Wednesday, February 25, 2004

Media Responsibility: Here's another refutation of the myth that the President of the United States can control the economy from the Oval Office and create more jobs through magic. In reality, the business cycle rules, and a president can only implement regulatory policies along with tax and spending proposals that may influence the economy.

Yet the economy is still a focus of the presidential campaign. Democrats are smearing the president because, they say, the economy and unemployment rates are not recovering fast enough. And Republicans are touting the economic growth like the rooster taking credit for the sunrise.

The press is dutifully repeating what the candidates say. The rationale is that the public expects the president to dictate what the economy will do, so that's what we'll cover.

But it's the news media's job to explain the truth. There's a public misconception about the president's role in the economy because the press perpetuates it.

When candidates start stumping about jobs and economic prosperity, news reporters should challenge the politicians with facts that refute claims of the president's influence over the economy. When news stories relay how politicians are promising to outlaw the business cycle, journalists should explain that this is impossible and that government can guarantee very little in terms of infinite economic growth.

Then, maybe, we can concentrate on reporting real news.