Larry Mendte, Contributor, The American Dossier
More than Russia, more than accusations of racism, another “r” word that would most hurt the president’s chances of winning a second term - recession.
If it happens it wouldn’t be theoretical, it would be real, measurable, undeniable and devastating to a Trump re-election campaign that depends on a strong economy as its foundation.
There have been several signs recently that we could be heading into a recession, from both the stock market and the global economy. But perhaps the most worrisome indicator comes from the Bureau of Labor Statistics. It recently reported there were 501,000 fewer jobs as of March 2019 than they first reported. That is the largest employment revision since the great recession of 2009.
The threat of a recession is news and should be covered. However, the mere possibility has been over covered by the media. That is concerning because the coverage itself can help push the country off the cliff because businesses, investors and consumers may react accordingly, and hold onto their money out of fear.
Which is why people who really study economic indicators are warning the media to back off.
After a particularly bad day on Wall Street, NBC’s today show fueled recession fears by dedicating much of their program to the possibility. That led into an interview with Jim Kramer, former hedge fund manager and host of his own show on CNBC. He surprised Today show host Savannah Guthrie with a request to turn down the hype machine.
“I think we need to dial back the hysteria,” Kramer said calmly to a Guthrie. “The markets are up huge year to year, so let’s kind of be a little more cool. There a many people who I think are sowing panic. That’s not necessary. This does not have to end poorly, we can avoid a recession.”
Much of the media coverage has been directly linked to President Trump’s re-election chances, giving the impression that many in the media are rooting for a recession. HBO’s Real Time with Bill Maher’s liberal host didn’t hide that fact.
“I think one way to get rid of Trump is a crashing economy,” said Maher on his show. “So, please, bring on the recession.” Political hatred is not a good reason to hope that people will lose their jobs, won’t be able to pay their mortgages or lose their retirement funds.
At least Bill Maher is honest with his intentions, the breathless and gleeful conversation thinly disguised as new analysis and commentary about a recession that is nowhere near a certainty is reckless, especially when you consider that fueling fear can make it happen.
Perhaps media talking head, producers and executives should remember that in a recession, advertisers cut back too. The layoffs cause by the fear you promote could very well hit close to home.
Larry Mendte is an award winning writer, reporter, anchor and documentarian. He has been the main anchor of television newscasts at network stations in New York, Los Angeles, Chicago and Philadelphia. Currently Larry hosts two news television talk shows in New Jersey and Delaware and a radio show at WABC in New York. Larry was the first host of Access Hollywood and has won over 90 Emmy awards for his work.