In the second quarter of 2024, inflation emerged as the dominant theme in economic news coverage, significantly influencing public perception of the economy. A report from Media Matters for America highlights that corporate broadcast networks lagged behind PBS in their economic reporting, with PBS airing 113 economic segments compared to ABC, CBS, and NBC, which aired only 19, 31, and 28 segments, respectively [2b5ab520]. This disparity in coverage raises questions about the depth and breadth of economic discussions presented to the public.
Fox News and MSNBC led the cable news landscape, with Fox particularly focusing on inflation and criticizing President Biden's policies. This focus on inflation was reflected in the reporting, where inflation was mentioned in 52% of qualifying articles [2b5ab520]. The Wall Street Journal published 42 economic articles during this period, surpassing the combined output of The Washington Post and The New York Times, indicating a robust engagement with economic issues, albeit with a notable lack of coverage on major topics like labor unions and economic inequality [2b5ab520].
A recent Ipsos survey from October 2024 reveals that most Americans are unaware of key economic facts, including that unauthorized border crossings are at a low, violent crime is not at all-time highs, and inflation has decreased [315edc33]. This ignorance correlates with greater support for Donald Trump, suggesting that conservative media plays a significant role in public miseducation. Corporate media also shares blame, as a third of cable and national newspaper consumers are unaware of the decline in inflation [315edc33].
The perception of the US economy among Americans remains pessimistic, with a Reuters/IPSOS poll revealing that 43% of respondents believe former President Trump has a better approach for the economy compared to 37% for President Biden [37ecf06d]. This disconnect between perception and reality can be attributed to various factors, including inflation, political polarization, misinformation, and the lingering effects of the COVID-19 pandemic [37ecf06d] [ca687e47].
Inflation continues to shape public sentiment, with many Americans expressing a preference for a recession over high inflation, as noted by Minneapolis Fed President Neel Kashkari [37ecf06d]. The working paper 'Why Do We Dislike Inflation?' suggests that people's negative views on inflation stem from its perceived impact on their financial well-being and the economy at large [37ecf06d].
Political polarization further complicates the landscape, as research indicates that opinions on inflation are increasingly divided along party lines, with Republicans more likely to blame the Biden administration for current inflation levels [6ad4e243]. Despite the negative perception, real hourly wages for the lowest 10% of earners grew by 12.1% between 2019 and 2023, according to a study by the Economic Policy Institute, highlighting a positive economic performance that often goes unrecognized [37ecf06d].
Critics have pointed out inaccuracies in media reporting, such as Heather Long's Washington Post column, which inaccurately claims wage growth was better under Trump than Biden, omitting crucial methodological issues [315edc33]. Annie Lowrey's Atlantic piece fails to mention the media's distraction from Biden's economic achievements, while Dean Baker criticizes comparisons of median income due to survey non-response issues [315edc33]. The New York Times has also been accused of misrepresenting inflation and unemployment impacts, further skewing public perception of the economy [315edc33].
As the 2024 presidential election approaches, Democrats are concerned about the impact of these perceptions on voter sentiment. Economic commentators argue that while measures like employment numbers and job creation indicate a strong economy, many working-class Americans feel the weight of declining economic opportunities and inflation [0b3d87a7]. The Left is urged to present a vision that addresses the high costs of living and ensures steady wage increases to resonate with voters [0b3d87a7]. Accurate reporting is essential for public understanding and political accountability, as misinformation can lead to misguided perceptions about the economy [315edc33].