We're bombarded daily with the drama of Wall Street, from the sweat-streaked trading floor to the latest squiggle in the ARM line graph. We can track every flutter of every stock, watch currency being shuffled around the globe, and instantly get real-time analysis of every up and down tick of some index or another.
All this information assailing our television screens and laptop monitors should make us better informed about the economy than ever before, right? So how come so many of us still scratch our heads when confronted with $4-a-gallon gas, pore over tax forms in flummoxed frustration, and can't distinguish between a prime loan and a negative amortization mortgage?
In fact, say some media critics, mainstream news coverage of the economy covers about as much as a fig leaf in the jungle of issues related to our jobs and economic futures.
A study just released by the Center for American Progress, a liberal Beltway think tank, has dissected corporate news coverage of issues like the minimum wage and free trade, to find the voices of ordinary people largely ignored. CAP says that while mainstream outlets routinely cut out workers, labor groups and others at the margins of the economy, they fixate on elite sources--CEOs, big-name market analysts, agency heads and elected officials. Meanwhile, the gap between the media and their audience grows.
Here's how the report slices and dices the print and television coverage of major economic issues:
"Overall, representatives of business were quoted or cited nearly two-and-a-half times as frequently as were workers or their union representatives.
"In coverage of both the minimum wage and trade, the views of businesses were sourced more than one-and-a-half times as frequently as those of workers.
"In coverage about employment, businesses were quoted or cited over six times as frequently as were workers.
"On only one issue that [CAP] examined, credit card debt, was coverage more balanced, presenting the perspectives of ordinary citizens in the same proportion as those of business."