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Headline Thoughts No. 1

February 10, 2024

BlackEconomics.org®

“Headline Thoughts” reflect our contemplations on, and conclusions about, recent and important media/press headlines from a Black American economic perspective. As background to this new BlackEconomic.org delivery framework, we begin with a pivotal question and related answer.

Question
Why is “press/media freedom” elevated to a lofty position as one of five core democratic freedoms that are codified in the First Amendment to the US Constitution?

Answer
Because the so-called “Founding Fathers” comprehended the power of the press/media to motivate and sustain liberty through their historical experiences in Europe and in Colonial America. They comprehended that a free press would be an essential liberty-preserving instrument going forward.

Comment
While we should recognize the critical importance of a free press, we should not forget that: “In 1985, almost all media operations were owned by 50 companies. By 2022, 90 percent of media operations was owned by six companies (AT&T, CBS, Comcast, Disney, Newscorp, and Viacom).”1 Today, we do not have a free press/media. Rather, we have an oppressive press/media that is hell bent on keeping us entertained rather than informed, fearful, and injected with massive doses of stimulation and titillation to over consume—even when that consumption is to our detriment. This makes us increasingly less free and poorer, but it fills the coffers of media owners and their entrepreneurial colleagues.

Headline Thoughts

  • “3 [Black] American Soldiers Killed in Drone Strike in Jordan, U.S. Says.”(2) It is interesting that this attack has given the Biden Administration carte blanche authority to increase attacks on “Iran-backed forces,” which could precipitate an expansion of the ongoing Middle East war. Such an expansion is desired by members of the military industrial complex because it would improve their bottom lines. More importantly, the Biden Administration’s attention to this matter may curry favor with Black voters
    [he vigorously avenges the deaths of Black Americans], who may put wind in his sails back to the White House for a second term.
  • “AI will affect 40% of jobs and probably worsen inequality, says IMF head.”(3) The operative term is “inequality,” meaning those existing in lower economic strata (i.e., Black Americans) are likely to suffer most from the adoption of artificial intelligence (AI). Yet, we have heard little-to-nothing from Black American leadership generally, and from Black economists specifically, in vigorous opposition to this innovation. Are Black leaders and economists, like their non-Black counterparts, engaging in “elite
    capture” with total disregard for the future of Black America?
  • “Americans owe a record $1.1 trillion in credit card debt, straining budgets.”(4) Should this not be expected in a nation where all levels of government are experiencing heavy debt burdens—especially the Federal Government. “Like government like citizens.” Also, Covid-19 Pandemic-related-rounds of free money and recent widespread debt forgiveness for student loans could cause consumers to believe that, in the end, they may not be required to fulfill their debt obligations in this US “monopoly economy.”

Your thoughts about these thoughts are welcomed at BlackEconomics@BlackEconomics.org.

B Robinson
02/09/24


1 “Media” refers to print and broadcast media. Of course. this does not encompass “social media” firms, which are generally classified as “Big Tech” companies (e.g., Meta, Google, and X). See Mira Nalbandian (050922), “The Big Six’s big media game,” Pathfinder; https://pwestpathfinder.com/2022/05/09/the-big-sixs-big-media-game/ Viacom, Ret. 020724.
2 Eric Schmitt (012824), New York Times; https://www.nytimes.com/2024/01/29/us/politics/us-troops-drone-attack-jordan-iran.html, Ret. 020624.
3 Dan Milmo (011524), The Guardian; https://www.theguardian.com/technology/2024/jan/15/ai-jobs-inequality-imf-kristalina-georgieva, Ret. 020624.
4 Megan Cerullo (020624), CBS News; https://www.cbsnews.com/news/credit-card-debt-record-high/, Ret. 020624.

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Popular Interests In This Article: B Robinson, Black Economics, Press Headlines

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