The media has a huge impact on the economy because of its influence in politics. Unfortunately, research and just pure independent observation easily show bias and slant, so that impact can be dangerous to the economy and the country.
The media’s impact, moreover, exceeds its inherent ability, composed as it is of individuals who often are not truly fit to be in their influential positions.
The average citizen is thus imbued with one, overriding form of Keynesian theory which has been refuted over many decades of experience. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)
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