Media coverage of economic news has declined sharply over the past three months.
Media Matters research reveals a roughly 80 percent cumulative decline in segments dedicated to economic issues from April 1 through June 30. The week of the Boston Marathon bombings yielded zero news segments dedicated to economic coverage. Media diverted from its traditional lineup to cover the attack and ensuing manhunt. Even after accounting for this outlier in the data, economic coverage across the three major cable and broadcast networks displayed a strong negative trend.
According to a Gallup survey released June 28, Americans are most concerned about the economy when thinking about this nation's future. Economic issues remain at the forefront of American public interest polling, while media focus elsewhere.
American's concerns about the economy are not unfounded. Through the first quarter of 2013, the United States economy is on pace to produce $843 billion less than its ideal economic potential. This “output gap” is estimated to have cost the economy more than $4.6 trillion since the onset of the recession.
One major story consistently overlooked in the media is the pervasive negative effect of a weak economic recovery. Television pundits are often quick to pronounce that individual monthly job growth is insufficient but rarely discuss why those numbers are insufficient or what policy changes might be enacted to spur growth.
The primary factor holding back economic growth has been so-called “fiscal drag,” or the economic policies out of Washington that emphasize austerity and deficit reduction ahead of stimulus and growth. Economists agree that fiscal austerity harms growth and has slowed economic recovery, but television news has largely ignored these expert opinions.
Despite the emergence of internet-based alternatives, television remains the primary news source for most Americans. According to a recent Gallup survey, 55 percent of Americans rely on television for current events. With finite time and resources to report developments, and with an industry-wide focus on alleged Washington "scandals," huge portions of the American public are not exposed to valuable economic coverage.