Economist Krugman: Media is getting the economy all wrong

Nobel Prize winning economist Paul Krugman, who also writes a column for The New York Times, told CNN’s Brian Stelter that the media is misunderstanding the economy, reports Ramishah Maruf of CNN.

Maruf writes, “But in today’s divisive environment, the debate over whether or not to use the word recession by some members of the media has become ‘especially vitriolic,’ Krugman said.

“‘I’ve never seen anything as bad as the determination of a lot of people to say it’s a recession,’ Krugman said. ‘It’s above and beyond anything I’ve ever seen.’

“Negative news stories often get the most attention, Krugman added, but when it comes to the economy, a plurality of voters appear to not be aware of its underlying strength.

“‘I think that what’s happening now is that there’s been a kind of a negativity bias in coverage,’ Krugman said, pointing to a ‘media failing’ when it comes to accurately covering the realities of what most Americans are experiencing in this economy.”

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Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.