Gainor in IBD: Journalists Contribute to Economic Pessimism

The news media contribute to the American public's pessimism about the economy, Business & Media Institute Vice President Dan Gainor wrote in Investor's Business Daily April 4.

"Major downturns aren't just caused by economic circumstances anymore. The news media will have done their best to help it along with years of negativity," Gainor wrote. "They've succeeded in part already. The March 18 USA Today reported a Gallup poll showing that 59 percent of Americans thinking a depression ‘lasting several years' is ‘likely, and 79 percent are worried about the possibility.'"

The three broadcast network news shows compared current economic conditions to the Great Depression more than two dozen times since the beginning of 2008. "Gallup simply heard people parrot what they were told," Gainor said.

He compared media coverage of the economy to advertising's effect on the public's buying habits and called out a Washington Post columnist who went so far as to say that "the best thing that could happen to our economy is for a dozen high-profile hedge funds to collapse; for investment banking to enter a long, deep freeze; for a major bank to fail."