By Mike Sakowski
WUD Society and politics committe
I don't invest. I don't own any stocks, bonds, or mutual funds and I certainly wouldn't be financially devastated if I unexpectedly lost my part-time job. Although I'm relatively disconnected from the harsh economic realities of the ""real world,"" I can't help but feel annoyed that the news is inundated with an excessive number of reports about how the U.S. economy is undergoing crisis, disaster, volcanic eruption and certain demise.
I understand the economy is in dire straits. I understand it's important to be informed. I understand action has to be taken to prevent further hardship. But what I don't understand is why cable news channels and their pundits feel compelled to constantly tell everyone what we already know about the struggling economy.
Dropping the e-bomb has become a program staple for the modern pundit, steadily renewing the public's fears about the economy and keeping the viewer dependent on them for the latest doom update.
I don't get why pundits such as Wolf Blitzer, Bill O'Reilly or Chris Matthews feel authorized to ""inform"" us in such a repetitive and destructive way. By relentlessly hitting the economic panic button, pundits and the media companies they work for worsen the impact of the economic issues affecting us all.
Let's be honest: the news heavily influences the way people perceive the world around them. If that notion is true, then repeated news reports telling people that they might lose their savings and their jobs will lead some people who are relatively safe to believe that disaster is lurking around the corner when it isn't. Just because financial markets are down doesn't mean everyone is out of a job.
When enough people become too worried to continue their normal spending and saving habits, companies lose sales. When sales are down, companies get scared, and when companies get scared, they scale back production, or in other words, they order layoffs.
It's a vicious circle drawn by people who make a living by telling everyone else how messed up the world around them is, and no one seems to notice. Although the issues are extremely complicated by themselves, the additional influence of media reporting has a powerful and counterproductive effect on the emotional component of people's spending choices.
I'm not saying the economic emergency should be ignored, but a word to the talking heads out there, pumping panic into the public mindset only makes things worse.
Mike Sakowski is a member of WUD Society and Politics Committee. Please send responses to opinion@dailycardinal.com
