Recession: Media Myth?

This week, I did a package for my journalism class on how a possible recession might affect students. I interviewed 5 CU students, and the most common answers I got to the question, "How do you think you might be affected by a recession?" was met with blank stares, or " I didn't even know we were in one..."

In fact, the National Bureau of Economic Research has not said that the U.S. economy is officially in recession. But plenty of media websites seem to be talking people into the idea that they are indeed in for some tough times in the coming year. Cnnmoney.com has a recent feature up called "America in its own words." Families or individuals have written in to talk about layoffs, living on unemployment checks, etc.. CNN's homepage this morning also had tips on how to live frugally, and how to cut back so you can live within your means.

While the fear created about a recession might be unnecessary, it is also bringing awareness to the fact that people are just spending too much on things they don't need. So, while media coverage on the so-called recession may just be there for its sensationalism, it probably is also a making people aware that they really could go without what they think are necessities. I haven't had Starbucks in 4 days!