The Economy & The Media

I know there are some people who like to blame the media for everything. But it seems blaming the media for the ailing economy is both dangerous and misguided.

I know there are some people who like to blame the media for everything. But it seems blaming the media for the ailing economy is both dangerous and misguided.

I read, watch and listen with great interest, both locally and nationally, to people who believe the media is responsible for the "doom and gloom" of the economy. They believe the focus on the economy just makes people not want to spend money.

Let's take a look at some of what we know to be fact, not opinion. North Carolina's unemployment rate is the highest since 1983, the country lost 2.6 million jobs last year and is forecast to lose another 2-million this year, auto sales are the worst they have been in 26 years, banks are failing and need bailouts, there are record foreclosures, and the retail industry lost over 60,000 jobs in January.

Are those who want to blame the media for the economic woes suggesting that if the media ignored what's going on consumer confidence would magically be restored and the economy would turn around? Economists might call that logic misguided. The so-called "shoot the messenger" theory is also dangerous.

It is the job of the news media to report what's going on, both good and bad. Unfortunately, when it comes to the economy, there hasn't been a lot of good lately. (If you know of good economic news, by all means, post it here.) By ignoring the problem, we also put off solutions.

Make no mistake. We all want the economy to turn around. A good economy is also good for our business. But the current thinking by some when it comes to the economy and the media reminds me of a saying I've often heard before...keep burying your head in the sand and eventually you'll suffocate.

 

 

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