So much for the recovery. Even liberals admit employment is “weak,” that household wealth hasn’t recovered and consumer experts say middle-class retailers are “struggling.” But two of the three broadcast news networks have been much more focused on “proof that the economy is getting stronger,” than on economic worries since the May jobs report was released June 6.
Federal Reserve Chairman Ben Bernanke surprised some on Sept. 18, when he postponed the tapering off of its huge monetary “stimulus” policy called quantitative easing (QE). At the same time, the Fed cut economic growth forecasts. Reuters reported that “the Fed cut its forecast for 2013 economic growth to a 2.0 percent to 2.3 percent range from a June estimate of 2.3 percent to 2.6 percent. The downgrade for 2014 was even sharper.”
But Bernanke’s concerns over the state of the economy may have been shocking to viewers of CBS “Evening News” and ABC “World News with Diane Sawyer” which have aired almost twice as many positive economic stories in the past three months as negative ones (26 to 14). The MRC’s Business and Media Institute analyzed evening network news stories that mentioned economy or economics (or a variant like economies) from June 6 through Sept. 17.