BMI's Gainor: Media Negativity on Economy Hurts Consumer Confidence

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Dan Gainor, Vice President for the Business & Media Institute, blamed part of people's gloomy perception of the economy on the "constant drumbeat" of negativity coming from the news media. Gainor appeared on Fox Business Network's "Cavuto" May 20.

"Almost 23 million people watch evening news every night. That has an affect and that's almost 1/10 of the American population. Those are people who are shoppers, who are buyers. It affects people and just the constant drumbeat of negativity here from the mainstream media affects people even at high incomes," said Gainor.

The show's host Neil Cavuto seemed to agree, "If this continues and this perception becomes reality, we've got hell to pay to here."

"Well, I mean, fortunately despite the media onslaught on this issue they haven't gotten what they've wanted," continued Gainor. "But we're seeing to some extent a repeat of 1992. Where ‘it's the economy, stupid' is the driving force of an election campaign ... Where you can't turn anywhere without hearing about them [negative economic news]."