Analyzing the Ways the Media Represent the American Economy - Essay Example

13 April 2007 Analyzing the Ways the Media Represent the American Economy The economic hegemony ofthe United States has been recognized worldwide. The US economy has always been regarded for its size and stability making the US dollar the global vehicle currency. However, recent news and outlooks in the media shows that the economy is entering a transition period from being an economic giant to a possible slowdown. The New York Time is pessimistic about the future of the American economy. In its two articles dated April 12 this year, the organization separately reports dim outlooks.

The first states that the "Minutes from the March meeting of the Federal Open Market Committee, released yesterday, reinforced its position that inflation remained the biggest threat to the economy" (Rising Inflation 1). This is even worsened by the declaration that "central bankers grappled with the growing uncertainty about which direction the economy is headed" (3). The second article expresses the gloomy projection of the International Monetary Fund when it cuts its forecast for economic growth in the United States this year to 2.

2 percent (IMF Cuts 1). It can be recalled that during 2006, the nation's economy grew by 3.3 percent (3). The slowdown is attributed to the expected weak performance of the nation's housing market. It is projected that this deceleration will cause the United States to lag behind other economic giants including Britain, Canada, and Japan. This will be the first time that US will not lead the Group of Seven nations in terms of economic growth (6). Generally, the media portrays the American economy in a downslide.

The nation's struggle in keeping its inflation stable and sustain economic growth appears to be in vain. It should be noted that the media uses a rather pessimistic tone in describing the US economy. Downbeat news article titles like "Greenspan: Recession 'possible' by end of year" and "The American Economy is Destroying Itself" loudly communicates the media's pessimism coupled with some sensationalism. The media's reports are even highlighted by the pictures of the economists who are experts in their fields expressing their negative outlooks on America's economic growth.

This move emphasizes the validity of the media's claims. The picture above shows the image of former Federal Reserve Chairman Alan Greenspan in the USA Today's news feature which expresses the possibility of an economic recession at the end of the year. Works Cited Greenspan: "Recession 'possible' by end of year." USA Today Website. February 26, 2007. April 12, 2007 IMF Cuts US Growth Forecast for Year to 2.2%. The New York Times Website. April 12, 2007. April 13, 2007 < http://www.nytimes.

com/2007/04/12/business/ 12imf.html_r=1&n=Top%2fReference%2fTimes%20Topics%2fSubjects%2fU%2fUnited%20States%20Economy&oref=slogin > Rising Inflation May Mean More Fed Rate Increases. The New York Times Website. April 12, 2007. April 13, 2007 Roberts, Paul Craig. The American Economy is Destroying Itself. Counterpunch Website. August 25, 2005. April 12, 2007