Reporting on Economy

Dear Editor:

I don’t know anyone who is escaping the pain of this downturn. However, I would like your editors and reporters to think a little more carefully about how media can exacerbate the problem.  Consumer confidence and the associated consumer spending is the most fragile part of our country’s economy.  Unfortunately, the other components of investment, government spending and net exports are also correlated with our consumers.  Individual consumers have already been beaten into oblivion so that they are scared to spend money even when they have it.  It has become déclassé to appear frivolous even for those who can afford to be frivolous.

I challenge you to think about a few things in your research as well as your publication choices.  First, don’t simply attribute every store closing to the downturn.  The Avenue is always turning over and we have seen several, impressive new openings in the last year.  Some stores would have closed regardless of the economy and some are simply victims of the increased Darwinism brought about by tough times.  In other words, don’t publish front page stories for every store that closes and think more carefully about all of the factors contributing to the closure.

Second, please celebrate the individuals who are helping to keep the economy afloat and who will be leading the inevitable recovery.  Do not ridicule those who continue to spend like there is no recession (your paper has not done this like the New York papers) and highlight those who are finding new and unique ways to take advantage of this situation.  Some of our country’s greatest companies and greatest innovations have emerged during difficult times.  There are companies out there that are expanding, hiring, investing in R&D, acquiring real estate and positioning competitively for expansion.  It just takes a little extra homework to find them.