as more Americans report having personally felt the effects of the cuts.
Evening news coverage throughout April touched upon several economic issues, including income inequality, deficit reduction, and entitlement cuts. A Media Matters analysis of this coverage reveals that many of these segments lacked proper context or necessary input from economists, while some networks ignored certain issues entirely.
From the March 27 edition of MSNBC's The Last Word:
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