Memphis Business Journal
January 5, 2008
Seventy-seven percent of Americans think the U.S. media are making the economic situation worse by highlighting negative news and, as a result, lowering consumer confidence and investment activity.
The survey of 1,000 adults was conducted in early December by Opinion Research Corp. which asked: “Do you think the financial press is making the economic crisis worse by projecting fear into people’s minds?”
Broken down by income, 79 percent said yes from households making $25,000 to $35,000, and 78 percent said yes from households making $75,000 or more.
By demographic, 85 percent of 18-to-24 year olds said yes, while 65 percent of African-Americans agreed.
“Although statements by the media are protected by the First Amendment, the survey results demonstrate that the public believes that the press bears some responsibility for the lack of confidence in the economy,” said Richard Scheff, vice chairman and partner with Philadelphia-based law firm Montgomery McCracken Walker & Rhoads, in a statement.
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