Media misreporting economic news to influence elections?
March 29th, 2008 by Republican By DefaultI guess I’m not the only one concerned about the media’s portrayal of economic news. I was first impacted by it a decade and a half ago.
Since then I’ve watched a clear pattern of the media misreporting economic news based on the party of the current administration. Under a Democrat they report negative economic news as somehow positive and under a Republican they report positive economic news as negative. To put it another way if it seems to favor an administration they don’t like they won’t report good news or will spin it as bad, and vice-versa.
Last week in a local business paper’s daily blog they asked for comments on business responses to the ‘R’ word (recession). They didn’t print any responses in their Friday issue, but I had sent this in, so I thought I’d share it with you.
Since I’m in a segment of an industry that centers around company growth I’m particularly vulnerable to economic speculation. Back in the early 90’s when a recession hit under the previous Bush (41) administration I had just begun the process of expanding my technology business. I had quoted several projects that were in the final stages of closing the sale so I started hiring to meet the current and projected workload.
Then the media started beating the drum about recession. All of the larger projects that I had quoted were put on hold within the space of 2 or 3 weeks. It was the only time in over 20 years of business that I had to go to family to borrow money. Borrowing from family is usually a mistake but that’s what you do when there’s a payroll to meet. I scaled the business back down and weathered the storm.
Within a year all of the larger projects that had been put on hold came through and my business began to thrive again.
I don’t know what the economy holds in the short term, but I have to say, as soon as I hear anyone in the media mention the ‘R’ word, I sit up and pay attention. I know that people will react to it and their reactions might affect my business.
Then, on Saturday, Neil Cavuto, Sr VP, Anchor & Managing Editor, Business News FOX Business Network, did a show on this very issue. His guests, the outspoken and hilarious Ben Stein, Charles Payne of WSTREET.COM and author Peter Sheahan. Media watchdog Newsbusters.org has more. Peter Sheahan sums it up well:
PETER SHEAHAN, AUTHOR: It’s a self-fulfilling prophecy. If you tell people life is going to be bad, they’re going to make their decisions to tighten their wallets, stop spending their money, and then life will be bad. And I’m from the outside, so I get to watch it from the other parts of the world….We’re seeing in other countries now the economy starting to tighten because we’re in fear that America might be in recession. So, the fundamentals looked pretty good to me twelve months ago, six months ago even. And now not just is the American economy potentially going to be in trouble as a result of this talking it up, so are other economies around the world.
The media was given its privileges under the First Amendment so that the American people could be informed. They were to be a watchdog on the new American government. Instead they have become the propaganda arm of a single political party.
It’s nice to finally have Fox News around to at least show some semblance of balance. And of course it’s great to have the Internet so that we can hear from the watchdogs who are watching the watchdogs (who are acting more like foxes watching the hen-house).