Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Stocks, Bitcoin and Crypto Markets Breaking Bad on Donald Trump Pump - 21st Nov 24
Gold Price To Re-Test $2,700 - 21st Nov 24
Stock Market Sentiment Speaks: This Is My Strong Warning To You - 21st Nov 24
Financial Crisis 2025 - This is Going to Shock People! - 21st Nov 24
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Trump Voters And The News Media Have Something In Common

Politics / US Politics Feb 02, 2017 - 02:56 PM GMT

By: John_Mauldin

Politics

BY PATRICK WATSON : Donald Trump won the White House for two main reasons.

First, in the last 20 years, new technology and globalist “free trade” agreements combined to destroy millions of middle-class jobs. Particularly, manufacturing jobs. I’ve written about the future implications of this trend in Connecting the Dots (subscribe here for free).

Second, our political and business elites didn't recognize this was happening—or just didn't care. In either case, they failed to respond adequately. President Trump is a direct result of their negligence.


Some blame news media bias and “fake news” for the populist fever. Trump himself regularly attacks the media. They sometimes deserve it, too.

But when we look at the bigger picture, Trump supporters and journalists ought to be on the same side. Both are victims of the same broader forces.

“Objective” news is a myth

Long before Trump ran for office, I thought the news media should drop its façade of objectivity… because there really is no such thing as “neutral coverage.”

The reporters I know personally do their best to explain the news fully and fairly. They really want to get the essential facts right.

But every decision to prioritize one topic over another is an editorial judgment. They’re deciding what the reader or viewer should and shouldn’t know. That decision can be wrong—and very often is.

Plus, every storyteller has a unique viewpoint. The words or images chosen always slant the story.

Since bias is inevitable, media outlets and individual reporters should just drop the neutrality act and let the public decide for itself how credible their coverage is.

That applies to both political and financial news. Investors rely on the media when making critical decisions about their money, so they need to know the difference between facts and opinion.

Pointing at the wrong people

Last summer, I went to a Trump rally in Austin, Texas. I saw the little penned-off press area, which by that point had become kind of famous. It was smaller than I expected. Maybe 20 reporters sat in there during the rally, pecking away on laptop computers. A few people taunted them, but it was mostly peaceful.

The reporters at the rally were not the familiar faces from TV. I didn’t see any lattes or cheese trays or $1,000 suits. That’s because being in that pen was the media equivalent of working on an assembly line. Covering campaigns is hard work.

So, it was both ironic and a little unfair for Trump to point at the press pen and talk about how dishonest “those people” were. The editorial decisions Trump dislikes came from executives in New York and Washington… not the working stiffs he vilified.

Media jobs also experienced a meltdown

Technology and globalization didn't just kill manufacturing jobs. Print publishing went through a similar catastrophe. More than half of those in the US newspaper industry have lost their jobs since 1990. The newspaper and magazine industry was never as big, of course, so the numbers look small in comparison. But unemployment feels the same no matter what kind of work you did.

Yes, some new jobs appeared in digital media, but not for everyone.

Online news sites don’t need paper carriers and press operators—who, by the way, are part of “the media” but have nothing to do with slanting content one way or the other.

Stressed-out manufacturing workers and stressed-out media are both victims of the same economic forces, and both feel similar pain.

Megatrends don’t discriminate

The economic forces that brought us here don’t care who you voted for, or whether you voted at all. They have hurt workers in both the media and manufacturing industries:

  • Technology automated their work.
  • Consumer preferences changed.
  • Overseas competition hit profit margins.
  • CEOs stopped caring about workers.

The point is, American workers all face the same problems. And as I wrote two weeks ago in Connecting the Dots (subscribe here for free), we’re all going to be “low-skilled” compared to artificial intelligence technology.

AI systems already write some online news stories, like game recaps and earnings reports. Those cookie-cutter topics are easily automated, but AI is improving quickly. As it does, many in the working-class media will lose their jobs. They know it, and they are scared too.

Bickering over minor disputes helps no one. The media should ask the Trump administration how it will address the important economic issues, and the White House should give plausible answers.

Once that happens, we’ll be on the way to solving our problems. 

Subscribe to Connecting the Dots—and Get a Glimpse of the Future

We live in an era of rapid change… and only those who see and understand the shifting market, economic, and political trends can make wise investment decisions. Macroeconomic forecaster Patrick Watson spots the trends and spells what they mean every week in the free e-letter, Connecting the Dots. Subscribe now for his seasoned insight into the surprising forces driving global markets.

John Mauldin Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in